Guide to online payment gateways

How do you handle overseas sales?

It’s important, Haberley says, to consider how your bank and payment gateway provider treat transactions in foreign currencies.

“One common misconception is that all banks and gateway providers offer the same settlement capabilities,” she explains. “Not all banks and gateway providers allow overseas customers to see the final transaction amount in their own local currency.” 

That could be important, given customers prefer to see the final price in their own currency rather than finding an unexpected amount on their bank statement once the funds are converted.

“Also keep in mind that some banks offer multi-currency settlement in certain currencies, which gives you the option to keep some of your foreign currency payments in their original currency,” Haberley adds. “Alternatively, some may automatically convert all foreign currency payments to Australian dollars, which, in some instances, can be quite costly to your bottom line.”

How do you set up your payment gateway and manage internet security?

Along with streamlining your online sales, a payment gateway protects your business by authorising and verifying transactions. It also helps combat fraud by implementing extra security checks and other seller protections.

A gateway is also useful when communicating with customers and troubleshooting. It acts as a bridge between you and your customers, letting you send payment confirmations and notifications as well as manage disputed transactions.

One key difference between payment gateways is how they link to your website and handle security.

While a hosted gateway is fairly straightforward, there are multiple ways to add an integrated gateway to your website. An iFrame gateway lets you customise the page when customers enter their payment details. Meanwhile, Direct Post Integration offers even more customisation – such as the ability to add details like the customer name and email address – if you want to capture those details for returning customers.

These options all ensure that the bank and payment gateway are responsible for customer data security and compliance with financial regulations.

For small businesses broadly, cyber security is a key issue – and for many it’s a key priority. For tips on how to avoid payment fraud, invoice scams and ransomware attacks, plus to download a free cyber security toolkit, see our security tips for your business hub. 

Where can you go for support?

If you need help choosing a payment gateway to meet your specific needs, your business banker is a great first port of call, Haberley says.

“Remember, as your business continues to grow, your needs will also evolve and change,” she cautions. “You aren’t locked in for life with the one online payment provider, so make sure you regularly review your merchant facility and payment gateway to ensure you have the right gateway to meet your needs.”