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Payment gateway refers to an e-commerce service that process, verify and accept or decline direct payments or credit card processing on behalf of merchants using secure internet connections. It is assigned to fulfill the important roles in e-commerce transaction process between merchant and customer. It is used to help facilitating online transactions and get approved by issuer bank.
A payment gateway is important in e-commerce as it helps to transfer the information regarding a transaction between payment portal and the front-end processor or bank.
It uses special encryption and verification technology since online shopping will involve with distance and anonymity. It is to ensure the legitimate transactions is securely transmitted to processor.
Getting the payment gateway
Payment gateway can also protect your online business from fraud. When choosing the right payment gateway, merchants need to look for PCI-compliant and SSL certificates in order to avoid security problem.
Choosing the suitable payment gateway solution for your business can often determine the success of your online business.
Above all, when merchants are looking for suitable and the best payment gateway, they need to know why they choose the payment gateway and what are the services provided by the payment gateway provider.
For example, what are the features that they will give to a business, the pricing and other things that they need to look for before integrating them to one.
Pricing Table for Website Development
Payment Gateway FAQ's
When an online purchase is made, the payment gateway will contact the online store’s acquiring bank, which will contact the issuing bank of the credit card. If the cost of the purchased item was available on the customer’s credit card, then the bank will approve the transaction and the payment gateway will authorize it in order to collect the money from the issuing bank. Otherwise, the bank will decline your request and the transaction will fail to go through. This whole process takes only a few seconds.
Pricing is different from one payment gateway to another. Generally, they include your setup fees along with a monthly fee and your qualified rate which is charged with every transaction made through a credit card. They may also include reporting and support fees.
In order to process payments you will need a merchant account to associate with the payment gateway which integrates with your website or application and facilitates the transactions. The payment gateway handles authorizing and settling the transactions and then deposits the funds into your merchant account.
Typically you can, but there could be some charges for early termination. So you’ll have to ask about that beforehand and make sure it’s clearly explained in your contract.
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