Sifipay Online Payment Gateway

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Challenges and Opportunities for Payment Gateway Integration

"Money doesn't grow on trees," your parents used to say whenever you begged for the latest and greatest toy or piece of clothing. This old adage is undoubtedly still true now that you own a business. In this day and age, incorporating an online payment gateway into your business is a must because it is a critical means of bringing additional customer dollars into your hands.

-Photo created by rawpixel freepik What is a payment gateway? The gap between the money in your potential customer's pocket and the money in your merchant account can be quite large. Fortunately, the best online payment gateway is available to assist. It serves as an indispensable middleman, facilitating the transaction between buyer and seller in a safe and seamless manner. Having said that, a gateway is much more than a mindless connector. Not only does it make the purchasing process easier, but it also keeps sensitive cardholder data secure and hidden from potential hackers and identity thieves. In reality, when you sign up for a gateway service, you are paying for this additional insurance and safeguarding. The functions of a gateway

Although your gateway is not as large as those old-school stationary countertop units, it packs a powerful punch. Among its functions are the following: i. All parties involved in the payment process, including the buyer's and seller's banks, the acquiring bank, and the payment issuer, are linked. ii. Authenticates payment information provided by the customer while also looking for red flags that could indicate fraud. iii. Acts as a quality assurance officer to ensure that customer payment details are correct and that the transaction is authorised by the issuing bank after validation. It also allows the acquiring bank to transfer the payment amount to the seller's bank while ensuring that all aspects of the transaction are completed on time. iv. Secures data by using tokenization and encryption, safely transmitting data, and adhering to Payment Card Industry data security standards (PCI DSS). v. Smooth and streamlines the entire payment process, allowing you to realistically expect to receive your funds within a few days, if not sooner. vi. Protects you as the merchant from the risk of having direct contact with your customers' sensitive payment information. Furthermore, your gateway keeps an accurate record of all transaction details. As a business owner, having an up-to-date record of all payment-related information is critical, especially if a charge is disputed or when tax season arrives.

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The payment process explained When a buyer decides to part with their hard-earned money to purchase your products or services, only a few seconds pass between the time the card and customer information are entered and the "purchase" button is pressed. Following that, a confirmation email arrives within seconds. However, a lot happens in those intervening moments. Here's a quick overview of what happens when you accept an online payment: i. The buyer selects what they wish to purchase. ii. The customer enters their payment information, which is encrypted and sent to your server. iii. Your server combines the transaction details with the customer's IP address and attaches a digital certificate to validate your and your gateway's identities. The completed digital order is then encrypted once more and sent on its way. iv. Following the authentication of your store's identity, the gateway presents the customer with a number of payment options. v. Following the customer's selection, the information is forwarded to the acquiring bank (for card payments) or the issuing bank (for alternative payments). vi. The issuing bank ensures that the payment amount does not exceed the credit limit of the customer. The acquiring bank then sends the appropriate confirmation or declination code to the gateway. vii. The response is sent by the gateway to both the merchant and the seller. viii. The issuing bank clears the authorization and settles the transaction with the acquiring bank for card transactions. Given the complexity and number of steps in even the most basic payment process, it makes sense to have a dependable gateway act as your middleman. What a gateway can bring to your business In many ways, the internet is still a dangerous place where criminals roam. Fortunately, you can avoid many of these pitfalls by using a gateway. It employs the following cutting-edge technologies: Secure Socket Layer (SSL), a protocol used to encrypt all online transactions. Data Security Standards for the Payment Card Industry Adhering to these protocols (known as PCI compliance) is required for your gateway provider and helps to ensure that the data you store and transmit is always secure. Tokenization is used to replace sensitive personal information from customers with a randomised series of characters that are stored on the gateway provider's server for one-time use. 3-D Secure is an extra security layer that requires your customer to create a password for each card they use for each transaction. Anti-fraud tools that confirm a customer's identity, such as Address Verification System (AVS), IP checks, geolocation, and so on. Furthermore, today's gateways are simple to set up and use, support multiple currencies, and are affordable for businesses of all sizes. Challenges you may face When it comes to gateways, the most pressing concern is determining which one will best meet your needs. Because competition is fierce in this market, you should carefully consider your options. The following criteria can be useful: Is it easy to set up and cancel? Determine all costs, including setup, processing, registration, chargeback, and currency conversion fees, as well as monthly rates and limits. Choose between hosted and non-hosted/integrated services. In other words, are you okay with redirecting your customers to another site to make payments, or would you prefer to handle everything from your purchasing page? How effective, accessible, and efficient is customer service? If you decide to switch to a different gateway product, you should inquire about data portability. What are the average transaction success and failure rates? How long will it take for funds to be deposited into your merchant account after all fees have been deducted? Does the gateway you're thinking about have a good track record for dependability and quick recovery from downtime? You'll want a PCI-compliant gateway with tokenization and encryption, as well as robust fraud detection tools built right into the system. Inquire about the ability to accept recurring payments, which you may require now or in the future. Can you personalise the checkout experience for your customers so that it reflects your brand? Is the gateway compatible with multiple currencies? Look for a provider that offers Dynamic Currency Conversion (DCC), which automatically converts the charged amount to the customer's preferred currency on the checkout page if you do business internationally. Finally, you'll want a gateway that provides you with access to all of the analytics-based reports you require, such as daily transactions, settlements, failed transactions, and so on. Don't be alarmed if this list of requirements seems interminable. Take some time to consider the nature of your company, the products it sells, and the customers it serves. It will be much easier to determine your priorities when selecting your gateway after this period of self-examination. As you can see, the gateway serves as an important conduit for all financial transactions between you and your customers. When you select your gateway product wisely, it can benefit both you and your buyers in a variety of ways, making the payment process safe, fast, dependable, and even customizable. There's no telling how far you can take your business with the right gateway on your side.

