Security: Licensed payment gateways are regulated and subject to strict security standards. They are required to implement various measures to protect sensitive data and prevent fraud, such as encryption, tokenization, and two-factor authentication. Choosing a licensed payment gateway helps ensure that your customers' payment data is secure and protected.
Legal compliance: Licensed payment gateways are required to comply with various laws and regulations, including data protection and privacy laws, anti-money laundering laws, and consumer protection laws. Failure to comply with these laws can result in fines, legal action, and damage to your business's reputation.
Reliability: Licensed payment gateways are typically more reliable than unlicensed ones. They are subject to regular audits and inspections to ensure that they are operating effectively and efficiently. They also have dedicated support teams that can assist you if you encounter any issues or problems.
Trust: Choosing a licensed payment gateway can help build trust with your customers. Customers are more likely to trust a business that uses a reputable and licensed payment gateway, as it signals that the business takes security and compliance seriously.