- October 4, 2014
- Posted by: 1Solutions
- Category: Uncategorized
With the rise of the Internet and increasing easily accessibility of it among the masses, online web has emerged as the most potential marketplace in recent times. Today, every merchant, business and services company are targeting web to reach out their target customers. Online payment gateway facility has made purchasing via the web very easy, quick and safe. Most of the eCommerce website nowadays has an online payment facility via which their customers can immediately purchase the products online or make payments for other services.
If you are offering a product or a service online, you should definitely have a secured payment gateway integrated with your website. A payment gateway is the facility that lets you accept credit cards as one of your payment methods in a secured way. People like to use their credit card only with the sites that ensures them for safe transaction by authenticating themselves with a number of security signs. As hacking incidents are all time high and without a gateway, website owners are forced to use less secure methods to forward the transaction to their bank. Fraudsters always welcome such opportunity and it becomes incredibly costly for any organization.
Another option that a website can offer to their customers is providing a downloadable form to fill and send with credit card details, informing them that the customers will be contacted for payment once the order has been placed. The biggest drawback with this method is it severely limits the number of the customers who were once willing to place an order on the website. Nowadays, customers are more informed, therefore they want to know all hidden charges and taxes before they pay, only after collecting all the information they place the order. The form filling process puts a hurdle in this and customer may decide to abort the order process in between.
Some of the most used and trusted payment gateways are:
- CC Avenues
But with choosing a secured payment gateway, your bank will retrieve the payment information from the selected gateway while communicating with the customer’s credit card company at the same time. Once the credit card details are verified, the bank will send an approved notification to the payment gateway and your site and all this process completes in a few seconds.
There are three types of payment gateways:
- Manual Payment Gateway
- Real Time Payment Gateway
Payment Gateways makes online transaction with credit card faster and secure with a number of advantages:
- Merchants can accept payments from the customers outside the geographical boundaries in no time.
- Very useful for the online shoppers as they can pay with ease and securely. Customers can know immediately whether their transaction was successful or not. This real-time tracking of online transaction has saved lots of time at the clients’ part.
- The merchants and the customers can be assured, as the payment is 100% safe and secured.
- Merchants have the opportunity to touch the pinnacle in their business by accessing the global market with payment gateway.
- Cut down the cost of setting up a physical store as well as reduce the need of the work force to process online payment. All the process from placing order to payment can be done in real time without the human intervention.
- Saves the complications of transaction through checks and the time wasted in check clearance.
- Purchasing can be done even at odd times.
Now you have understood the vast advantages that an online merchant can get from setting up a secured payment gateway, but to make it more useful, there are many factors that you should consider before opting for one of these gateways, some of them are:
- Make sure that the payment gateway service is compatible with the shopping cart you selected for your website.
- The service cost and the additional feature a particular gateway is offerings.
- Check the specific regulations and rules a payment gateway service has for the country from where you are operating your business.
- Do you need to have a merchant account?
No matter what payment gateway you choose, be sure that you follow the guidelines recommended by the Payment Card Industry (PCI) to ensure that your chosen gateway is guarding the clients’ personal information. Be clear about what you need from your payment gateway, and then you can have the one that meets your needs and gives you what you need at the best prices.
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