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Ways to make the payment process easy for online customers

While customer experience has become a primary focus for eCommerce retailers, many are overlooking an important stage of the online customer journey – the payment process through an online payment gateway. If the checkout process is too long or complicated, approximately 87 percent of online shoppers abandon their carts. A complicated and time-consuming payment process can be a significant contributor to cart abandonment. Streamlining the online payment process will be a game changer for eCommerce retailers looking to increase conversion rates. SifiPay outlines eight methods for making the payment process as simple as possible for online customers.

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Don’t put all your eggs in one basket

Today's shoppers want variety, which is why it's critical to avoid making the mistake of offering only a few payment options. One-fifth of digital buyers worldwide would not complete an online purchase if their preferred payment method was not available, according to the Global Alternative Online Payment Methods 2020 and COVID-19's Impact. Over 200 alternative payment methods are available globally, including buy now pay later, mobile payment solutions, bank transfers, direct debit, digital wallets, cash on delivery, e-invoices, and digital currencies. Furthermore, alternative payment methods accounted for nearly 55% of global eCommerce payments last year. The message is clear: if you don't provide a variety of simple online payment methods, you're doing your eCommerce platform a huge disservice and potentially missing out on a sizable audience.

Offer flexible payment options

According to a recent Global Web Index report, 83 percent of consumers believe brands should offer payment flexibility. Flexible payment options, such as SifiPay's online payment gateway, allow consumers to get what they need right away without falling into a debt trap. This is especially important at a time when consumers are facing additional financial strain as a result of the Coronavirus pandemic.

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Keep it as simple as possible

Online shoppers expect their shopping experience to be quick, easy, and efficient. As a result, it is critical to keep the checkout and payment processes through the best online payment gateway as simple and user-friendly as possible. The more complicated the product, the more likely the customer will go elsewhere to find it. Make clear calls to action, keep distractions to a minimum, and keep the page design and navigation simple and to-the-point.

Make them feel secure

According to one study, overall retail fraud attempts have more than doubled year over year and have tripled since 2017. Because of the COVID-19 pandemic, a record number of people have gone online, making online shopping fraud even more common. It is therefore critical to make customers feel safe while shopping on your eCommerce site by displaying the safeguards you have in place to protect their personal information.

Offer an account-free option

Provide customers with an account-free option that does not necessitate an additional step in the checkout process.

While encouraging customers to create an account on your website is a great marketing tool, you may be limiting your sales if your site requires mandatory account creation in order to make a purchase. This is especially true for first-time customers who are unfamiliar with your brand and offering and may be hesitant to sign up.

Detail storage option

Returning or repeat customers will appreciate the idea of you storing their information (securely, of course) so they don't have to waste time entering their payment and delivery information each time they visit your store.

Communication is key

A streamlined, simple online payment process requires clear communication. Once payment has been received, send the shopper a confirmation of their purchase. Make sure to give them a trackable order number so they can see when their order will be delivered.

Avoid redirecting away from your site

You lose control over things like error messages, customer service, and payment confirmation when you redirect the customer to another website to process payments. This is extremely dangerous and could have a negative impact on the customer experience. This is also an extra, unnecessary step in a process that should be quick and efficient. Whatever online payment gateway you choose, make sure you offer on-site checkout.

Conclusion

A streamlined payment process can significantly increase revenue for eCommerce retailers in addition to being an important component of providing an integrated and seamless shopping experience. You've made it to the home stretch if you can get a potential customer to enter their payment information. It is not easy to get to this point, which is why you must do everything possible to ensure the shopper follows through. Implementing a strong payments strategy that includes a variety of simple online payment methods is thus a significant opportunity for retailers to gain a competitive advantage.

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5 Reasons Why Card Payments are Declined and How to Fight Back

According to various studies, the percentage of declined card payments ranges between 5 and 10%. This is typically higher for recurring payments — think subscriptions, instalments, and monthly bills — and even higher for cross-border transactions.

-Photo created by tirachardz on freepik Of course, it's not all bad news. Declines can benefit merchants in a variety of ways, the most obvious being the prevention of fraudulent payments through the best payment gateway. However, declines represent lost revenue, the marketing cost of re-creating the sales opportunity, and the administrative cost of chasing down overdue payments. Understanding why payments are declined is the first step toward increasing your payment success rate. In this article, we'll look at some of the most common reasons why a card payment might fail — and what you can do about it. Problem #1: Lack of Funds It may seem obvious, but if your customer does not have sufficient funds in their bank account or has reached their credit limit, there is no money available to transfer. While merchants cannot be held accountable for their customers' spending habits, there are steps you can take to gain more control. Solutions: failed payment notifications and alternative payment options Communication speed is critical. When you send a message to your customer in real time while they are still in the purchasing mode, they are more likely to retry right away. Another idea is to allow customers to spread out the cost of their payment by offering Buy-Now-Pay-Later (BNPL) options. But what about a recurring payment, where the customer is unaware that a payment through an online payment gateway is being attempted despite having given permission? The solution in this case is to use data to 'learn' the best time to schedule the payment for success. Income and spending patterns can reveal this; for example, it may be prudent to avoid the day before or after a salary or mortgage payment.

