ONBOARDING BLOG SERIES 4 - Payment Gateway 101
Although we call our product the Central Payment Portal due to its multitude of payment and administrative features, at its core it is a payment gateway. This post will discuss what a payment gateway is, and how using one can benefit your organization
What is a Payment Gateway
A payment gateway is an application that authorizes and transmits payments for both online and traditional brick and mortar businesses. A gateway acts as the intermediary between the merchant and their processor, which brings several advantages.
Advantages of Using a Gateway
Using a payment gateway to interface with your processor brings several key advantages to your business processes.
Using a gateway to collect and transmit payments on your behalf means that sensitive information is never entered into your website. This segmentation significantly reduces your PCI compliance responsibility and shifts most of it to CBOSS.
Payment gateways like CBOSS use encryption to protect sensitive data, increasing security and preventing fraud. CBOSS uses multiple secure encryption methods to ensure your customers’ data is safe.
Payment gateways offer features that maximize your customers’ convenience and user experience, like mobile payments and digital wallets. CBOSS’ CPP Wallet allows your customer to save their payment methods for future use.
Gateways are often integrated to multiple processors and other gateways, allowing their customers to process over any network. CBOSS can send payments through all major processors and a number of regional processors.
Gateways offer multiple methods of payment. CBOSS is certified to accept payments from many brands of credit card, including: Visa, MasterCard, Discover, American Express, Diner’s Club, and JCB. CBOSS also accepts electronic checks.
CBOSS’ system can handle thousands of transactions per second, ensuring that no matter how much your organization grows, you will always be able to serve your customers.
Gateways can offer robust reporting capabilities. CBOSS offers a spreadsheet-like reporting interface that is extremely flexible and customizable. All reports are also exportable to PDF or Excel for advanced data analysis.
Gateways are usually smaller companies than processors, meaning you get a more personalized attention. CBOSS customer support is all done by real people, not bots.
Since gateways are often security focused, they can offer a variety of fraud prevention services. CBOSS offers several fraud prevention services, such as address verification and check verification.
If you would like to learn more about how a payment gateway like CBOSS can improve your processes, check out our website (LINK).