How to choose Payment Gateway for Online Store

   2021-10-27       10        Business
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As online business and activities boomed in recent years, online payments have become a significant part of the e-commerce industry.
Payment Gateway for ecommerce store

As online business and activities boomed in recent years, online payments have become a significant part of the e-commerce industry. Credit and Debit cards are not the only method to make online payments, but there are also other online platforms used for online transactions.

What Is A Payment Gateway?

what is payment gateway

A payment gateway is a process that connects your bank account to the platform where you want to make a transaction. It is a technology that accepts credit and debit card purchases from customers. As a third party between the merchant and the customers, it takes money from party A and transfers it securely to party B. It also generates messages once the payment is transferred. Some platforms take per-transaction percentage or monthly fees to process a payment. At times customers do not do Online Payments but make a transfer directly to Bank or on a Phone or Cash/Cheque these are Manual Payment Gateways.

How Does a Payment Gateway Work?

Payment gateways are the software that transfers sensitive information from acquiring banks to the issuing banks. It shows if the transaction is approved or declined. Now let’s see how it works once we add items to the cart and hit the checkout button on an e-commerce online store:

How does payment gateway works

1: The buyer securely makes a payment through a credit card on the merchant’s eCommerce site.

2: The payment gateway pushes the transaction information to the buyer’s credit card network and routes information to its issuing bank

3: The issuing bank applies fraud detection procedures to determine the authenticity of the transaction and confirms the buyer has sufficient credit in their account to make a purchase.

4: Issuing bank After the authentication is done, sends information of approval(reject) back to the payment gateway.

5: the payment gateway then sends the approved or declined message to the merchant’s bank and make the payout accordingly (Major payment gateway takes a couple of business days to make a payout)

Manual Payment Gateway

When customer does not want to pay Online, he has other methods like Direct Bank Transfer, Cash, Cheque or on Phone

How to Pick a Payment Gateway?

With the right payment gateway, it becomes very easy to make online payments. Choosing the right payment gateway takes a little time but pays in the longer run. Please keep the following points in mind while choosing the right payment gateway:

Cost– it is the main factor you should keep in mind. The cost involves setup fees, monthly fees, and transaction fees, etc.

Types of cards allowed to make payments-most common cards are Visa and MasterCard, but still, it is recommended to look out first.

Holding time– it varies from bank to bank, the normal holding period is -1-7 days.

Supported currency– if you are making international transactions, check if the payment gateway supports multiple currencies or not.

Best International Payment Gateways Compared

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#ecommercesoftware #ecommercesolution #websitebuilder #rewards #onlineshop #ecommercewebsite #ecommerce #website #customersupport #morecustomersapp

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Santosh Shinde

I'm Santosh Shinde Digital Marketing Manager @MoreCustomersApp. I have been working here since 2018. I interested in Digital Marketing and Ecommerce business. ..


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