
A payment gateway is a system that enables online merchants and conventional brick and mortar companies to accept payments made with debit/credit cards or PayPal. These transactions are made possible via a payment gateway, which encrypts sensitive data before sending it from a PayLinks, a site or mobile application—to the bank or front-end processor.
How does a Payment Gateway work?
Payment gateways ultimately enable communication between your webpage or physical business, the payment processor, and the financial institution that processed the credit card used to make the purchase. All payment gateways place a high priority on security; as a result, every transaction that takes place between the merchant and the financial institution is encrypted to safeguard private financial data.
Even though the transaction process just requires a few seconds, a lot gets done in that little amount of time. The transaction record is encrypted and delivered to your payment processor through the portal when the client is directed to a safe payment page and puts an order. The payment processor speaks with the bank that issued the credit card to obtain feedback in the form of an approved or a refused message. The payment gateway receives the response after which it sends it to your website. Finally, a proper response is generated when the information has been analysed. The merchant fulfills the order if the payment was authorized.
Most Common Payment Gateways
An eCommerce company can only develop and increase its earning potential if it can take online payments. While keeping in mind that the appropriate combination of payment gateways in your shop can also significantly contribute to income generation. Lack of the appropriate payment gateways will probably lead to lost revenue and cart abandonment.
Customers are familiar with and trust a number of well-known PayLinks, but you should also think about including some that are more regionally focused and less well-known globally. In various nations, various payment gateways are supported.
You should take into account the following widely used payment gateways for your retail website:
- PayPal
- Stripe
- PayTabs
- Square
- SecurePay
- Worldpay
- Authorize.net
- 2Checkout.com
The Best Payment Gateways for Your Store: How to Choose
Making the choice of which payment gateways to incorporate might be difficult because there are so many alternative payment solutions available. Asking yourself a few straightforward questions will help you decide if you're making the proper option.
What type of payment does my ideal client prefer?
eCommerce sellers are aware that customers often cancel their orders and hunt for the product elsewhere if they can't find their preferred form of payment. It is normal for local payment options to dominate national markets. researching the shopping habits and tastes of your target audience, particularly if many of your clients are located abroad. You can use this to decide which payment processors to make available on your online store.
What impact does this gateway have on how I use the checkout process?
The online transaction process must be seamless and simple. By picking the appropriate payment gateways, you may actually streamline the checkout procedure by using the gateway's API to auto-populate part of the customer's information and getting closer to a one-click checkout. On the other side, selecting payment gateways that are less optimised can lengthen the checkout procedure and raise the possibility of drop-offs.
What is the integration process like with the payment gateway?
When linking with payment gateways, the last thing you wish to do is have to invest extra time and money in designing a unique checkout process. If you want to take that path, streamlining across all platforms and devices would get very challenging and expensive, requiring custom development work.
You must have a merchant account in order to use PayTabs. If you don't already have one, PayTabs registration is simple. Both a payment gateway and a merchant account are offered by our solution. Become familiar with PayTabs.