How To Have A Fantastic Payment Gateway With Minimal Spending.
Online shoppers, here is something you should know today before falling into pits. Its about Payment Gateway.
One of the challenge of setting up an online store is sorting out how to receive payments. Payments should be easy with credit cards or online payments systems like paypal, payu and so on. These things have to be considered carefully. Because it is necessary for a store to be successful and not to run into trouble. The key to take payment online is to have a secure system that doesn’t compromise to your customers personal information.
When customers purchase the product online they have to pay the cash by providing all the personal bank details. And there are people out there waiting to hack the system to reroute the cash transaction to them. To avoid it the company should have a good payment gateway system.
What is Payment Gateway?
Payment gateway is a web-based solution to run the transaction between customers and merchants for their online purchase. It is done either on Internet connected computers or web-server that is hosting their online store.
How does Payment Gateway work?
- Customer buys from an e-commerce site, makes payment by providing credit/debit/cash card details or net banking related information. The e-commerce site provide the payment information to the payment gateway. Payment gateway encrypts it and sends it to the customers bank for live authorization.
2. When the customers bank receives the authorization request ,they will either approve or decline the transaction.
3. The payment gateway sends the immediate response back to the customer, approving or declining the sale.
Benefits of Using it…
All the people who wants to shop online and afraid about losing money through online banking should read about its benefits. Because this one actually programmed to help you. The benefits of using it are:
The payment received from the customer is send to the authorized bank of customer in a encrypted form. Because on encryption payment details are send as a different message which is understandable only by the bank and the payment gateway. So, hackers can’t understand that a payment is being taking place.
Payment within seconds
Earlier days to pay the cash we used check or DD. But now its replaced by swiping or using credit/debit cards. When you go to a shopping market you actually swipe your card to pay the cash. Have you ever noticed how many seconds does it take to complete the payment? Less than 30 seconds. Am I right? Similar is the case with payment gateway. Once you enter your personal credit/debit card details the transaction will start automatically. Within seconds you see that your transaction is complete.
Customer details are kept safe
Not only the transaction is safe the customer details too. The credit/debit card number entered by the customer is securely stored to capture the end of the day.
Reports are generated automatically
Once the transaction is done a message is send to the customers whether is transaction is approved or declined. So the customers are aware that their money has reached the safe hands.
5 Payment Gateway Providers
PayPal is controlling a worldwide online payments system that assist online money transfers. It serves as an electronic substitute to traditional paper methods like checks and money orders. In addition, the company manages a payment processor for online dealers, auction sites and other private enterprise users, for which it charges a fee.
- Accepts: MasterCard, Visa, Discover, American Express and so on.
- Sign up fee: 0
- Transaction fees: 1.9% + $0.3 to 2.9% + $0.3 each.
- Countries supported: 190+countries.
2Checkout is a third party payment processor. It authorize businesses worldwide to accept credit card payments on their websites.
- Accepts: MasterCard, Visa, Discover, American Express, Diners , JCB, Debit cards with Visa or MasterCard logo, PIN debit cards with Visa or MasterCard logo, PayPal.
- Sign up fee: 0
- Transaction fees: $0.45 + 5.5% each.
- Additional fee: Monthly fee – $10.99
- Countries supported: 200+ countries worldwide
CCAvenue is South Asia’s biggest payment gateway solution. It is powering thousands of eMerchants with real time, multi-currency, several payment alternatives for online payment processing services. The solution is powered by proprietary technology. It incorporates transaction-processing, advance shopping cart, auction payment collection facility, treachery control, financial details and order tracking. Furthermore, CCAvenue is the only real PG solution in the region that has the distinct ability to offer the full spectrum of Internet payment options, like:
- All types of Credit Card processing through Multiple Banks and Card Associations
- Debit Card processing
- ATM cum Debit Card processing
- Direct Debit to bank accounts
- Mobile Payment Solutions via PayMate
- Cash Card Processing of ITZ Cash, Done Card, OxiCash and NoQ24x7
Skrill is an e-commerce business that allows payments and money transfers through the Internet, with a notion on low-cost international money transfers.
- Accepts: Credit card, Debit card and more.
- Sign up fee: 0
- Transaction fees: 1.9% + €0.25 to 2.9% + €0.25 each.
- Countries supported: 200+ countries
Payza is an online payment gateway and e-wallet service.
It offers online money transfer services such as global remittances, corporate disbursements, payroll services, and gateways for online shopping payments.
- Accepts: MasterCard, Visa, Discover, American Express, Diners, JCB and Debit cards with the Visa or MasterCard
- Sign up fee: 0
- Transaction fees: 2.50 % + $0.25 each.
- Countries supported: 190+ countries
Factors to Choose the Correct Payment Gateway for Your Business
In addition, as online business is increasing everyday, Payment gateway has become very important to the business people. Some factors to consider before choosing good payment gateways are:
- Ease of On Boarding
- Flexible Pricing Option
- Payment options coverage
- Merchant Centric Features like Auto Retry and Smart Routing
- End-Consumer Centric Features like Payments and products
- Customer Support
- Fraud and Risk Free
- Omni Channel
How to link up with Payment Gateway?
Merchants, one way for you to link up with payment gateways is through AMJOBZ.
AMJOBZ, an e-marketing venture which contains all IT related activities, B2B & B2C, company enlisting, promotion ,ads and social media sharing. It has come up with a new strategy to connect the merchants with the payment gateways.
We have also seen the services provided by different payment gateways. But have you ever thought about how merchants connect with gateways.Or merchants, are you tired of waiting to get registered in payment gateways? Don’t worry! Finally, to help you with it AMJOBZ are here.
AMJOBZ will help you to register your company in payment gateways in a fast and cost effective manner. Wanna give a try.
Feel free to Contact us.
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