Payment gateway is a mechanism that securely validates merchant and customer card, UPI transactions. Payment gateways allow merchants to accept credit card payments by credit connecting payment processors (the service charging the card) and merchant account providers (the service providing your payment systems). Once your customer has placed an order, the payment gateway verifies the customer’s card details and checks if they have enough funds in their account to pay you. A payment gateway is a tunnel that connects your bank account to the platform on which you make a purchase.
Why Do You Need a Payment Gateway?
The payment gateway allows the merchants to easily process debit cards, credit cards, and other payment methods. This makes payment gateways significant in online retail environments. Payment gateways are necessary for any business that wants to accept online payment transactions. The payment gateway can ensure the security of your transactions. Now the number of online payments is increasing people more using an online payment method, so payment gateway is sessional for a business. Payment gateways have less maintenance and are easy to set up if they have bank accounts or websites. The majority of the payment gateways have an international payment system, which will help to merge your business worldwide and grow the marketplace.
How To Choose a Payment Gateway
Before making any decision to choose a payment gateway provider, considered these factors given below:
- Check the pricing
One of the first factors of payment gateway is pricing There are different ranges of payment gateways are available, you have to consider your business type and fund when choosing a payment gateway. The pricing will depend on Your business model, the types of payments you accept, the amounts you receive on a monthly/annual level, and more. The payment gateways charge a variety of fees to the online merchant Maintenance fee, set-up fee and commission rates, etc. some gateways provide commissions to merchants by charging an additional fee to the customer, either as a flat amount or a percentage of the transaction value.
- Digital security
The payment gateway you select should give digital payment security for you and your customers. The security of your payment gateway should be a high priority. Always make sure that the gateway you choose is level-1 PCI DSS compliant because Some gateways come With fraud detection and scamming.
- Easy integrations
Integration is very important in a gateway, so Alway checks how easy integration they have. Only look for a payment gateway that has a short onboarding process. This will save you a lot of time and effort because you won’t have to keep track of payments and then manually update that payment information in your accounting system as it comes in. Through a payment gateway, you can easily integrate into most of the popular e-commerce platforms. If your website is a WordPress or even a custom-made content management system, make sure there is a supported integration for your platform.
- Multiple device support
Today, customers use multiple devices for doing online payments most people are using mobile, so your payment system should optimize for mobiles. The gateway that you select for your site should provide a hassle-free experience for all devices.
- Multiple currency support
If you are running an international business or ant spread your business worldwide, select a payment gateway that only supports a single national currency that does not make any use. So you should check while selecting a gateway that supports the international currency. Some payment gateways have charged additional fees to support international currencies, so you have considered this when selecting a payment gateway.
- Hosted & non-hosted platforms
There are two types of payment gateways are available in the hosted, non-hosted payment gateway. Hosted payment gateways are customizable and high security. While hosted payment gateway, a customer clicks on the payment then he/she will be redirected to the payment service providers page (PSP) there the user needs to fill payment details.
Non-hosted payment gateways provide a better customer experience, and you can select the payment gateway based on your requirement. In a non-hosted payment gateway, When a customer clicks on payment, the user enters their payment information directly on the checkout page of the store owner. Then it processes the payment by using some HTTPS queries or by using the APIs.
- Customer support
Opt for the payment gateway that gives 24/7 live customer support because it helps the setup phase time and future transactions. When dealing with payment queries raised by your customers, your payment gateway provider should be accessible at all times, it helps to create trust in customers to merchants.
Conclusion
Payment gateways simplify the online payment transactions for your business and help you receive payments faster, more conveniently, and with better security. Globally, with 100+ payment options are available, selecting the right payment gateway is very important because it keeps your customer’s sensitive data securely. If you want to enhance the payment gateway you’re already using or want to set up a payment gateway, feel free to contact us.
See Also:
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