Key Features To Consider While Developing Payment Gateway

In this world of modern technologies, payment gateways are considered the best solutions for quick online payments. Payment gateways enable the transactions to get processed without any complications and by keeping the users' money & data secured.

A secure payment gateway development can help to gain the users' trust and help them to make transactions without any issue. Before you start with the development process of a payment gateway, you must have a basic understanding of its features and benefits. So, here we will go through some of the key features to consider while developing a payment gateway.

Features to be considered

1. Scalability for Adding New Features

For every merchant, the perfect and ideal payment gateway is which can adapt to the changing trends of online payment procedures.

The future advancements and worldwide acceptance of a new form of the payment procedure, which is in the form of BitCoin currency, are making the merchants look for a payment gateway that can be easily updated and customized.

2. Secure

Security is something that every merchant is looking for when using any payment gateway as a secured payment gateway can help them gain the customer's confidence.

Besides this, the merchants are also looking for fraud detection mechanisms built into payment gateways. This can help them avoid chargebacks and other problems that result from processing fraudulent purchases.

3. Integration with Multiple Processors

The integration of a payment gateway with multiple payment processors is essential as it can bring a wide range of new options to choose from. It enables the merchants to select the banks, and then they can easily make the settlement with the bank.

Besides this, it also helps in getting the assistance of competitive charges for any transaction. This is possible because, with different processors, there are various fees.

4. Arbitration and Chargeback

Payment gateways can be proved beneficial to the merchants who have to handle disputer from issuing banks and have an interface to report.

Benefits of Payment Gateway

• Customized features: If you have a payment gateway of your own, you can customize it and add new user-friendly features depending on the needs of the business.

• Use the products of payment gateway: When you have created a payment gateway of your own, you can sell or offer your payment gateway as a product to other agents, merchants, or ISOs.

• Save on payment gateway fees: Using an off-shelf payment gateway generally costs a lot. It has a fee associated with signing up and every transaction you make using the gateway. Therefore, having your payment gateway saves sign-up costs and long-term fees.

Conclusion

The above-listed key features of the payment gateway must be taken into account if you are getting your payment gateway development. Having a payment gateway that is created with all the specifications can be a valuable tool for the business. It can provide perfect payment gateway integration solutions for POS (point of sale) and payment processing. If you want to have a payment gateway for your business, contact the payment gateway developers of OpenXcell.