What Payment Gateways Are and Which Payment Gateway Provider Is Best For You? If you’re like most eCommerce store owners, you’re probably asking yourself how to choose the best payment gateway for your business. After all, there are dozens of solutions out there and you have time only to test so many. Difficult, right?
When it comes to accepting payments on your site, payment gateways are the key to making it happen. But with so many options, how do you decide which gateway will work for you? That’s what we’re here to address.
Payment Gateways create unique, innovative, and extremely secure payment solutions for merchants to accept payments online. Payment gateways allow the integration of all payment options. And ensure that merchants receive the maximum possible benefits. We provide you with the most current, comprehensive, and reputable solutions available today.
Our Payment Gateway API combines multiple payment gateways in one API. This reduces your gateway fees and improves your process of providing payment options to your customers. Whether your business is large or small, accepting credit cards has never been more important. Choose one of our Payment Gateway solutions to help you get started while still providing convenience and peace of mind.
Types of Payment Gateway
Payment gateways generally fall into one of two categories: Redirect (or hosted) and hosted. A redirect (or hosted) payment gateway will redirect the customer to a merchant bank or third-party payment service provider to process. The merchant’s site never has access to the customer’s bank information or credit card because the customer’s payment details are processed on the third-party’s site. The merchant is given a token number that can be used for future reference. Many merchants prefer this type of payment gateway because it simplifies the transactions and allows them to focus on other areas of their business.
Payment Gateways for eCommerce
As the e-commerce market continues to rise, well-known and established payment gateways are the most used methods for accepting payments on websites. Payment gateways are designed to provide a platform that receives, processes, and routes transactions between various devices and a central backend. Payment gateways facilitate the secure transfer of information throughout the eCommerce ecosystem. We strive to power our clients’ business objectives with customized payment gateway solutions.
Our Payment Gateways integrate seamlessly with your eCommerce store and offer multiple options for you to accept payment from your customers. We include credit cards, Paypal, eCheck, and ACH. Our Gateways are Secure and Safe. We offer SSL encryption during data transfer ensuring the highest level of security for all financial transactions.
Payment Gateway vs Payment Processor
A Payment Gateway is a secure service provider that processes customers’ payments online. Handling the authorization and capture of transactions, and the exchange of purchase information between merchant and merchant acquirer. Payment Gateways support the complete checkout process for merchants selling goods or services online. Including collecting customer information, processing credit card and other forms of payment. Securely transmitting the transaction data to the appropriate payment processors, maintaining customer accounts and related data.
A payment processor is a company that provides a service of accepting payments, transferring funds, and other processes to bank accounts. A payment processor transfers electronic payments. It is a company that processes the “money side” of the transaction made between the merchant and the consumer. A payment processor is a service used to transfer money out of your customer’s account and into your bank account.
How to Evaluate a Payment Gateway Provider
Selecting a payment gateway provider is the first step to accepting online payments for your business. Before making that choice, you need to know about the different payment gateway providers and their features.
This is why most of them charge fees for every transaction they complete. While some payment gateway providers offer free trials (or no-cost initial setup). You should never accept these until you are certain that this is the right provider for your business.
Before choosing a payment provider, make sure you know the following
The fees: Be clear on the fees and costs of using a particular payment gateway provider. These fees vary based on the type of service you require and include: Membership Fees, Transaction Fees, Monthly Fees, and Setup Fees.
The charges on the customer’s side (Interchange Rate)
Once you start accepting online payments, your customers will be charged an additional fee per purchase. This fee is usually 2-3% of the total order value but could be even higher for specific types of transactions. Cross-border transactions or high-risk transactions will cost you more.
Security & Reliability
Security and Reliability: The best way to get information about the security and reliability of your potential payment gateway provider is by asking for user reviews and testimonials on popular review sites.
User-Friendliness: Make sure your potential payment gateway provider offers an easy-to-use gateway interface. If they don’t, they could take away from the overall user experience of your eCommerce website.
Features and API’s: Some payment gateways offer advanced features. They all you to set up in multiple languages, custom logo integration, and recurring billing options. These may not be necessary for every business at the start, but it’s good to know that you have them as an option in case you need them in the future.
Configuration: A good payment gateway should provide multiple options for setting up recurring billing or scheduled payments. It should also provide a variety of options for customizing checkout pages and forms. So you can create unique interfaces based on your specific needs.
Ease of Use: The best way to find out about the usability of a particular payment gateway is by reading reviews posted by businesses that have used it.
Customer Service: The payment gateway you choose should not only offer the services and features you need but also have a strong customer service department. You should have 24/7 support. Customers who can’t reach anyone at the company when they have an issue aren’t likely to return to do business there again.
The key in evaluating a payment gateway provider is to carefully study the services that they offer and how they store their customers’ sensitive information. You will want to make sure that their security practices are solid and consistent with industry standards. In addition, they need to meet all legal compliance requirements. You also want to know that your solution provider is truly committed to protecting the sensitive data that is being submitted through their service. You can start by contacting payment gateway providers like FintechMerchantAccounts by clicking HERE . We will provide you with payment services that help your business grow.