Problem 2#: Unverified Customer Customer authentication should be viewed positively by merchants. It helps to ensure that fraudsters aren't using a card illegally, which can result in chargeback penalties for a merchant. However, authentication can result in false positives, which occur when the system fails to identify a genuine payer. With the implementation of Strong Customer Authentication (SCA) in Europe and harsher penalties for noncompliance, merchants are increasingly erring on the side of caution and assuming fraud. Solution: 3DS2 The introduction of 3D Secure 2.0 adds a level of automation and precision to the payer authentication process. The new protocols enable the exchange of over 100 data points between the merchant and the payer's card issuer in order to determine the likelihood that the payer is genuine. One-time passwords (OTP), biometric authentication such as fingerprints or facial recognition, and QR codes for mobile applications all contribute to a relatively frictionless authentication experience. Adopting 3DS2 shifts the burden of proof to the high probability of fraud, allowing more genuine payments that would otherwise have been stopped. Problem #3: Fraud Triggers A payment can be halted by anyone, not just an unauthenticated customer. Suspicious activity, such as anomalies in purchasing patterns, bulk purchasing, or transacting from an unfamiliar device or IP address, can also trigger fraud alerts. Banks bear the risk and, as a result, are overly cautious — for every $1 in fraudulent online payments, $25 in legitimate online payments are declined. However, merchants do have some say in these decisions. Solution: business prioritization Bank fraud algorithms are complex, but they are essentially based on probability. The volume of transactions and the percentage of payment success are the two most important factors they consider. So the key is to gradually improve payment acceptance while increasing transaction volumes. The latter is primarily the responsibility of sales and marketing. However, your payment strategy should have a say in the matter. Contrary to popular belief, your company may be better off generating fewer transactions (for a while) and focusing on ensuring that more of them are successful.

- Photo created by freepik Working with an online payment gateway that provides granular payment data can assist you in identifying the issuers who decline payments the most frequently. Your PSP can then contact those issuers, either directly or through the schemes, to determine why the payments are being declined and resolve the issue. Problem #4: Canceled and Expired Card Payments being declined due to 'old' cards is a particular problem for businesses with a recurring revenue model. Frequently, the customer enters their credit card information once and then grants the merchant permission to accept future payments using the same card. Success is dependent on that specific card being used, or the customer remembering to update their payment information with the merchant. Solution: tokenization Until recently, the only way for merchants to deal with the problem of expired cards was to notify customers that their card was about to expire or had already expired. That has changed since the advent of 'tokenization.' The customer's card is replaced with a series of randomly generated numbers — the "token" — supplied by the card issuer during tokenization. Tokens, unlike cards, have no expiration date and thus eliminate the risk of involuntary churn. The increased security provided by tokens also helps to combat fraud and improves payment success rates. Some payment providers use automatic account updaters provided by card schemes to sync card updates to the customer's merchant account. Two examples are Visa Account Updater and MasterCard Automatic Billing Updater. Problem #5: Cross-Border Transactions Businesses with global ambitions will discover that the banking ecosystem is not as well-organized as they would like. Between the acquiring and issuing banks,'middle' banks are frequently required; currency exchange may add another party to the chain, and a disjointed landscape of different systems, regulations, and fraud rules must be navigated. All of this adds extra steps and pitfalls to the payment's smooth processing. Solution: intelligent payment routing Local transactions will help to shorten the chain and lower the barriers. However, opening a business bank account in each country where you trade comes at a cost. Most governments will require you to establish a legal entity in the country, which can be a difficult process. One solution is to use a platform that handles all of the compliance and regulatory work for you. However, intelligent routing is becoming more popular among merchants. Traditionally, the flow of money between banks is governed by a 9-digit number assigned to each bank. Consider it like a postal zip code. However, when that route becomes congested due to various banking systems, regulations, and fraud triggers, for example, the transaction requires an alternate path through. Intelligent routing operates by 'routing' the payment request through a third-party platform that has access to a larger network of banks. The platform determines the most efficient route between all available banks, as well as which ones are most likely to accept the transaction. If it makes a mistake, the payment is routed to the next most likely bank on the list until the payment request is accepted and processed. Of course, intelligent routing is more than just a solution for international transactions. An intelligent routing solution can benefit anywhere there is the possibility of a payment being declined. The role of payments data In every case, data is the most important factor. To begin, data can tell you how many payments fail and segment this picture by geography, sales channel, product line, and other filters, allowing you to focus your efforts where they are most effective. More information will reveal the cause of a payment failure and, as a result, the appropriate remedy. As previously discussed, data is increasingly becoming a part of the solution, whether it is used to drive smart algorithms, validate identification, or trigger customer alerts. Once you recognize the significance of combating payment declines and the role of data in that strategy, the next question is how. This is all very complicated stuff, and going it alone may end up costing you more money than if you simply sat back and accepted the costs of failed payments. Understanding the trade-offs at play is also critical; improved authentication measures, for example, may cause more friction in the payment experience. Working with a recognized Payment Service Provider (PSP) large enough to address payment success within your broader payments ecosystem is the answer for many businesses.

