Payment gateway is a smart way for businesses to make revenue from their website or app by digital or online payment mode. Online payment is the foundation for e-commerce, if you’re a seller you can sell your product across the globe, and as a customer, you can buy the product from all over the world. All you need is a good internet connection and an internet banking account.
What is payment gateway
A payment gateway is a software application that the payment service providers use to process payments for online purchases originating on a merchant website or platform. It acts as an interface between the merchant’s website and the processing bank. The gateway encrypts sensitive details to ensure that information is passed securely between the customer, the merchant and the acquiring bank. When a customer purchases a product or service on the website or application that is connected to a payment gateway, it performs a variety of tasks to perform the transaction.
How the payment gateway works
Once the customers place their order on the merchant platform, they choose to checkout or pay and then they are redirected to the payment page. On that page, they can select the payment modes like credit or debit card, UPI transaction, internet banking, or e-wallet, etc and the details of it. The information is collected and stored on the secured surface of the payment gateway. Then it processes the transaction and sends all the information to the issuing bank for approval, the payment gateway sends the approved transaction to the seller’s website. Once the payment is successful, the customer gets redirected to the merchant’s website.
For internet banking transactions, having a bank account alone is not enough to do, you must enable the internet banking service, the receiver account number and IFSC code are needed for doing transactions. For this type of complex process, NPCI launched the UPI (Unified payment interface). The special feature of UPI is that the sender can send the amount to the receiver by knowing his mobile number which is linked with bank account, UPI id or QR code. Some of the UPI payment providers are GooglePay, Phonepe, Paytm, paypal, amazon pay, BHIM, etc.
Benefits of payment gateway
- Payment Card Industry Data Security Standard wallet(PCI-DSS) secures the users to store their personal data including the card details in the gateway for upcoming or future payments.
- The current trend is to create your own wallet for digital transactions. It can be created by White label wallet, allowing the user to make all his transactions through your wallet. The account balance is transfer to the wallet and then it can use to make payments on other apps or websites
- The main advantage of the payment gateway is to allow millions of users to do transactions at the same time.
- Fraud screening tools are used to detect and reduce illegal, unauthorized and high transactions.
Webnexs aids to choose the best payment provider which is perfectly suited for your business. This payment gateway acts as a 3rd party that helps you to do secured transactions between your bank account and the customer bank account. Webnexs come up with multiple payment gateways support, which means you can choose any payment gateways which are given below,
- Citrus Payments
- Mastercard Payment Gateway
- PayPal Express Checkout
- PayU Money
All the above mentioned payments are provided with Free setup and zero maintenance charges and also have PCI-DSS compliant security. The payment gateway provides an insightful and user-friendly dashboard where you can watch all your transactions. The payment gateway can differ to different services.
Instead of giving free gifts, try to give vouchers which bring back the customers to spend more on your platform. By adding support for multiple payment gateways, it can route transactions to the gateway that provides the best support for a particular region. The result is more successful transactions across multiple markets. You can enable the auto-payment for customers, remarkably you can’t lose your customer. Are you excited to implement this type of payment gateway to your product? Let’s begin.