Payment Gateway Selection Criteria

More and more present-day companies are choosing to sell their core products using payment applications, online websites, and marketplace platforms. These companies are striving to embed payment functionality within their websites and applications. For this purpose, every company needs to find the best payment gateway solution to suit its business model.

The problem of payment gateway integration is common for several categories of companies operating through online websites and apps. These include small and medium-size merchants that want to accept electronic payments for their products. Besides them, there are software vendors, that develop websites and apps for other companies. Finally, there are large online payment platforms and marketplaces that have to support payment functionality within websites of their multiple clients. If a company belongs to any of these categories, at some point it has to integrate a payment gateway into its electronic payment system.

Best payment gateway selection criteria

Selection of the best online payment gateway should be based on several criteria. The top-priority factors, people usually look at, are transaction processing costs and ease of integration. Other criteria concern availability of different features, both basic and advanced, within the payment gateway solution of your choice. For instance, some such features are: smooth transaction settlement, transparent reporting, automated chargeback management, reliable fraud prevention mechanisms, automated deduction of fees, account updater logic for recurring billing etc.

Gateway selection aspects

Payment gateway integration is like a coin: it also has two sides. Heads are the business side, while tails are the technical side.

Business side concerns the terms of your partnership with the payment gateway provider. Many online retaile