Future-Proofing Your Business: Choosing the Right Payment Gateway
Future-Proofing Your Business: Choosing the Right Payment Gateway
In recent years, e-commerce has experienced exponential growth worldwide. In Latin America, Fintech, open banking, digital transactions, digital wallets, and neobanks are undoubtedly the future of the digital financial ecosystem.
To work through various online channels, it is necessary to establish a solid strategy and have the appropriate providers while always considering the needs of the new consumer, offering easy and secure-to-use services that provide positive online purchasing experiences.
According to the Global Findex of the World Bank, the percentage of Latin Americans with an account increased from 39% to 73% between 2011 and 2021, which means that there is greater financial inclusion, which allows for innovation in finance and the digital business industry.
Among the alternative payments that have experienced rapid growth are instant transfers, wallets, and Buy Now Pay Later, which is emerging as one of the trends for 2023 and will likely revolutionize the digital financial ecosystem.
Sindy Granada, Country Manager for Colombia and Ecuador at Lyra LATAM, has compiled important and specific information to help companies make a good choice for their payment gateway.
Security
Among the requirements for greater security is the need for a valid PCI-DSS Level 1 certification, which is established by the five main card networks (Visa, MasterCard, American Express, Discover Card, and JCB) to reduce fraudulent use of payment methods. The requirements to obtain this certification are quite strict, but fundamental to achieving a maximum level of security and reliability.
- 3D Secure: It is one of the highest security standards in the world. It prevents fraud that occurs when the card is used on online platforms by someone who is not the cardholder, as several security checks are performed before authorizing the transaction, using two-factor authentication and prior verification of the cardholder's identity.
- Tokenization: This process reduces fraud by replacing the buyer's credit card data with tokens, thus avoiding the exposure of sensitive data on the network, reducing the possibility of information theft during the online payment process. It also seeks the exclusive use of the token you create, which can only be used by the company that generated it and by a single user.
Simple integrations in both directions
- With the web platform: It is recommended to hire payment gateways that allow for integration in a few minutes with your e-commerce, without the need for a team to implement such changes. It is about searching for available APIs, the offer of already developed plugins, and knowing if it has different modules that are scalable as the business grows.
- With other providers: They should provide the possibility of integrating with any information system and add native integrations with other providers, CMS, and open-source services. For example, Lyra integrates with the most in-demand wallets in the market such as Apple Pay, Nequi, direct integration with WhatsApp, and Google Pay.
Extended coverage
Companies with international experience that have local operations and whose technology is supported in all the markets where they operate. It is vital to work with providers who understand the needs of companies in various markets.
At Matwal Solutions, we are your best technology and cybersecurity ally, accompanying you throughout the process of seeing your business grow. We offer simple solutions that will allow you to keep your business out of the reach of cybercrime. Contact us to learn more about our payment gateway options and to ensure the safety of your business.