Payment Gateways Are Essential To Secure Online Transactions

Jun 23, 2020

Payment gateways play a vital role in eCommerce.

If you have an eCommerce site, the only way to make a profit is to take credit and debit card payments online. In order for that to work, you will need the help of a payment gateway.

What Is A Payment Gateway?

A payment gateway is essentially a service whose primary role is to process, verify, and accept/decline credit card transactions in place of merchants, through the use of secure internet connections. It is a designated component in fulfilling the “eCommerce transaction process” between the customer and the merchant. It is also used to help enable online transactions and gain approval by the issuer bank. 

Why Is It Important?

A payment gateway plays a vital role in that it assists in transferring information about a transaction between the payment portal and “front end processor” or bank. Payment gateways utilize unique encryption and verification technology, especially because online shopping entails anonymity and distance. It also ensures that all authorized and verified payments are safely submitted to the processor. 

Since all online payments will be “card-not-present” transactions, your eCommerce business is at a higher risk for fraud. Payment gateways serve to reduce both the frequency and the intensity of credit card fraud. 

What Should I Look For In A Payment Gateway?

If you are looking for a payment gateway that offers a comprehensive solution, without any additional, unnecessary features, then look no further than the Pinwheel Pay Gateway.

Pinwheel Pay was created to offer merchants critical and advanced features such as 3D Secure, multi-currency conversion, and intelligent transaction routing. With just a few clicks, merchants can seamlessly integrate the gateway with their online shops, including popular platforms like Shopify

Some of Pinwheel Pay’s features include: Level One PCI Compliant, fraud prevention, accessible APIs and SDK, custom financial technology solutions, as well as technology focused. 

In addition to 3D Secure, Pinwheel Pay offers a complete suite of fraud tools to ward off potential fraudsters. 

Since Pinwheel is integrated with most payment providers, it accepts most major payment types. Their list of payment providers continues to grow so you are sure to find what you are looking for. 

Another fascinating feature about Pinwheel Pay is its reporting feature. Pinwheel’s reporting feature helps you put your finger on the pulse of your business, determining its financial health. It provides the necessary tools and produces the reports that are valuable to you and your customers. 

Pinwheel Pay offers “seamless integrations” with big names in eCommerce, such as: Intuit QuickBooks, WooCommerce, Shopify, Wix.com, PrestaShop, Magento, opencart, BigCommerce, 3dcart, and volusion.

And finally, Pinwheel Pay is a forward-looking solution that is venturing into cryptocurrency processing. It’s goal is to educate merchants who have not yet dipped their toe into cryptocurrency and encourage them about the benefits of accepting it as a viable form of payment. Some of the benefits they feature on their website include: it lowers cost, privacy, security, and more control over the funds. Chargebacks will be a thing of the past as the transfer of money from one digital wallet to another records the transaction, making it nonreversible. The instant access to funds is another, winning selling point for adopting cryptocurrency as a sustainable payment option.

You Have A Solution

While there are a host of payment gateways out there vying for your attention, yet offering you an inflated list of features that you don’t want or need, look no further than the Pinwheel Pay Gateway. It has all the security measures you need, functional reporting, and the option of accepting cryptocurrency.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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