Having a payment gateway is an essential component of a collection agency because it allows you to process payments made with credit and debit cards. But a payment gateway is not something that you find by going price shopping. There are real differences between providers of gateways and it is important that you select a gateway that is best for your agency.
The first and most important aspect of a gateway is that you want a payment processor that is compliant with Payment Card Industry Data Security Standard (PCI-DSS). It must be compliant with all of the PCI regulations regarding how financial data is stored, how it is processed and who has access to the card accounts. More important though is that the payment gateway is compliant to the most current regulations. The gateway provider should be updating their software and then being audited annually to ensure up-to-date compliance.
The second most important aspect of a payment gateway is to find a provider that offers easy integration with the accounting software, record-keeping and customer relationship management platforms that your business currently uses. This type of integration is important not only because it can help you save time but it also ensures better reporting and fewer mistakes. A good payment processor provider will provide IT experts who can easily integrate their system with yours so that the online payment capabilities are rolled out with very little disturbance of your current processes.
By selecting a payment gateway that offers both PCI-compliant security and seamless integration you can begin streamlining the payment collection process by adding online payments with greater confidence.