Are you planning to sell flowers, books or antiques online? If you are venturing into e-commerce, a payment gateway solution is tailor made for you. It helps you in making and receiving payments for any e-business or retailing from any part of the world and in any currency. You can be assured that all sensitive information about you and your customer is secure, whatever mode of payment either of you choose. This reliable and efficient way of money transfer is visible at the point-of-sale (POS) terminal at retail outlets.
How does a payment gateway solution work?
Although it appears simple and fast, a payment gateway solution involves a few steps:
A customer places an order which is encrypted and transferred to the merchant’s web server. The concerned payment gateway gets this information and in turn informs the merchant’s bank. This bank then connects to the customer’s credit card issuing bank which either approves or declines the transaction and passes its decision back to the merchant’s server. This information, whether the transaction has been successful or not, is also sent to the customer’s server in an encrypted form. In case of an approval, the credit issuing bank transfers the funds into the merchant’s account. The customer gets to know if the credit has been accepted or not through the customer’s server. The entire process, typically, takes not more than five seconds to complete.
Features to look for:
Before you log on to a Secure Payment Gateway solution, you must look into its basic features. Besides credit cards, it should cover debit cards, mobile applications and internet banking. Make sure your account details are safe, transactions completed in a secure manner and reports delivered instantly. The concerned website should be secure against any malicious attacks. An available toll free number will help you in case of any queries and doubts. As soon as you log in, a number tracking your transaction should be made available to you. Does this online facility follow banking norms and flag transactions from high risk countries? If all the above criteria are met, you can be assured of satisfactory service.