If you are an eCommerce business merchant or just handling your online existence. Then you want to deliver your buyers a secure, fast, and easy-to-use payment solution. The selected payment gateway integration has to fulfill both the requirements of your buyers and your eCommerce business. So, it has to be secured from scams, support various payment methods, be simple to use, and be consistent with your payment platform.
To receive online payments and can process credit or debit cards, an online merchant prefers a payment gateway integration. Selecting the suitable payment gateway integration specifies the currencies you can receive and the transaction costs. So, how quickly do funds settle in your merchant account, and the payment modes you will deliver.
Around 23 percent of buyers quit their shopping carts due to a complicated checkout process (12 percent) or a lot of details needed to provide (11 percent). These records verify that selecting a suitable payment gateway provider is as essential as other factors of a perfect eCommerce website. But to select a payment gateway integration solution. So, we have to comprehend what is a payment gateway and why a payment gateway essential for various high-risk industries?
A payment gateway is a mechanism that allows and processes online payments and offline businesses. A payment gateway functions as a platform to streamline transaction flow between buyers and merchants. It prefers security protocols and encryption to approve the transaction data securely. The data will transmit from websites/mobile devices to payment processors/acquiring banks and back.
A merchant account is a type of account provided by an acquiring bank for a particular merchant. This type of account is like other unique bank accounts provided by an acquiring bank (such as a bank account number) but is particularly preferred by the merchant to recognize itself as the owner of the payment data it forwards to the bank and the receiver of the money from the online payments. As a part of the application to get a merchant account, business merchants are needed to consent to obey the rules & regulations made by credit card networks, such as Visa or MasterCard.
The merchant account refers to a business bank account that enables online businesses to receive card payments online from buyers. It can be delivered by a payment aggregator (PA) where the PA accepts money on behalf of the merchant in its own merchant account. Subsequently, this money is sent to the merchant's bank account. This is called the settlement of money. Usually, the settlement carries T+2 days but immediate settlements can allow the merchant's get funds within 15-20 minutes.
Whereas, payment gateways are technology platforms that enable the processing of the online payment of businesses. It grabs the payment details of the buyer on the checkout page and dispatches them to the acquiring bank. This information will deliver safely in an encrypted structure. Afterward, it will notify the buyer about the approval or rejection of the payment.
The detailed steps for payment gateway integration will rely on the payment gateway selected. Yet, there are various common steps. For example, if you prefer to opt for a hosted payment gateway, you will have to link your website to the payment gateway and acquire an SSL certificate. You will also have to fetch the payment gateway's credentials, comprising the merchant's ID, MWS access key, and secret key. You can accomplish a great deal of personalization to form the payment procedure seem the way you like it to.
If you prefer an integrated payment gateway. Firstly, you will require to assure that your security standards are fine. Yet, you can also perform this by preferring many expansive APIs and modules that are available readymade. Otherwise, you will have to rely on custom payment gateway development for payment gateway integration into your website. You will also like to ensure that your payment gateway will receive various payment methods and that mobile phone users are adapted.
A payment gateway for the forex industry functions as a mediator between the currency trading platform and its clients.
Forex merchants can get the payment gateway integration directly into their payment platforms. However, permitting brokers to receive online payments from their customers.
While merchants use the forex payment gateway solution to finance their accounts and withdraw money. So, the payment gateway transmits the sum gathered from the customers (e.g., processing fees) to the forex business's merchant account.
In return for the service, the forex payment gateway subtracts a percentage-based or a specified fee (or both) from each transaction before sending the money to the merchant.
The payment gateway for the casino industry is the technology that fills the path between a player's desired payment method and the merchant account specified for online casinos. It streamlines online payments, enabling buyers to fund their casino accounts, and also withdraw their funds, by using several payment methods. The payment gateway for the casino industry may comprise everything from bank transmissions, to credit card transactions and also cryptocurrency.
The primary function of payment gateways seen at online casino businesses is to function as an aggregator for online payment processing options. They securely transfer money between the merchant account of a casino business and their players. But casino payment gateways also have many more features in the online casino business.
Digital entertainment is tempting many consumers, there is an outstanding option for the IPTV business. If you are moving into this sort of business or earlier handling an IPTV business at that moment, you must get a IPTV payment gateway integration for the IPTV business. It provides another method to run your business and boost income. WebPays is the dedicated payment processor for your IPTV businesses as per your business requirements.
You will have to acquire the gambling payment gateway to run your online gambling business as it is increasing globally. And now is the perfect time to get the best payment solution for credit card processing for enriching sales. In the gambling industry, merchants know much better than anyone how to run a prosperous gambling business. With our Online gambling payment gateway, you can maintain stability in learning that the online website would be eligible to accept online payments seamlessly in real-time.
There are multiple ready-made payment gateway solutions in the payment industry. Selecting the right payment gateway provider is a major decision for boosting your online business. Integrating a payment gateway into your website will provide an improved user experience and the highest protection for your consumers. Most payment gateways are provided with security standards such as TLS encryption, and two-factor authentication and are PCI-DSS compliant.
We at WebPays provide an adequate payment gateway integration for various industries such as the gaming industry, forex industry, IPTV industry, casino & gambling industry with proper assistance.
If you are going to operate a business integrated with a payment gateway or want to add a payment gateway to your existing online business. Then contact WebPays, a team of experts.