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Why Online Payment is Important and What are the Challenges of Online Payments?

Online payment is quickly displacing traditional payment methods, which include personal contact between business owners and customers. Regardless of business size, the majority of businesses are moving toward using electronic payment systems, so in this article we will discuss why online payment through online payment gateway has become so important.

-Photo created by freepik 1-Easy & Quick Choice to Facilitate More Sales Setting up a choice to accept online payments is quick and simple, and you can start selling right away after activating it. There are also numerous service providers available nowadays, who offer low-cost plans with no fees and very low transaction rates. 2-Expanding Sales to reach Global Levels The most important aspect of using payment systems is reaching a global audience, which means opening up shop to the entire world. Because more than 56 percent of online customers prefer shopping cross-borders, you will eventually get the opportunity to market your products globally, and your sales will undoubtedly expand and increase. 3-Reliability If you use online payment, there is no need to create invoices for both clients and businesses, or write checks or send cash; additionally, credit cards allow clients to participate in transactions without instant cash, and all financial arrangements are completed quickly. 4-Immediate Payment Online payment facilitates immediate payment arrival for businesses because it allows customers to shop and pay while sitting comfortably at home. Once the transaction is completed, the customer receives an instant notification, which gives him reassurance about the purchased items. 5-Payment Security Receiving online payments carries fewer financial risks for business owners than traditional methods, where merchants may have to deal with fees associated with a bounced check, in addition to the need to verify the integrity of the money.

-Photo created by stories on freepik 6-Optimized Customer Experience Nowadays, global clients prefer to save time and effort, so they only want to choose products in any global market at any time of day. The convenience of making purchases is often the real motivator that leads customers to choose online payment through the best online payment gateway, and as a business owner, you should consider this. What are the Challenges of Online Payments? Expectations of both clients and business owners are increasing in today's digital technology era, as both expect fast and safe digital trials, with regard to the customer, he expects shopping online, facilitating online payments, and surfing, while business owners expect marketing, showcasing, and transforming payments digitally. Let's now look at the Challenges of Online Payments. 1-Poor Support Many electronic payment service providers do not provide simple and effective solutions to technical problems that clients may encounter, as many online payment gateway service providers refer customers to the company's website to search for a solution to their problem, or send them to the service center, where they must wait for a long time for their turn. 2-Effectual Authentication Before beginning any transaction, clients should be properly identified and their behavior should be analyzed to avoid new vulnerabilities that cyber criminals may discover with the use of new APLs, so it is preferable to use modern technologies such as biometrics, geo-location-based authentication, multi-factor authentication, and encryption mechanisms to make all transactions more secure. 3-Cross-border transactions Cross-border online payments may be ineffective, slow, and high-priced, but it still represents a big place in global trade, as national banking features can’t deal with cross-border methods. As a result, it is expected that payment systems will make greater efforts to improve that process by: i. Taking control of credit, liquidity, and cost risks.

ii. Increasing processing efficiency, and decreasing costs. 4-Handling Cheating To ensure that this does not happen, online theft has already exceeded $ 22 billion this year, and it is expected to exceed $ 48 billion by 2023. PSPs should be PCI compliant and have the necessary certificates, and service providers should look for more effective security options online, in addition to traditional rule-based systems that can observe risks, process information directly, and make decisions about the validity of transactions in real time, preventing unusual and fraudulent transactions from passing through the system.

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Smarter Digital Payment Monitoring to Protect Business Operations

You set your mug down on your desk and turn on your computer. You skim over various dashboards on one screen and sift through your email alerts on the other before pulling the regular reports, as you do every morning.

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However, this morning proves to be unlike any other. It's about to take a nasty turn that will prevent you from finishing your morning coffee.

As you scan the online payment gateway dashboard, you notice a significant drop in transaction approvals overnight. You take a deep breath, rub your eyes, and secretly hope it's a mistake. What on earth has happened? It takes a moment to gather your thoughts. Where is the flaw? How much money is squandered? Which retailers are affected? What will account executives say? A scenario like this is unthinkable in any company that relies on dashboards to monitor payments and transactions.

Payments Monitoring Dashboards are Drowning in Data

Dashboards assist FinOps, BI, and commercial teams in visualising business activities in order to ensure that the payment ecosystem runs smoothly. However, as the amount of data to collect and monitor grows, the effectiveness of traditional dashboards for monitoring digital payments is called into question.

Why is payment transaction monitoring using a dashboard insufficient?

1. Siloed monitoring and disconnection of data sources and teams

To deal with the abundance of data, business units monitor their data separately, gathering it from various sources and using various tools. This stifles collaboration and impedes efforts to conduct comprehensive analytics.

In our little story, you are completely unaware of the incident's causes or consequences. To get to the bottom of the problem, you need to start involving programmers, IT, finance, and product.

