Payment Gateway Which Suits Best For Your Business Requirements
Are you searching for the best payment gateway? But still confused, which type of payment gateway will best suit your business? Well, We are here to tell you about various payment gateways that best suit your business needs. Let us understand what a payment gateway is? A Payment gateway lets you accept money in a digital way. In today’s world, all businesses are moving from the traditional to the digital method. You can do this by integrating a payment gateway to your business site. Various types of payment gateways you can incorporate depending on your business needs. Let’s discuss all types of payment gateway one by one:-
- Hosted Payment Gateway. The hosted payment gateway is external to your business site. When the user clicks on the payment page to pay you, it will redirect to the Service Provider page. After the transaction, it will redirect back to the merchant’s site. The transactions are secure and PCI compliant. The merchant has no control over the transactional information. Customer’s credit or debit card information does not stay on the merchant’s server.
- Self Hosted Payment Gateway. In this type of gateway, the merchant’s website controls the transaction. The merchant collects the customer’s information on his site. It sends the information to the payment gateway to process the transaction. The gateway receives the data in a specific format, or some need a secret key or a hash key. The customer doesn’t get redirected to the gateway provider for payment. It enhances the customer’s experience and binds their interest to the merchant’s site. The merchant also has the advantage to store the information to his server.
- API Hosted Payment Gateway. API or Application Programming Interface is a software intermediary. It allows two applications to have communication with each other. Website, Operating system or database system interact via API. Payment Gateway API helps the smooth payment transaction flow on merchants’ sites. It helps in validating and authorizing payments. API hosted payment gateway gives full control to the merchant. The SSL Certification and PCI Compliance is merchants responsibility. All the transaction processes happen on the merchant’s site.
- Local bank Integration. The gateway is best for a startup or small companies who need a simple and one-time payment model. The customer redirects to the bank’s payment gateway for the transaction. After the transaction, it redirects back to the merchant’s website. This type of gateway is not recommended for wholesalers. These solutions don’t support recurring payments options.
After reading this article, you may have a basic understanding of what a payment gateway is? And which type of gateway requirements your business has. Still, confused which payment gateway you should opt for? Don’t worry, we as a Quadrapay will help you out with the best payment gateway for your business.
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