Nowadays, Getting a payment gateway for online shopping website is not a big task. Business owners can accept credit card payments online on their e-commerce websites. Customers prefer to use card payments for online shopping. There are many reasons why it is incredibly convenient for customers to use a credit card instead of carrying cash. So for an online transaction, business owners require a payment method that is online payment gateways. Let’s understand what a Payment Gateway for online shopping is?
What Is A Payment Gateway For Online Shopping?
In the payment processing industry, a Payment gateway is a portal which sends the transaction information to payment service provider or acquirer. The transaction result depends on the responses of issuing bank/card brand which decides whether the transaction has to approve or decline. The purpose of using payment gateway is to provide payment methods like ACH, Echeck and credit and debit card to buyers. Online shoppers can effectively make payments on e-commerce website by using payment gateways.
How Does Payment Gateway Work For An E-commerce Website?
Pointers are mentioned below to explain the working principle of payment gateway for an e-commerce website.
- When the customer makes a selection of the product and proceeds to the checkout page, A hosted payment page opens.
- The customer fills the credit card information on the payment page; then the credit card information gets encrypted and is forwarded to the card brand/card issuer. The customer needs to click on the submit button to place the order and make credit card payment. Now entire communication happens between the merchant’s website and the payment service providers infrastructure. The transaction information goes through multiple checks. Once validated then it moves to the next step.
- When the transaction gets approved, then the merchant can ship the products to the customer.
The Cost Involved In Setting Up A Payment Gateway.
Payment processing companies charge various fees from the merchant to set up a merchant account or payment gateway. The setup fees vary for different processors. It is only a one-time charge. There is also a processing fee involved that is MDR(Merchant Transaction fee), Rolling Reserve, Arrears, and Monthly Fees.
Quadrapay though its processing partners offer multiple payment options without a setup fee. It means merchants do not have to pay any upfront charges. These payment solutions only charge a reasonable processing fee.
Whom Should You Contact For A Payment Gateway?
There are many payment service providers across the world. These payment service providers have their terms and conditions. The merchant should process with those payment service providers who are fully PCI DSS compliant. Various resellers work with multiple payment processing companies across the globe. These resellers better know about the payment processing industry than many merchants.
Quadrapay is merchant services reseller company that helps e-commerce merchants in finding reliable payment processing solutions These solutions work as a great processing channel for international e-commerce businesses. Merchants can send the application with the required copies of KYC documents to [email protected].
What Steps Are Involved In Getting And E-commerce Payment Gateway?
There can be two ways of getting a payment gateway.
- Through Payment Processing Company
- Contact any payment processing company over the Internet
- Send your application with the recommended set of KYC documents
- As per your application and documents they work on underwriting process.
- The payment gateway approval depends on the underwriting process.
- Through Reseller Company
- Place an application to Reseller Company.
- The reseller company will contact the merchant to understand the business model and then suggest the best solution for the e-commerce business.
- Then your application with the KYC set will be sent to a reliable payment processing company. You can have more than one solution with the help of merchant service reseller company like Quadrapay.
- Payment service provider will evaluate an then underwrite your application. If approved they will email the merchant account agreement to the e-commerce business owner.
- We advise all merchants to closely read the terms and Conditions carefully on Merchant Account Agreement and then sign it.
- At the end of the process of getting payment gateway, You will have access to your payment gateway portal.
Integration Assistance For Online eCommerce website
After approval, the merchant can ask the processor for integration assistance. These processors help merchants in integrating payment gateway on e-commerce websites.
- There are multiple benefits of working with Quadrapay.
- The merchant can get full support regarding the merchant account application process.
- The merchant can get more than one solution for payment processing.
- Payment Gateway integration assistance.
- Fast Approval of Merchant Account and Payment Gateway.
- No Setup fee in establishing a merchant account.
- Reasonable payment processing fees.
- All Processors that Quadrapay works with are fully PCI DSS Compliant.