2. Lack of granularity and context

A dashboard can monitor specific metrics separately, but it cannot tell you whether or not specific data behaviour is related. It's possible that you're dealing with a software failure, a configuration error, or malicious fraud. It is up to you to connect the dots and gather information. However, time is of the essence. Every minute that passes, the company loses money, both directly from uncompleted transactions and indirectly from the time analysts and developers spend on the investigation.

3. Alert storms and false positives

In the monitoring of payment gateway solutions, alerts take a respectable second place to dashboards. However, as more data is collected and the system becomes more agile, the likelihood of false negatives and false positives increases. Storm warnings are becoming more common. It's easy to see how a failure like the one in our example vanishes among the flood of alerts.

4. Retroactive monitoring and static thresholds

A dashboard keeps track of historical data. Past data behaviour defines thresholds and alerts. As a result, whenever market or user behaviour patterns change, the settings and definitions become obsolete.

Furthermore, each metric has regular data fluctuations that are ignored by static thresholds. Consider the same scenario, but with the drop in payment approvals remaining within the normal range because transaction numbers are usually at their peak at the time in question. You wouldn't even get an alert, and it would be a long time before you realised something was wrong. It may even take a customer complaint to uncover the flaw.

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5. Extensive manual work

Thresholds must be manually adjusted. Furthermore, each business unit focuses on its own set of operational needs and objectives. Extensive manual work is required to obtain the complete picture and understand the relationships in data behaviour. On excel files, teams end up filtering, organising, prioritising, and comparing data.

In our example, the coffee has long since gone cold, and you are still busy downloading the relevant reports that will help you determine who needs to be informed about what and which steps to take.

6. Human errors

So much manual labour not only wastes time but also leaves room for human error.

How to Save Time and Cost with Smarter Digital Payment Monitoring

1. Gain control over data volume and complexity

The volume of data to monitor is difficult for dashboards, but not for AI-powered platforms. Machine learning capabilities also add a level of autonomy to data processing by identifying patterns, similarities, and connections in data from a variety of sources and formats.

The insights provide answers to specific questions raised during the initial examination. It eliminates a lot of guesswork and directs you in the right direction. You'd be surprised at how much time you save and how much stress you avoid.

2. Connecting and correlating data for higher resolution

A tool that monitors all of your business data and isn't limited to the preferences of a single business unit can bridge the gap between teams and data silos, as long as it correlates all data points to identify patterns in data behaviour.

Assume the system detects a simultaneous drop in server activity and synchronises the drop in payment approvals with data from other teams' sources. Do you see where this is leading you? Instead of pressing the emergency button and rallying the entire company to solve the crisis so that you don't lose any more money, you'd instruct IT to redirect traffic to the affected server. Transactions would resume within minutes, and the relevant team would be able to investigate and resolve issues without the added stress of financial loss and customer distrust.

3. Accurate alerts – no more thresholds

Static thresholds are not the best way to detect anomalies in data. As long as metrics remain within the defined normal range, your payment monitoring dashboard tool is content. However, in order to get a precise picture of what normal data behaviour looks like; you must take into account time-specific and seasonal fluctuations.

The machine learns what is normal for which metric at which time by recognising regular patterns in each metric. Real-time data monitoring becomes much more precise and eliminates unnecessary alert noise.

4. Real-time monitoring

Many factors contribute to frequent shifts in transaction and consumer behaviour: your company grows, your competitors change strategies, and new trends emerge. A monitoring tool that adapts to the new normal without the need for manual intervention can reduce uncertainty, time, and effort. With an AI-powered tool, you can stop pivoting endless excel files and instead let the tool learn and make the necessary adjustments.

When you combine the above, you can see how much manual labour becomes obsolete when you start using an AI-driven tool. At the same time, the possibility of human error is reduced.

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Which Type of Payment Gateway is Right for Your Business?

Payments are a company's lifeblood. When payments are flowing smoothly, everything else follows. That is why it is critical to select a system that integrates well with your business and meets all of your payment requirements. These systems are frequently referred to as online payment gateway.

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So, What Exactly Are Payment Gateways?

First, a word about terminology:

You may have heard or seen this term used in a variety of contexts. The issue is that the term "payment gateways" is frequently applied to systems that go beyond standard gateway functionality, so the terminology can become confusing.

Consider the square vs. rectangle distinction: all squares are rectangles, but not all rectangles are squares.

The broader category (the rectangle) in this case is "payment platforms" or "payment solutions." The best payment gateways are a subset of that category (the square); other platforms, such as payment facilitators, also exist. However, in general, people tend to use payment gateways as a catch-all term for all platforms, which is analogous to using a square to describe a rectangle.

Although it is not technically correct, we frequently use the term payment gateways because it is the term most people are familiar with. In this post, we will discuss the various payment gateway types, including what we refer to as "traditional or limited payment gateways" (the square again). Keep in mind that the broad category we're discussing is payment platform types.

If you want a more in-depth explanation, check out this blog.

Whatever the term, this is what it means:

A payment gateway is essentially a link between your customers and the relevant financial institution. Gateways serve as a connection point between a merchant's website and a payment provider or banking network. They essentially serve as a "wire" that connects your website to a payment provider, allowing secure payment data to flow back and forth.

