What’s payment gateway and how do they work for online business? This is a great question we get to hear from eCommerce businesses. Well...the answer is here. Read On
In Ecommerce Shopping Carts, a merchant account collects the actual funds from customer’s credit cards while the payment gateway service uses the merchant account to actually collect the funds in the best secured way. It will transmit your customers’ billing information to your merchant bank so that payments can be deposited into your internet merchant account each month.
And the next question would be, “What Should I Look for in a Payment Gateway?”
Checklist to Buy a Complete Secured Payment Gateway Solution
PCI Compliance: Ensure the payment gateway has a good reputation and having PCI compliance is also a must.
Fraud Prevention: Undeniably, there are many frauds going around online, and if you don’t have the protection in space you could get cheated easily.
Integration with Existing Software: If your existing software is not built-in-house then check if the payment gateway supports it so as to save time.
Banks/Merchant Accounts Supported: Most payment gateways support a decent number of banks but still double check the bank you plan on using.
Token Payments: Incase of recurring payments, either you need to get PCI compliance yourself or you can use the payment gateway to handle the credit cards through a token payments service.
Multi Currency: This feature works great for ecommerce shopping carts these days as it lets you process payments in other currencies (say USD).
Price: Generally, per transaction fees is inversely proportional to your transaction volumes.
There is a ‘one-size-fits-all’ especially very finicky when it comes to talking custom development. Also finding a reliable open source payment gateway solution can be hectic if it’s not NOW. Does that mean you should build your own one? Well- give a thought to it and before you go forward consult a professional Ecommerce Portals Development company.
Openwave Payment Portal Solutions:
Openwave, a leading web development company in NYC, offers reliable payment system development. Know More..
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In Ecommerce Shopping Carts, a merchant account collects the actual funds from customer’s credit cards while the payment gateway service uses the merchant account to actually collect the funds in the best secured way. It will transmit your customers’ billing information to your merchant bank so that payments can be deposited into your internet merchant account each month.
And the next question would be, “What Should I Look for in a Payment Gateway?”
Checklist to Buy a Complete Secured Payment Gateway Solution
PCI Compliance: Ensure the payment gateway has a good reputation and having PCI compliance is also a must.
Fraud Prevention: Undeniably, there are many frauds going around online, and if you don’t have the protection in space you could get cheated easily.
Integration with Existing Software: If your existing software is not built-in-house then check if the payment gateway supports it so as to save time.
Banks/Merchant Accounts Supported: Most payment gateways support a decent number of banks but still double check the bank you plan on using.
Token Payments: Incase of recurring payments, either you need to get PCI compliance yourself or you can use the payment gateway to handle the credit cards through a token payments service.
Multi Currency: This feature works great for ecommerce shopping carts these days as it lets you process payments in other currencies (say USD).
Price: Generally, per transaction fees is inversely proportional to your transaction volumes.
There is a ‘one-size-fits-all’ especially very finicky when it comes to talking custom development. Also finding a reliable open source payment gateway solution can be hectic if it’s not NOW. Does that mean you should build your own one? Well- give a thought to it and before you go forward consult a professional Ecommerce Portals Development company.
Openwave Payment Portal Solutions:
Openwave, a leading web development company in NYC, offers reliable payment system development. Know More..
A very good and informative article indeed. It helps me a lot to enhance my knowledge, I really like the way the writer presented his views.
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