Pay­works is the provider of next gen­er­a­tion Point of Sale pay­ment gate­way tech­nol­ogy. De­vel­op­ers of POS so­lu­tions for mer­chants can quickly and cost-ef­fi­ciently in­te­grate card pay­ment func­tion­al­ity into their ap­pli­ca­tions, and se­curely process EMV, con­tac

ISO & Agent - - PAYMENT GATEWAY | VISIONARIES AND Q&A - Michael Doron - Man­ag­ing Direc­tor, North Amer­ica, Pay­works Inc.

1. What is a pay­ment gate­way

A pay­ment gate­way fa­cil­i­tates the pay­ment pro­cess­ing for a busi­ness, al­low­ing credit and debit card pay­ment to be ac­cepted. The gate­way pro­vides the in­fra­struc­ture and se­cu­rity needed for the trans­mis­sion of trans­ac­tions data, elim­i­nat­ing the need for mer­chants to in­te­grate a full pay­ment pro­cess­ing plat­form. His­tor­i­cally pay­ment gate­ways have only been as­so­ci­ated with e-com­merce, but as trends con­tinue to move to more omni-chan­nel so­lu­tions, we’re see­ing more integrated Point of Sale so­lu­tions backed by mod­ern pay­ment gate­ways. Also, as we move to more mod­ern pay­ment gate­ways, it’s good to point out that some gate­ways are do­mes­tic only, con­nect­ing to just Us-based pro­cess­ing plat­forms and ac­quir­ers. Oth­ers will be more global in na­ture, con­nect­ing to mul­ti­ple pro­cess­ing plat­forms and ac­quir­ers through­out mul­ti­ple geo­graphic re­gions.

2. Why Use a Pay­ment Gate­way?

A pay­ment gate­way should ul­ti­mately save you time and re­sources so fo­cus can be placed on core busi­ness needs. The right pay­ment gate­way will do most of the heavy lift­ing by re­duc­ing pay­ment com­plex­ity into un­der­stand­able pro­cesses. Through one provider, ISOS can en­sure that their mer­chants re­ceive se­cure and re­li­able trans­ac­tions pro­cess­ing, set­tle­ment, re­port­ing and the abil­ity to in­te­grate with other chan­nels. By choos­ing the right gate­way part­ner, ISOS war­rant their mer­chants the abil­ity to start sell­ing im­me­di­ately, rather than wait­ing months for cer­ti­fi­ca­tions, which is a great com­pet­i­tive ad­van­tage. 3. What should a com­pany look for in choos­ing a Pay­ment Gate­way?

As an ISO, select­ing a pay­ment gate­way provider to part­ner with is an im­por­tant task. Con­sider fac­tors such as ease of in­te­gra­tion and use. The goal of the pay­ment gate­way is to make pay­ment ac­cep­tance eas­ier, so find­ing the gate­way which can be integrated with ease and speed also one which is com­pat­i­ble with most sys­tems, should be at the top of your list. Select­ing a pay­ment gate­way which his fea­ture rich is also im­por­tant. Mer­chants shouldn’t be lim­ited be­cause the gate­way doesn’t sup­port needed func­tion­al­i­ties. It’s also im­por­tant to take into con­sid­er­a­tion where your clients want to be, do­mes­tic or in­ter­na­tional. Not all pay­ment gate­ways will sup­port global pro­cess­ing. Choose the pay­ment gate­way that of­fers the tools re­quired for to­day and to­mor­row.

4. Does a Pay­ment Gate­way work for card present pay­ments?

There’s an in­creas­ing num­ber of mer­chants work­ing with cloud-based and omni-chan­nel so­lu­tions. This means we’re see­ing more integrated plat­forms on the mar­ket which in­cludes both a mod­ern pay­ment gate­way and tra­di­tional card present so­lu­tion. To­day’s pay­ment gate­ways can ac­cept trans­ac­tions from mul­ti­ple en­try points which al­lows mer­chants to use one plat­form for all their sales chan­nels re­gard­less if card-not-present or card-present. ISOS should seek out these gate­ways for their mer­chants, as these so­phis­ti­cated sys­tems will sup­port most, if not all, mer­chant needs and have the ca­pac­ity to grow along­side the ex­pand­ing needs of the mer­chant.

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