Payment Gateway Types

The main payment gateway types can be classified based on how they've evolved over time and, as a result, what kinds of features they provide to their users. The three major types are as follows:

Gen 1: Basic or Traditional Payment Gateways

Gen 2: Startup-Friendly Payment Gateways

Gen 3: Payments as a Service (also known as Full Payment Platforms, Payment Facilitators or Global Payment Gateways)

Gen 1: Basic Payment Gateways

Basic or traditional gateways provide a single connection to a payment processor for the merchant. This is the most do-it-yourself type, as you're essentially creating your own payment solution.

If you only want to sell in one country using credit cards, a Gen 1 gateway is ideal. If you want any other features, you'll have to add them with additional integrations (more on that later, but essentially it means more work for developers).

That means more work for any other regions or payment types, whether it's a bank or someone else — and multiples aren't good. To manually create a cohesive payment system, you'll need to stitch together separate chunks of code for each feature you want. Basic payment gateways can meet your needs if you're willing to invest in significant development and software resources.

Basic gateways, as a result, necessitate significant resources for upkeep and are surprisingly expensive, not least because those resources cost both time and money. It's also difficult to avoid the extra work because merchants typically use five gateway processors, four acquiring banks, and six payment types.

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Gen 2: Startup-Friendly Gateways

Gen 2 gateways are easier to use and include more features, such as functionality packaged for specific regions.

Startup-friendly gateways are exactly what they sound like: they're designed for startups that want to expand but don't require advanced payment capabilities. If you want more than the basic payment services, you'll still need to invest significant time in building and customising your solution, but Gen 2 gateways do come with easy-to-integrate APIs.

Gen 3: Payments as a Service

Payments as a service, also known as full payment platforms or payment facilitators, are the third way to set up payments.

Payment facilitators, as opposed to separate chunks of code, are an all-in-one package with robust payment features built in so you can easily enable the ones you need. As a result, they are far better suited to growing businesses, as their features can be expanded as your needs change. They also include additional features such as fraud and chargeback management.

Facilitators have the most features of any online payment gateway type. For example, they have built-in support for multiple payment types and currencies, so they can handle all of your global payment needs.

Facilitators are far better at reporting because they are one cohesive system. Instead of having to reconcile multiple standalone integrations, facilitators have all of your payment data in one place. Furthermore, they are far easier for developers to manage: facilitators require significantly less work than traditional gateways, with simple management for everything from setup to error codes.

One of the primary reasons for this advantage is that facilitators only require one integration. So, what exactly are integrations, and what are some of the most common payment integration types?

Using Your Gateway: Payment Integration Types

When choosing a payment gateway, integrations are an important factor to consider. When you've determined which gateway type is best for your needs, think about which integration options will help you make the most of that gateway.

Integrations can be quite specific, such as one for Apple Pay only, or a different integration so that your payment gateway provider can operate in multiple regions. If your provider's integrations do not enable all of the payment functionality you require, you will be severely limited in your ability to expand globally or accept international customers.

More integrations, on the other hand, aren't always a good thing. More integrations necessitate more maintenance and support, as well as a higher overhead, so look for a gateway that requires fewer integrations to provide the functionality you require.

There's another complication here: your gateway can be integrated in a variety of ways. These payment integration types are divided into three categories:

Solutions that are hosted. These are ready-made options for configuring your payment gateway, such as hosted payment or checkout pages. They're ideal for small teams with a few developers because the payment provider handles everything.

APIs. APIs integrate the gateway seamlessly with your website; they're better suited for organisations with developers who can handle the setup — especially since more APIs means more dev work. APIs are useful, but the fewer there are, the better.

Development Kits for Software (SDKs). An SDK works similarly to an API, but it also includes a set of tools, libraries, relevant documentation, code samples, or guides that enable developers to accept payments in your app or website with a complete toolkit.

Plugins from third parties. If you're already using an eCommerce platform, you'll need a payments provider with a plugin for that platform; compare plugins from each provider to ensure they have all of the features you require. That plugin enables all of the payment provider's products and features with a simple integration.

The Right Combination of Gateway & Integration

To summarise, there are various types of payment gateways, each with its own set of features. These gateways can be configured with various types of integrations, requiring varying levels of development work.

When selecting a gateway, look for the features and functionality you require first. Then consider the various integration types that can be used to configure that gateway. A Gen 2 payment gateway, for example, has some useful features, but you'll need multiple integrations to connect to that gateway across different regions, so you'll only benefit from those features if you're willing to invest in the necessary development work. 

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3D Secure 2.0: The Future of Digital Payment Security is Now

With more devices becoming payment devices, digital commerce is now the fastest growing payment area. Consumers now have far more options for payment than ever before, whether through an internet browser, mobile application, or connected device. However, whenever a consumer makes a digital purchase rather than a traditional store purchase, verifying the transaction and the consumer's identity becomes an increasingly important and even difficult task. According to industry experts, half of all digital commerce transactions that are declined due to suspected fraud are actually legitimate.

