Payment gateways have come a long way over the years. At one point, using them meant having to deal with some frustrating limitations, but now these are a thing of the past.
Smaller Transactions and More Card Payments
At one point, payment gateway tech was so expensive that it was almost impossible for sites to accept small transactions online. It was only worth having a site if you sold a vast range of goods at a particular price point, or you’d end up making a loss. Now, thanks to the advancement of technology, more gateways have hit the market, providing businesses with a wide range of options. This has helped to lower the fees associated with using a payment gateway too, which has benefited the gaming and casino sector in particular. For example, people who play slots, or who bet on a European roulette wheel, may want to deposit money as they play. They may also make smaller deposits as they place different bets, for example, an outside bet or single-number bet. In some situations, a user may place a bigger bet, followed by smaller subsequent bets, depending on the outcome of the spin.
Welcome bonuses also facilitate people making smaller deposits, to provide new players with the chance to try several games with free spins. Although minimum deposit amounts are still in place, they’re lower than ever, which has helped various game providers to become more competitive in a saturated market. This is also evident in the sports betting market, with some providers offering a minimum deposit as low as $5.
Payment providers are also becoming much more versatile, accepting numerous card payments. In the past, payment gateways only accepted transactions from specific card issuers. As technology has advanced so much over the recent years, it has become easier for payment gateways to accept international currencies and different cards, providing people with a huge range of options when making online transactions. Businesses can also target international audiences with ease, due to having fewer limitations.
Security Flaws and Breaches
Security is so important. Two out of three consumers would stop using a retailer if they have been hit with a security breach. This is a challenge that payment gateways have had to overcome, and one way that they have done this is with TLS encryption.
This allows payment gateways to handle confidential information, such as card information with ease. Extra layers of authorisation through payment gateways have also helped to make online transactions more secure. Sophisticated encryption protocols have made it very difficult for data breaches to happen, thanks to technological advancements. Some of the most popular ones include geolocation and velocity pattern analysis. Denylist lookups, verification with delivery addresses and even identity morphing detection are all employed by numerous payment gateways, and it is a testament to how far payment gateways have come over the years.
With so many advancements being made as the years go by, it’s not hard to see that payment gateways have effectively overcome almost every challenge faced. From increasing security for end users to accepting more payments at smaller amounts, it’s radically changed the business world. It’s also helped to facilitate a boom for the eCommerce world, which has led to an enormous amount of opportunity for international sellers.
