After completing this process, the customer will receive an order confirmation. Although it takes a few steps, it happens in seconds. Radiant Pay provides businesses with a UK payment gateway solution to accept payments seamlessly.
Online payments are fast becoming part of our everyday lives. Paying online is quick and easy. We process online transactions not only with debit and/or credit cards and guest posts, but also with online banking and wallets. All e-commerce platforms in the world can accept online payments. This service can be provided by integrating with payment gateways.
What is a payment gateway?
A payment gateway is a merchant service provided by an e-commerce application service provider that provides credit card processing or direct payment capabilities for e-commerce, online sellers, or traditional brick-and-mortar stores.
Why is a payment gateway needed?
Any business that wants to accept online and credit card payments needs a payment gateway. It encrypts sensitive credit card information and ensures that it is securely transmitted from the customer to the receiving bank. Payment gateways act as a bridge between customers and merchants, ensuring transactions are completed securely and quickly. The technology sends financial data to the appropriate parties to facilitate payments and transfers of funds from customers to merchants.
The payment gateway you choose gives you confidence in what your customers think when they buy, so it is the merchant's responsibility to choose a payment gateway in a secure manner.
How does it works?
These key stakeholders are included in payment gateways:
- Merchant - work
- Customer - the person who makes the purchase.
- Issuing Bank - The customer's account is managed by this financial institution.
- Card Schemes - Credit Card Company ie. Visa, MasterCard, Discover, etc.
- Purchase - The merchant account is managed by this financial institution.
steps:-
- The card holder initiates the purchase and payment process by clicking the "Pay Now" button located on the merchant's website.
- The payment gateway takes action and verifies with the issuing bank that funds are available and that the transaction amount does not exceed the credit card limit or account balance.
- After verification, the payment gateway sends encrypted credentials to the card schemes for processing.
- The card planner approves the information and sends it back to the merchant's website to complete the transaction.
- The payment gateway sends the information to the merchant's bank to transfer funds from the issuing bank, where the customer maintains his account to the merchant's account.
After completing this process, the customer will receive an order confirmation.
Although it takes a few steps, it happens in seconds. Radiant Pay provides businesses with a UK payment gateway solution to accept payments seamlessly.
Types of Payment Gateways
- Redirection - The payment gateway simply redirects the customer to a payment processor such as PayPal or Stripe to complete the transaction.
- Hosted - Also known as external push. When a customer purchases something on your website or in your store, payment information is sent to the payment provider's servers for processing.
- Self Hosting - Your own servers handle the entire transaction. Also known as on-site payments
How Important is a Payment Gateway in eCommerce?
Payment gateways are not only useful for money transfers. Payment gateways can help merchants provide a better user experience. Payment gateways focus on establishing a secure connection between customers and merchants to facilitate payments. Both sides of each bank must certify.
- PCI-DSS - Due to PCI-DSS compliance, the user can store their data in the portal or portal for recurring payments. For example, if you order frequently from Amazon, the app or website will save your card or bank account information for future use, and the payment gateway will keep you safe from cyber attacks.
- White-Label Wallet - You can perform digital transactions through mobile wallet apps with some payment gateways. Digital transactions can be done via mobile wallet apps using some payment gateways. You can transfer money from your account balance to a mobile wallet app, which you can use to make purchases on other apps or websites.
- Fraud Screening Tools - To reduce the risk of information loss, many payment gateways offer fraud screening tools. Card Code Value (CCV), Card Verification Value (CVV) and even Address Verification Service are examples of such tools (AVS). These tools ensure that there is no fraudulent transaction.
The most important advantage of a payment gateway is that it can be used by millions of people at the same time, so you can buy and sell goods and services at any time.
What to Look for When Choosing a Payment Gateway
When merchants are looking for a suitable and leading payment gateway, they should understand why they choose a payment gateway and what services the payment gateway provider offers. The success of your online business often depends on your choice of the right payment gateway.
Here are the factors you should really consider before choosing an e-commerce payment gateway provider based on the commercial and functional needs of your e-commerce business:
- Appointment of an expert
Payment gateways are essential when selling products and services online. It allows customers to pay for their purchases and helps merchants accept payments smoothly. In order to integrate it into the website, traders have to appoint experts to do the job.
- Make customers feel safe
Even small businesses, customers expect a quality website and a secure payment gateway. Before making a choice, retailers should verify that they meet safety standards and obtain certification.
- Fee and Service Agreement Requirements
The price of a payment gateway depends on several factors, such as: B. The type of transactions the business requires (online or in person), the number of transactions, sales and even the market you serve.
- Make the payment process easy on all devices
By analyzing records over the years, it can be concluded that the population is using mobile devices for online shopping and this trend is increasing. You need to weigh your options and provide a flexible payment experience that supports multiple mobile devices and network types.
- Multiple options to choose from
Website efficiency is greatly affected by payment gateways and we must ensure that the chosen website supports all types of payments, e-invoicing, chargeback management, customer text messages and email alerts, etc. Offer products with different functions on the table. When a company has a global market, it means that when products and services are sold globally, the payment gateway must accept multiple credit and debit cards, provide global solutions, and accept payments in different currencies.
- Business account
When a customer pays online through a payment gateway, the money is temporarily transferred to a separate retailer account called a merchant account. This is not the same as having a bank account. A merchant account is required to accept payments online. Merchant accounts provide buyers and sellers with additional security and money management, although it may seem like an extra chore.
- Mobile payments
There is an increase in the use of digital mobile wallets, Google Pay, Samsung Pay, etc. And payment gateways support them well. Mobile payments are likely to replace credit card payments in the next few years. It is our responsibility to verify that the chosen payment gateway is optimized for mobile payments.
- 24*7 Customer Support
Many other payment gateway services only offer email support. In this case, the user just has to follow the instructions in the manual to fix one problem. If the site owner insists on talking to someone rather than emailing them, check that the provider offers live tech support at least during normal business hours so they can resolve technical issues quickly.
Radiant Pay offers an all-in-one solution designed to meet your business needs, from small to large, and at any level of risk. Understanding a client's business needs, identifying the right payment method and actively participating in selecting the ideal London payment processing service for a merchant's needs are all part of our consultancy services.