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Paying online with credit/debit cards involves the transmission of sensitive information, so special precautions must be taken to ensure customer safety. For the same reason, it is more important than ever that the industry invests in new approaches to preventing fraud while also maintaining the speed and convenience that customers enjoy about online shopping. Helping merchants and issuers distinguish between good and bad transactions will reduce fraud while allowing transactions to continue at the speed of light. Following the Payment Services Directive in the European Union (PSD2), the European Union (EU) has imposed stricter requirements on Internet payment systems. 3D Secure 2.0 is a significant step forward in this effort, as it will help prevent fraud and accelerate digital commerce by providing fast, secure authentication. This will improve customer protection all over the world. It's important to note that 3D Secure is provided by your bank, not FastComet.com. It adds an additional layer of security to all online transactions. 3D Secure is also known as "Mastercard SecureCode" or "Verified by Visa." What is 3D Secure? VISA took the initiative in 2000 to develop a procedure to make using credit cards on the Internet more secure. The "Verified by VISA" technology is used by the company itself. Other credit card companies have followed VISA's lead and implemented the security mechanism as well. For different credit card companies, 3D Secure is known by different names. When you go to pay on a website and enter your payment information, you are redirected to the 3D secure web page of your debit or credit card provider. Normally, you will be asked to provide one of the following: 1. the password you previously established with your bank; 2. a one-time authentication code sent to your mobile phone. Sometimes you won't be asked for any information at all. After entering the correct information and the payment is approved by the card provider, you will be automatically redirected to the website with an order confirmation message. It's a quick and easy procedure. What are the Benefits of 3D Secure? Prior to 3D Secure, using your credit card on the Internet was much easier but far less secure. All you had to do was enter your credit card information and then confirm possession of the card by entering your three-digit security Card Validation Code (CVV, CV2, or CVV2 code) found on the back of your card. With the continued growth of eCommerce, an increasing number of people will need to use online payment gateway. Typically, there has been an increase in interest in online fraud. Phishing and social engineering are two common methods used by criminals to gain access to data. 3D Secure's goal was to prevent such fraud. In addition to the information on the credit card, the 3D Secure authentication procedure necessitates the use of additional information – a password known only to the card owner. Because the card transaction requires two steps, this method is known as two-factor authentication. When using static passwords, there is a security risk. Your security is jeopardised if a third party obtains access to the password. As a result, dynamic methods that adapt to each process are the better option. A good example is when you receive a text message containing a unique security code that was generated using cryptic procedures and can only be used once for that specific payment. Even though security was improved, both customers and online retailers were dissatisfied with the first version of 3D Secure. The website where you enter the additional security factor was poorly designed, but more importantly, the application and use of the required password were not as clear as they should have been. Furthermore, the entire procedure could not be integrated into mobile applications. Some customers were dissatisfied and even cancelled orders, putting pressure on online retailers. The new and improved 3D Secure (3DS2) version addresses these issues while also improving security. All of the new features are also in line with the new EU Payment Services Directives. Furthermore, with the new version of 3D Secure, all credit card companies are responding to technological developments. Modern devices, such as smartphones and tablets, use data authentication methods (fingerprint or face recognition).

-Photo created by dooder on freepik Understanding 3D Secure 2.0 Technology The most recent 2.0 version of the technology enables a real-time, secure, information-sharing pipeline that merchants can use to send an unprecedented number of transactions attribute that the issuer can use to more accurately authenticate customers without requiring a static password or slowing down commerce. 3D Secure 2.0 was created specifically for online retailers to integrate the procedure into the online payment processors , resulting in a pleasant shopping and user experience for each customer. This new version should also be an intelligent system. The authentication method adapts to the risk – for small payments, lower security requirements apply, while for large payments, higher security requirements apply. In addition to working with bank applications, 3DS2 can be used for mobile payments. What Customers Should Expect Customers will find that, while the entire process will take a little longer, the 3DS2 process will make it easier and more convenient to pay online. They can now take advantage of a more modern and secure process. Customers should be aware of the following: Registration: To use the second version of 3D Secure with your credit card, you must first register with your bank. It is the bank that issued your credit card that is liable. Installation: Banks are likely to use applications in the future to send the 3D Secure code or request biometric data. Finalizing: When you pay, you must have both the credit card and the smartphone on hand. Note: Even with 3D Secure, you should exercise caution when using your credit card on the Internet. Enter the data only when you are certain you are on the correct website. A valid SSL Certificate shows that the website can be trusted. Implications for eCommerce If your company is based in the EEA and accepts eCommerce transactions or other digital payments from the EU, the EU's PSD2 requires that online payments meet special security standards beginning September 14, 2019. 3DS2 satisfies these requirements. Online merchants must contact their payment service provider in order to use the procedure (PSP). The PSP should provide a suitable technical solution for retailers to implement in their online stores. Merchants should make 3D Secure available in their online stores. The new system is far more user-friendly, takes place entirely on the online merchant's website, and boosts consumer trust in eCommerce. This, in turn, should result in more conversions and, as a result, more sales. Conclusion When it comes to online payments, security should always come first. When compared to its predecessor, the 3D Secure 2.0 improves on everything. Online payments are becoming more popular, and such security updates are unavoidable. The enhanced security standards make the Internet more secure, reduce online fraud, and make customers and marketers feel more secure.

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What alternative payment methods should you offer? A five-step checklist

Customers are becoming more interested in Alternative Payment Methods (APMs). In Europe, 80 percent of consumers expect to be able to pay with a method other than a credit card. The same is true in Asia Pacific, where 94 percent of consumers plan to use APMs in 2022. While in the Middle East (MENA), digital wallets are expected to become the preferred mode of payment in the near future.

