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Categories: Payment Gateways

Key Challenges For StartUps In Payment Gateway Integration

 

Two to three start-ups announce themselves in the market with every passing day. This overwhelming rate of spawning coupled with limited finance options results in presenting several challenges for start-ups on the rise.  Managing early-stage funding well could be one of them. Growth-stage start-ups are funded through many sources.

Many individuals and firms are involved in start-ups funding. From seed investments to series funding, from angel investors to venture capitalists, the transactions for finances in early start-ups are particularly tricky. Keeping in mind that we are turning strongly into a digital generation, handling these digital payments can seem daunting. Listed below are a few issues that threaten to plague all payment gateway integration solutions at large:

 

Protection Against Frauds:

One of the major challenges for start-ups lies in preventing fraudulent activity in their international payment gateway transactions. An absence of a unified payment gateway can lead to merchants furnishing important details to unwarranted authorities and subsequently falling prey to elaborate scams in the process. Hence, one must always ensure the presence of custom fraud-monitoring tools such as validation services, purchase tracking, and customer accounts. As an additional level of security, merchants must mandate the establishment of a level 1 Payment Card Industry Data Security Standard protocol to avail security services such as tokenization, fraud management filters and point-to-point encryption.

 

Integrating with Technology

In this rapid age of digitization, one of the key challenges for start-ups involves integrating their payment gateways effectively into a tech platform. The reason behind doing so lies in facilitating effective automation for all financial transactions that concern the startup. Consequently, as all startup funding activities gather momentum, the need for a unified payment platform assumes utmost priority. While doing so, the merchants must make sure that the integration is accessible enough for businesses and one that seamlessly syncs transactions with CRM, accounting and other software that are central to your business.

 

Facilitating multiple currencies and payment methods with Payment Gateway Integration

Even the best payment gateway solutions stifle their own functionality by not lending support to multiple modes of payments and to currencies that are not native. For a startup to achieve a legitimate global status, its payment app must be equipped enough to handle cross-border transactions with relative ease. Doing so not only lets the startup compete and establish its presence in international markets but also allows them to surpass the customary hurdles of taking up new bank accounts and business entities that come with the acquisition of an international client base. Narrowing in on a payment app that already has the requisite infrastructure in place helps the startup to provide a hassle-free payment experience to its customers.

 

Covering all channels of payments

A payment gateway needs to have the ability to accept payment from all available channels and platforms, irrespective of the customer’s geographic location or technological limitation. Starting from websites to email campaigns and ranging to android applications and even offline platforms, the merchant should ensure that their customer runs into no irksome hassles while initiating a transaction with them. Working with a single processor for all relevant payment processing activities gives the merchant the liberty of reducing the number of vendors and subsequently the costs involved. In this process of centralized cataloguing, they also save time that would have otherwise spent reconciling transactions jutting from various loose ends.

 

Processing fees

One of the key challenges for startups that they generally overlook is the processing fees that are involved in their payment transactions. The reason behind this mentality is the fact that most merchants do not consider processing fees to be an extraneous challenge and regard it in the same light as the cost of doing business. However, the fact of the matter remains that there exist abundant variances when it comes to processing fees and the methods of their calculation. A lot of factors dictate these variances including the type of card used, methods of accepting payments, average size of transactions, type of businesses, and the kind. Hence to avoid unprecedented costs, merchants must get into the habit of holding elaborate discussions with their payment service providers to carry out a closer inspection of the various computations that comprise processing fees in the first place.

 

Privacy and Security

Every financial transaction involves some degree of work, the contents of which are highly sensitive in nature. If your international payment gatewayis incapable of upholding high standards of privacy and security, then you stand to lose the trust and loyalty of all your customers. Not to mention the unending legal proceedings that will follow in the event of such a breach.

 

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Steer Through for your Payment Gateway Integration Requirements:

 

As a budding startup, nothing hurts your business more than getting entangled in payment related issues. This is where Steer Through comes into the picture. We help you with the Payment Gateway Integration that is the best fit for your business. With our service, merchants get the luxury of going live within minutes of their registration. Additionally, these payment gateways are omnichannel in nature, which lets your business accept multiple currencies through multiple channels. If you are a startup, SME, or SMB, the Steer Through platform finds, brings, and connects the solutions to the major challenges for your businesses, so that you could focus on your core activities. These solutions are as cost-effective as they are high quality. Additionally we provide you with post-sales support as well.

 

A young platform with a solution-focused mindset, Steer Through understands your entrepreneurial journey. We believe that no challenges should steal away your focus and energy, which you could utilize on your core business activities. We provide a platform where you can find hand-picked products, services or solutions, which is the right fit for your business. You can apply filters based on your business requirements and select your options from the listing.

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