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Not All Payment Gateways Are Created Equally

Having a payment gateway is an essential component of your business since it allows you to process sales made via credit and debit cards. Yet a payment gateway isn't a commodity — there are real differences between providers.

At the very least, you want a payment processor that adheres to PCI-compliant data security, meaning it follows all of the latest guidelines concerning:

  • How financial data is stored
  • How this information is processed
  • Who has access to card accounts

However, you should also shop for a credit card payment gateway that offers integration with the accounting software, checkout carts, customer relationship management platforms, and content management suites your business already uses. This type of payment integration can:

  • Help you save time by not having to manually update records.
  • Help you save money by not having to pay employees for mundane tasks.
  • Ensure faster reporting and fewer mistakes, since you're removing human error from the equation.

By selecting a payment gateway that offers PCI-compliant security and seamless integration, you can begin selling products and services with greater confidence.

Though for long-term success, you may want to dig a little deeper.

Choosing a Payment Gateway Provider with Advanced Fraud Protection

Online fraud is a major problem in the United States, with data breaches and instances of identity theft constantly dominating the news headlines. However, cyber fraud will only increase in the coming years as EMV chip cards become mainstream in the U.S.

Why is that?

These chip-enabled credit cards that are highly effective at preventing in-store retail fraud. Every major market that has adopted this technology has seen card abuse decrease. The U.K., for example, witnessed a 70 percent reduction in in-store fraud after embracing EMV chip cards. 

As a result, many criminals have moved their operations to the online world where EMV security offers little protection from anonymous hackers who have access to addresses and card numbers.

In fact, online fraudulent losses could reach $6.4 billion annually by 2018.

Having a PCI-compliant gateway can protect you from some of these attacks, but it's not always enough. This is why we offer our clients advanced fraud protection in the form of:

1. Tokenization

Tokenization is the process of substituting a customer’s PAN (Primary Account Number) with a “token” – information that is useless to a hacker. You, as the merchant, will store the token in your system in place of the sensitive payment information

2. Fraud Management Filters

Our fraud management filters allow you to automatically flag suspicious transactions within your payment environment. You can set up these tools to filter out any transactions that:

  • Exceed a certain sale threshold (max and min)
  • Originate from specific countries or IP addresses
  • Match an updated list of known offenders

To see all of our fraud filters, click here.

Getting the Most Out of Your Secure Payment Gateway

Each one of these tools (i.e. tokenization and fraud filters) can dramatically reduce your security exposure and enhance the performance of your payment gateway. Using a payment gateway with advanced security methods will help provide your customers with the safest shopping experience possible.

To learn more about BluePay's secure payment gateway solutions, contact us today for a free consultation.

Welcome to the BluePay Blog!

Whether you're a small business, an enterprise corporation, a financial institution, or a software partner, we have created a series of blog posts to help you and your customers, learn more about the complex nature of payments. Take a look to learn how payments can help to simplify your business operation, and may even help to grow your revenue.

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