We have talked before about what’s the best payment gateway to use for your business – see our previous blog post: What payment gateway to use for your online booking system. A lot of businesses see payment gateways as a means to an end. They are looking for: a provider that can support their country and the currency they operate in; a good reputation; and good value for money. If the payment gateway meets these needs and gives businesses the ability to take online payments, then its job done.
There is however a lot more to some payment gateways that can make the running of your business easier. We have integrated with a number of payment gateways, but our preferred provider is Stripe. This is for a number of reasons but primarily its down to their easy set-up and ease of use; competitive pricing; and their other features that make running your business easier. I’ve outlined some of the main features below, some of which will be well known and others not:
It’s reassuring to know if you are going to use a payment gateway that they are well established. This makes it easier for you to research them and read reviews. Although Stripe is a young company, launching in 2011, it’s becoming the payment gateway of choice. It processes billions of dollars a year for thousands of businesses, from newly-launched start-ups to Fortune 500 companies.
High Level of Security
One of the most fundamental things a payment gateway needs to do is provide a high level of security – that’s a given! Stripe is certified to PCI Service Provider Level 1, the most stringent level of certification. They also actively work to protect your business from fraudulent charges and monitors suspicious transactions.
Act locally, work globally
Once Stripe is supported in your country, you will be able to accept payments from customers anywhere in the world.
Disputed payments or “chargebacks”, can be awkward and time-consuming. Stripe have made the handling of any disputes easier and quicker, maximising the chance you win disputes.
Smarter Saved Cards
Outdated card details can be a big problem for online businesses. If your customers get a new card from their banks (or the number or expiry date changes), they have to manually re-add it to every service or the service stops working. It’s frustrating for customers, and loses paying customers for businesses needlessly. Stripe can now overcome this when you save a customer with Stripe. Their card will continue to work even if the physical card gets replaced by the bank. Stripe works directly with card networks so that your customers can continue using your service without interruption.