One of the security issues that might worry a new ecommerce startup is the idea of storing user information, especially credit card payment details, on their server. All it takes is one hack from a clever cyber criminal to expose all of your customers and damage the reputation of your business. Therefore, many businesses opt for third-party payment processors that keep all of that information off their websites, and they are easier to setup than you might think.
What you need
First, you will need to find out what payment processors will work with your ecommerce software. If you have developed your own, this is not so much of an issue, but if you are using one you purchased or downloaded for free, you will need to find out what payment plugins they have available. Support for PayPal, Google Wallet, 2Checkout, Skrill and many other services are often included in ecommerce solutions.
What to consider
There are a few factors that you should consider when choosing a payment gateway:
- How much does it cost? This might sound easier to determine than it is. Some payment services will charge a per-transaction fee as well as a percentage of each payment. Others might even include monthly fees. Investigate and search for any hidden costs.
- How do I get my money? Some payment processors pay to your bank account on a schedule. Some might also require you to reach a certain threshold before payout. Others, like PayPal, serve as their own uninsured bank accounts that you can access or even use to make purchases.
- How secure is it? Just because they say they are secure does not mean they are. This will also require some investigation into the service’s reputation for protecting customer data and fending off would-be attackers.
You should not let the risk of collecting online payments stop you from selling online. If you do not have the security infrastructure to collect payments yourself, use a payment processor that can do the heavy lifting for you.