What is First Data Payment Gateway?
As a business online, First Data payment gateways are a vital feature for your enterprise. A payment gateway is a channel that allows electronic payments by transferring payment information from your customer to your eCommerce store. This transaction is facilitated by the following key players:
Seller – this refers to you, the online business offering services or products that customers are interested in.
Customer – they initiate the transaction via card to access your products and services.
Customer’s Bank – this is the bank through which the customer holds a debit or credit card.
Seller’s Account – this is the bank where you have an account. It relays your transaction to the customer’s bank so you can receive payment. First Data payment gateways are a secure way to transact without any vital information being disclosed. Their data encryption mechanisms ensure that you do not fall prey to fraud, expired cards or even closed accounts.
Key Advantages of First Data Payment Gateway
Being able to process payments online can be very beneficial for your business performance and user experience. It comprises the following benefits:
Quick Checkout
A prolonged checkout process will have customers canceling orders and being apprehensive about ordering from your store in the future. That is why you need a payment gateway to ensure that your customers have a seamless shopping experience.
More Impulse Buying Impulse buying is a significant contributor to your sales as an online business. It is approximated that close to 40% of online purchases are done on impulse. A quick payment option allows you to tap into this market.
Security The customer’s card never leaves their possession during payment. This prevents fraud through card skimming or loss of said card. The data encryption technology used in First Data payment gateways ensures that customer information remains secure.
Flexibility
Payment gateway technology allows payments for not only plastic cards but also mobile wallets. Customers can make payments without having to bring their wallets with them.
Competitive Edge
Retailers who have First Data payment gateways can receive payments from customers with a wide range of payment options. This improves customer loyalty and makes your business more attractive to millennials and the Gen Z market.
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