You want to provide a secure, rapid, and easy-to-use payment system to your customers, whether you manage an eCommerce platform or simply maintain an online presence. The payment method you choose must meet the needs of both your customers and your company. Therefore, it must be secure, accept a number of payment methods, be simple to use and work with your platform.
A payment gateway allows a business to accept electronic payments and process credit or debit cards. The currencies you can accept, the transaction cost, how quickly money arrives in your business account, and the payment options you’ll offer are all determined by the payment gateway you choose.
The payment gateway application allows businesses to request payments from customers in a secure manner. When a customer clicks on “place order,” the system takes care of the rest.
Your payment gateway will;
- Verify the billing information for each customer.
- Authenticate money for each payment method used by a consumer.
- Allows your store to issue a confirmation number after approving requests.
- Ensure that you get paid and your business does not go towards a loss.
Payment processing flow
Online payment processing infrastructure is a little more complex than you may think. For the customer, it appears as a little window or a new website where they must complete the checkout process. Processing, on the other hand, requires many financial institutions or tools that check transaction data on both ends, allowing the customer to finalize the purchase in a matter of seconds.
Here are some things to think about before choosing a provider:
Pricing
A payment gateway, like any other business, charges a fee for using third-party technologies to process and authorize transactions. Fees are charged by all parties involved in payment verification/authorization or processing. Transactions are frequently billed based on the quantity, location, and type of product is physical or digital.
Check transaction limit for a given provider
While fees and installation costs are inevitable, one factor may affect whether or not you can work with a particular provider. Transaction limitations are defined by gateway providers as a minimum and maximum amount. Both of these traits are important to sellers and their businesses since they want to use a single gateway for all of their products.
The second point to consider is the daily or monthly transaction restrictions. These occur occasionally, yet they have a significant impact on gateway provider selection.
Business account options
A business account is a contract between a business and an acquiring bank that allows the bank to process the business’s transactions. In addition, a merchant commits to fulfil the credit card firms’ operational requirements for credit card processing.
Payment processors are included in this category. Consider what that company has to offer if you currently have a business account. Otherwise, it’s preferable to go with a service that provides a merchant account right away.
Mobile payments
Mobile payments, in brief, have their tokenization process and are available as a separate method in all payment gateway providers. Mobile wallets may or may not be available depending on the country in which you do business. As a result, you must examine the provider’s page for information on whether or not the gateway allows mobile wallets, as well as which ones.
To Conclude
Whether you’re a non-profit business, picking a payment gateway or building your payment portal, customers are more likely to trust websites that provide a built-in payment system. Integrate a payment system such as OpenPayd, one that inspires trust, supports different payment ways and is protected against fraudulent acts if you want to boost client confidence.