Payment Gateways Australia – What Are Your Options?
If you are selling products or services online you need to create a secure payment system. It is possible to process payments manually but this creates a huge amount of work and – more to the point – online customers are seeking increasing levels of security when it comes to processing financial transactions online.
The best option is to set up a payment gateway on your website. This is a third party that manages the transaction so that you never see your customer’s credit card details and they are assured of security. The payment gateway facilitates the interaction between your financial institution and your customer’s financial institution in a secure and compliant fashion.
You can select from a number of payment gateways in Australia. These include:
- e-Path
- Merchant Warrior
- SecurePay
- eWAY
- eMatters
- SCNet
In order to set up a payment gateway you will need to obtain a merchant account from an Australian bank. Of course it would make sense if this is your existing bank, however it is essential that you discuss options before committing to a payment gateway as there may be unexpected costs and fees.
Working with a developer experienced in payment gateways is a good way to ensure all of your bases are covered and you use the best system to suit all of your needs.
Isn’t PayPal the best payment gateway?
PayPal is an enormously popular and widely used online payment system. Technically speaking though, it is not a payment gateway, it is a third party processor. This means you don’t have to set up a merchant account, you can just choose the level of PayPal account most appropriate to your needs and you can start transacting immediately.
Other well regarded international third party processors include: Verisign, Google Checkout and Worldpay. A primary benefit of using these systems is that your customers will no doubt recognise and therefore trust these brands.
From a business perspective, some merchants prefer a dedicated payment gateway for these reasons:
- Although there is a higher set up cost than with PayPal, ongoing fees and charges to the vendor are much lower
- Accounts are settled daily with a payment gateway system, whereas there can be delays with PayPal
Read more here about the benefits of using just a PayPal account and also PayPal integration with your website and other merchant solutions.
What is PCI compliance?
There are evolving guidelines and standards around PCI (Payment Card Industry) compliance that you need to be aware of. The Payment Card Industry Security Standards Council (PCISSC) is an independent body that was established in 2006 to set up and manage the PCI Data Security Standards (PCIDSS).
These standards apply to any organisation that accepts credit payments directly from customers. As a business you can choose to apply and monitor the PCIDSS however this can be incredibly time consuming. This is why most companies choose instead to use a payment gateway or third party processor.
iQuantum can advise which payment gateway option will best suit your business according to a range of factors, including volume of ecommerce and your existing website and online systems.
