Payment gateways are a way for both online e-commerce stores as well as real-world brick-and-mortar stores to receive electronic card payments. Most people may have already used payment gateways like Stripe, Square, and Amazon Pay without realizing that these are different from traditional payment processing. Simply put. payment gateways are the online technology that transfers money from a buyer to a seller.
Payments gateways make it possible for all kinds of businesses to accept electronic and online payments. But payment gateways also offer other services, including fraud detection, real-time analytics, and customized checkout pages, all of which can help build customer loyalty. With a whole range of payment gateways to choose from, it helps to know a little about them before deciding on which one is best for your business. Visiting SES Escrow can also be of great help in this regard.
What Do Payment Gateways Do?
It looks very simple, but online transactions are made up of a number of processes. Payment gateways send credit or debit card information from an e-commerce website or connected device such as a phone, tablet, or computer to the card network, and receive details about the transaction. They are a way of completing card transactions, but they do a lot more than just processing payments.
Especially for small online and real-world businesses, payment gateways make it possible to accept credit card payments quickly and securely. Payment gateways also screen transactions for fraudulent activity, through such fraud detection tools as delivery address checks, AVS checks, fingerprinting technology, velocity pattern analysis, geolocation, and detecting identity morphing. They can also verify client accounts.
As part of a suite of financial services, payment gateways can calculate taxes. Most payment gateways offer customization of their payment pages in terms of layout, format, colors, and more. This allows the gateway to integrate well with the retailer website, improving the customer experience. Many also offer financial reports and analytics, which can be helpful for retailers in their financial and strategic planning.
Different Types of Payment Gateways:
If you’re ready to begin your search for my payment savvy gateway, it helps to learn a little about the different types out there. A list of some of the most commonly used ones would include Stripe, Square, PayPal Payments Pro, Ayden, and Amazon Pay.
Stripe:
Stripe gives retailers a customizable checkout design, multiple payment options including all major credit and debit cards worldwide, digital wallets, and secure processing. It also offers information analytics services like reports and insights.
Square:
Square makes it possible for retailers to take card payments via mobile devices like phones and tablets, on the computer, and on their websites. Fast and secure payments plus real-time analytics make this gateway practical for small mom-and-pop stores that want to start taking card payments as well as e-commerce retailers.
PayPal Payments Pro:
PayPal Payments Pro can be used by retailers even if they don’t have a PayPal account. It is customizable and specializes in fast and secure payments. It is fully integrated with all major eCommerce and accounting systems.
Amazon Pay:
Amazon Pay users can access their information on the Amazon site, so they don’t have to enter their information like address and card details every time they check out. It’s built for ease of use for both shoppers and retailers, with customizable features and an emphasis on information security. Fees are per transaction and there are no monthly fees or subscriptions.
Adyen:
Adyen supports both online and point-of-sale payments with support for all major cards. It takes security concerns one step further with risk management to prevent fraud and identity theft. Robust reporting and analytics help retailers track their finances in real-time.
How to Choose the Right Gateway:
With so many choices when it comes to picking e-procurement for your business, how do you pick the right one? You should keep some things in mind, including network security, fees, worldwide acceptance, and customer experience. The right payment gateway helps you improve the customer experience and build loyalty with recurring sales.
Payment gateways bring the magic of technology to the world of credit card payments. Fast, secure payments make it easier for small businesses, whether they are online or on Main Street, to connect with their customers. This makes it possible to choose the best payment savvy options for your business.
Read Also:
