A payment gateway is a tool that no e-commerce company can do without. Let's see why and which benefits it will bring.
A payment gateway is a technological solution that enables fast and secure payment processing of card-not-present (CNP) transactions. It is a link between the seller, the buyer, and the bank, similar to a POS terminal at an offline store.
Thanks to the gateway, it’s all done quickly and securely. So, in a way, it’s a digital “twin” of a physical point-of-sale, which is a payment terminal at a physical shop's counter.
Here is an overview of how the payment gateway works:
If the payment processing is successful throughout the mentioned steps, the funds are securely debited from the client's account. Therefore, even though this software does not receive payment, it is one of the essential software solutions for an ecommerce business. Read ahead to find out how to get all the benefits a payment gateway has to offer!
With this nifty tool, people are making payment online. But there are some other perks you get from employing it too, which we’ll discuss later.
Now, let’s see which gateway solutions you can choose from as a business owner. There are 4 gateway types that allow you to receive payment.
When your client wants to pay, the system redirects them to the third-party Payment Service Provider. On the new webpage, the customer will need to enter their card credentials.
Direct API gateway
API stands for Application Programming Interface. This know-how allows clients to enter their card details and complete the checkout on your website.
Thanks to this type, card payments take place within one page on your website. Once the client enters their credentials, they are coded in a special format and delivered to the payment gateway.
But a major pitfall of this method is that if it fails technically all of a sudden, you'll have to deal with the poorly organized tech-support solutions.
Finally, you can “borrow” a payment gateway from a local bank. This option includes redirection to the bank’s page where your customer will finalize the purchase.
These are fundamental payment gateway types. So, which one should you choose? And which factors are there to consider?
So, which payment getaway to accept payments is the best for your venue? Here’s what to pay attention to:
These are the features to look for in a solid option. But what will you gain from employing it?
Services provided by the payment gateway are critical. And here’s why:
But how do you add it to your website?
Or you can go the easy way and get the “all-in-one” package. That is ready to work from the start. Here are the pros of a ready-made gateway:
As a result, you won’t need to build your own payment system from scratch. A ready-made solution is there for you. And it waits to become an engine of your success.
It is possible via invoicing. However, this method is far from perfect as it won't deliver the wealth of security/customization features.
Most definitely. It grants such perks as customer's convenience, quick payment processing, high-level security, and so on.
Payment or merchant aggregator unifies various payment methods available to merchants and shoppers online and offline. It makes e-commerce smooth and simple. While payment gateway is a technological solution, which allows accepting payments via your website, mobile app or online store.
The best method is to let the pros do it. See this page to begin the integration asap.
It depends on the size of your venue and your needs. It can be fairly quick: 2-3 working days.
With SSL and PCI DSS in place, it’s safer than ever!