What Should You Know Payment Gateways In This Era

By Author: Sifipay
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In the world of online shopping, merchants must provide an excellent customer experience by using up-to-date website design, a smooth checkout process, and a variety of payment options. While some of these things are dependent on the business, others are the responsibility of an online payment gateway. This article will help merchants choose a better gateway service by comparing the most popular options on the market.

What is a payment gateway and what is it for
A payment gateway is an online tool that allows payments to be accepted on web platforms. It is essentially an online alternative to a point-of-sale terminal. An acquiring bank, payment service provider, or payment gateway service provider may provide a merchant with a payment gateway.

How does a payment gateway work?
Everything begins when a customer clicks a payment button on the website's checkout page. To facilitate the technical aspect of the transaction, a payment gateway creates a temporary link between a seller's website and a payment processor at this time.

A gateway is also responsible for the completion of the transaction cycle ...
... and the final transfer of funds to a merchant account, in addition to initiating the payment. We've already written an article explaining how online payments work.

What matters when comparing payment gateways
When comparing payment gateways, it is critical to determine the needs of the business. When you're finished with that, start looking for a suitable provider who offers useful services. We would categorise all of the factors into three groups. The first is the provider type, followed by merchant services. It refers to one of the three providers to deal with and the services that they can offer a business owner in addition to the gateway service.

The second block consists of payment options. Here, we describe payment gateway-related characteristics, as well as possible payment options that a business owner may find necessary or interesting to implement on their website. Finally, in the third section, we mention customer service as a critical point of communication.

Provider type and merchant services

Provider
Merchant service providers are classified into three types: acquiring banks, payment service providers, and payment gateway service providers. They can all set up a payment gateway, but with different terms such as fees and contract terms. A provider is also sometimes in charge of entering other merchant services, such as merchant accounts, chargeback alerts, fraud prevention, and so on.

Merchant account
One of the merchant services is a merchant account. It is required for the acceptance of any electronic transactions via online platforms and retail points.

Chargeback alerts
Chargeback alerts notify a company whenever a customer initiates a chargeback. It enables the business owner to personally solve the problem, such as by offering a refund.

Fraud prevention
Fraud prevention, like chargeback alerts, is a supplementary tool that detects, resolves, and informs a merchant about fraud attempts.
Payment gateway features

Payment methods
Pay close attention to the payment methods that are available through a specific gateway service. It would include credit and debit cards, but it could also include mobile wallets, local wallets, Google Pay, Apple Pay, and other payment methods.

Currencies
Same with currencies. Choose the best online payment gateway India service that accepts payments in the currencies in which the business operates.

Countries
Countries refer to the physical location where a company can be registered, not the location where it can operate.

Transaction fee and charges
You must comprehend how charges work, what they are made up of, and what the transaction fee is.

Transaction location
It refers to a virtual space rather than a physical one. Simply put, if a transaction is completed on a merchant's website or if a payment gateway redirects a customer to another web page.

Recurring billing
This is a very important feature for businesses that need to accept automated payments on a regular basis. Any movie streaming company is an example of such a business.

Compliances
Three major international compliances govern how businesses should operate, transmit, and store private customer data such as payment information, identification data, and other sensitive information. Payment Card Industry Data Security Standard, General Data Protection Regulation, and Second Payment Services Directive are the requirements.

Please visit SifiPay, India's best online payment gateway.