As an online merchant, it is essential for you to ensure that you are able to offer your customers the ultimate in security. Not only will this provide them with peace of mind, but it will also increase the chances of them taking the plunge and making a purchase. The question is, how do you go about ensuring reliable online security? The answer is simple… with the help of a reliable payment gateway, of course.
What is a Payment Gateway?
A payment gateway is a simple e-commerce tool that helps to authorize online payments in a safe and efficient manner. A quality payment gateway helps to ensure that each customer’s card details are kept private and that they are not accessible by a third party. Common attributes of a good payment gateway include 3D Secure and SSL encryption technology.
However, along with ensuring safe and secure payments online, payment gateways should also offer the online merchant / customer a number of other benefits and advantages including:
- A broad selection of payment options.
- Seamless integration.
- The ability to customise the payment page in order to ensure a consistent look and feel.
- A reporting function that makes it possible for the merchant to track all transactions.
When you have implanted a reliable payment gateway, you will also be sure to receive fewer chargebacks.
What are Chargebacks?
Chargebacks usually occur when there has been a fraudulent or disputed transaction made via your website / online store. In an instance such as this, the bank refunds the cardholder and, unless you, as the merchant, can prove that the transaction was, in fact, legitimate, the bank will take back the sum of money paid by the ‘cardholder’ from your account.
There are indeed many reasons as to why a chargeback may occur, including the following:
- The item ordered was never received.
- Various types of fraudulent activity (when the cardholder notifies the bank of a charge made using their card that was not initiated by them).
- Technical issues (this includes duplicate charges and problems with card authorisation).
Ultimately, as an online business owner, if you want to avoid having to deal with chargebacks, it is important that you ensure that you have invested in a reliable payment gateway that will be able to streamline the entire payment process. PayU is here to help. With our range of online payment solutions, you are certain to find one that works for your unique e-commerce business, providing both you and your customers with reliable security and total peace of mind.