The war with Covid is not over yet and if the pandemic has taught us anything, it is the extensive practice of digitization. People of all age groups are sending money digitally now with the help of Online Payment Gateway.
According to this source, 45% of people who were aware of debit cards wanted to use them. Using technology to your advantage is always the best move for any business, especially if it is cost-efficient. Your business must enable Online transactions, and a Payment Gateway can make that possible. The gateway authorizes transactions between your business and customers.
Most Businesses have seen exemplary profit after Payment Gateway Integration. The growth rate of electronic transactions went higher than 10% in India, according to this source. If you own an e-commerce platform and have not integrated payment methods to this technology, you are probably not drawing to the best potential of your business.
In this blog, we are going to unfold everything that there is to know about, the e-Commerce, international Payment Gateway, and more. We bet by the end of the blog, you will have a better understanding the entire system.. It will help you make an informed decision of choosing the Best Payment Gateway for you.
What Exactly is an Online Payment Gateway?
The exchange of information between a payment portal (such as a smartphone, website, etc.) and an acquiring bank is facilitated by a payment gateway or the front-end processor.
For those who don’t speak “technical”, here is a simple step guide of the process:
- Secure your credit/debit card transaction
- Encrypts information of the transaction
- Send to the Card’s processor
- Return with a notice; either approved or decline
This is how your customers will instantly know if the transaction is a success or failure. The process is seamless, it not only exchanges customer’s experience on your website but also assures them of a safe & secure connection between the gateway and your website. If you aim to take your business to greatest heights, integrating Payment Gateway is the choice.
Now the question that arises is-
How Online Payment Gateways Advantage Your Business?
- Make Online Payments Possible
A payment gateway allows merchants and business owners to accept and process credit card and debit card payments. It also makes it easier for businesses to accept other forms of online payment like Net Banking, UPI, and other alternatives.
It paves a business towards more opportunities with the Payment Gateway Integration. This diversification of options allows business owners to offer the demands and needs of the buyer. People look for options everywhere these days, make sure your website is filled with those.
You won’t want our potential clients to feel insecure using your business website. The gateways ensures that they don’t. How? Payment gateways enhance the security and encryption of client data.
The increased client security compromises the fraud to an online business. Therefore, it is vital to have an extra layer of protection. Often businesses that use payment gateways receive positive feedback from their customers.
Integrating any E-Commerce Payment System should not make the user experience complex on your website. A Payment Gateway is completely automated which leaves zero to low maintenance or high installation fee.
To get started most of the gateways only ask businesses to set up an account and that’s it! Additional software updates are frequently scheduled, and businesses are prompted to upgrade their existing payment gateway with notifications.
- Minimize the possibility of Fraud
Payment gateways are primarily used to reduce the chances and impact of online payment fraud. During transactions involving the use of credit cards to receive money from clients, internet firms and shops are frequently subjected to payment fraud.
A payment gateway offers businesses a special security feature that establishes a secure method of processing money, information, and other transactions to be completely secure for both operators and buyers.
How Do the gateways Keeps Information Secure?
A payment gateway ensures that the information you provided is secure. The following is a list of things a PG does to protect your data:
The best Payment Gateways use an HTTPS web address for the entire transaction. The S in HTTPS stands for Secure, which distinguishes it from HTTP. All transactions occur in this tunnel for a safe passage via the internet, as we all know there are so many hacking episodes these days in the era of the World Wide Web.
In fact, 54% of cyber attacks were targeted at corporate or internal network environments found during a recent survey.
The system frequently employs a signed request from the merchant to validate the transaction request, since there is the use of the Hash function. This signed request is a secret code that only the merchant and the payment gateway will know.
The IP of the server requesting the transaction is verified foremost, in order to detect any malicious activity. This is how it is then assured that the payment page result of the process is secure.
Acquirers, issuers, and payment gateways are using Virtual Payer Authentication (VPA) to make the process even safer. VPA was enforced under the 3-D secure protocol, adds an extra layer of protection, and makes it easier for online buyers and sellers to verify each other.
We hope that now that this blog will help you make an informed decision about choosing Online Payment Gateway perfect for your business. Well, if you are unsure how to get started, then look no more as the SteerThrough is here to help. We have one of the top-notch brands that offer services at the most cost-efficient prices.
At SteerThough, we believe in providing unlimited resources to those who are in need. Our extensive services are not only impressive but effective too. See the results yourself but first, let's have a chat? Click this link to take the first step towards the future.