Payment Gateway- The Need Of eCommerce
The world of internet has dramatically revolutionized the way of the business we are doing before. Digital life has a significant impact on today. With the world of digitalization, shops open their eCommerce platform to grab the opportunity and expand their reach. The challenge comes when with eCommerce, you need a payment solution method to accept money remotely. Here arises the need for Payment Gateway. A service that helps to authorizes credit/debit payments and facilitates the processing.
Understanding the need of businesses with globalization, we at Quadrapay take a step ahead. We help the merchant to get one of the best payment solutions according to their business needs. If you are also looking for a reliable payment solution for your business, fill the pre-approval form or get in touch with us at [email protected]
Lets us now understand what a Payment Gateway is? Why businesses need it? And what are the benefits you will get to move your business online?
What Is The Payment Gateway?
A payment gateway is a facilitating service that allows the merchant to accept payments online. It transmits the transactional information to the acquiring bank. And the response from acquiring bank to the website whether the transaction gets approved or declined.
A payment gateway is integrated on an online eCommerce site as well as in POS(Point Of Sale) machine for your retail store. A payment gateway processes not only the customer’s credit/debit card transaction but also echeck and ACH. Even cryptocurrencies like bitcoin, lite coin are also processed through the payment gateway.
The payment gateway never stores users sensitive data. It only helps to transfer the data from the portal to the customer’s bank or credit card in encrypted form. Hence it helps in communication between the portal and acquiring bank securely.
Why Businesses Needs Payment Gateway
So far, we have discussed what a payment gateway is? Now you might have an idea of the importance of payment gateway. Every online business needs it and even retail store having a POS machine requires it to process payments from your customer. A payment gateway helps to lure your customer. Because, with the globalization, every customer prefers to pay online and giving them a way to do so allows merchants to excel their business.
A payment gateway offers your customer to pay you via multiple channels like credit/debit card, echeck, ACH, or UPI. It makes your customer happy and satisfied.
If you also need a payment solution for your business, Fill up a
pre-approval form onto our site.
Whitelabel Payment Gateway
A White Label payment gateway is also a payment gateway but under your business name. You can put your company name on the product or service which has been developed by the third party. With a white-label payment gateway, a merchant enjoys the following benefits.
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Merchants improve the image and reputation of his company.
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Merchants have full control over the payment gateway.
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Improve Customer loyalty
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Development Cost and time can be saved.
How Does Payment Gateway Work?
The payment gateway is a software service which authorizes the transaction and helps in the settlement. The primary task of a payment gateway is to collect the information from the customer. It then authenticates, authorizes, and facilitates settlement in merchant account.
Let’s have a look on step by step process on how the payment finally gets settled.
- The customer selects a product to purchase and fills the card details on the checkout page. The information is redirected to the payment gateway.
- The payment gateway collects and verifies the information, whether it is correct or not. It then sends the information to the customer’s bank processor.
- The customer’s bank verifies the credential of the cards. And also checks that the customer’s account has sufficient amount for the transaction. It then authorizes the transaction with the status as approved or declined.
- At last, the customer banks approve the transaction. The transacted amount gets deducted from the customer bank account. The payment gateway facilitates smooth settlement in merchant account.
This is how a payment gateway helps the merchant to get paid by their customer. The whole process is smooth and secure by PCI DSS Standard.
Benefits Of Payment Gateway
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Real-time payment Processing Solution.
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A payment gateway helps merchants to accept credit/debit card, ACH,eCheck, UPI and also comes with recurring billing feature.
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The payment gateway can be customized as per the requirements of the business entities.
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A payment gateway can be easily integrated with your website, mobile apps, Or your POS solution for your retail store.
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It helps merchants with ample growth opportunities.
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The payment gateway is secure and strictly complies with the PCI DSS standard.
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Customer Support feature.
Need A Payment Solution? Apply Today With Quadrapay
Selecting the right payment gateway provider is very crucial for your business growth. It can be a time consuming and complicated process. But we can do help you to find the right processor as per your business requirements and industry-type.
We at Quadrapay are specialized in helping merchants with a payment solution. We help merchants with a high-risk merchant account, offshore solution, eCheck, ACH and other solution based on their requirement. If you need any type of payment solution, feel free to get in touch with us.
Have Happy processing !!!