-Photo created by pch.vector on freepik As the demand for APMs rises, you must have a plan in place to implement the right ones in the right markets at the right time. Here are five ways to ensure you're providing your customers with the appropriate alternative payment methods. 1. Draw on local knowledge When it comes to the APM of choice, consumer preferences differ between and within regions. Businesses must incorporate local knowledge and insights to provide their customers with the appropriate online payment gateway in the appropriate region. Consumer payment preferences can vary greatly between countries even within the same region. That is only the tip of the iceberg. Even within countries, there is variation in demographics and geography. These aren't always obvious at first glance. As a result, businesses should make the most of their local resources and expertise for their payment providers in order to uncover these insights. 2. Consider your line of business Offering the appropriate payment method is not a one-size-fits-all solution. To find suitable options, each business must consider its industry, needs, and customers. For example, a company that receives a large number of small transactions will be most concerned with the cost per transaction because their margins are so thin that even a small increase in transaction cost can wipe out profits. As a result, these businesses should offer and encourage customers to use payment methods that are the most cost-effective and have the best chance of success, such as direct debit. Buy now, pay later (BNPL) transaction fees, on the other hand, are typically higher. Retailers who offered BNPL to their customers, on the other hand, saw a 50 to 200 percent increase in units per transaction. So you must determine whether this is a payment option that is appropriate for your company and its sales strategy. There are other factors at work as well. Consider a subscription business. It may see a higher conversion rate if it offers a specific payment method. However, the business is powered by recurring revenue, and if that payment method leads to increased churn, it's probably not the best one to offer. 3. Stay nimble The payment method landscape is rapidly changing as new players enter the fray. Keep an eye on future payment trends and be ready to pivot if the data suggests it. However, keep in mind the reason for introducing a new payment method or the best online payment gateway. A clear goal will keep you from adding them unnecessarily, whether you're using it to reach a new market or to encourage your current customer base to spend more. Remember that simply providing more options is not the answer for APMs — no one wants to be presented with 20 different options at the checkout. If you change your strategy to include a new payment method, you may have to retire one that is no longer serving you. 4. Focus on customer expectations When developing an APM strategy, consider your business goals. Ultimately, however, your customers' expectations must also be kept in mind. You should make it as easy for them to pay as possible. BNPL allows some of your customers to spend more while breaking down their payments into smaller installments. Loyalty programmes, on the other hand, provide an incentive for people to pay for everyday items online. And, if mobile is your primary sales channel, digital wallets provide customers with the most seamless checkout experience. Within the next ten years, digital personalization in ecommerce could generate up to $2.9 trillion in revenue for retailers. Payment methods that you offer are part of the personalization of the end-to-end shopping experience. APMs should be viewed as an essential component of any plans to innovate or develop new business models. 5. Get access to data and make smarter decisions If you're wondering which APMs are the most popular among your customers. Which are the most appropriate for what you're selling? Or how much each will set you back. Data is the key to answering all of these questions. To begin, look at market data to better understand payment preferences, sector benchmarks, and comparative APM costs. Second, make use of your internal data — in other words, what are the transactions in your company telling you? And, if your company can run all of its APMs on a single, unified API platform, it will have the benefit of a consolidated view of all data as well as the tools to turn insights into actions.

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The Future of Payment & Gateway Processing

The current payment technology trends are the future path for merchant services. Automation, usability, and security are all aspects of this. The driving forces are technological companies that are new to the payment arena, such as Google, Samsung, and Apple. This has blurred the distinction between online payment gateway technology and payment companies. Consumers and merchants want secure and quick payment options to improve their overall experience. These trends are expected to have a long-term impact on payment technology. This includes the creation of payment and gateway software.

-Photo created by rawpixel on freepik Biometric Authentication Every day, millions of people around the world use biometric technology. This is made possible by integrating mobile devices. To access your mobile devices, you no longer need to remember a pin or password. The same holds true for payment authentication. Facial or fingerprint recognition is used in biometric authentication. This is what Apple Pay and Google Pay use to authorise transactions. Consumers believe biometric authentication provides more security, according to a survey. The one-of-a-kind application cannot be easily stolen or replicated. The biometric identifier is faster and easier to use than a pin or password. You can use this method of payment at any time and from any location. Because of the convenience of biometric authentication, other methods of authentication are gradually being phased out. Mobile Payments You intend to continue using credit cards in the future. The only thing that will change is the shape. Contactless payments, such as mobile wallets and NFC technology, will continue to exist. The mobile payment market is expected to be worth $503 billion by 2020. You will be able to eliminate physical credit cards as security improves. Payment methods that are secure, simple, convenient, and quick are appealing to both consumers and businesses. This is fueling the mobile payment market. Companies can accept payments on the go thanks to the mobility of point-of-sale devices. Because of the flexibility of mobile payments, physical locations are no longer required. Payments can be made from any location and at any time. The mPOS market has broken down payment barriers. This means that businesses of all sizes can accept payments via credit cards and mobile devices. This improves engagement while also increasing the flexibility and speed of the checkout process. Because of new devices, the mPOS market has transformed payment technology. Merchants are no longer tethered to onerous payment systems. Merchants can use mobile systems to streamline checkouts, secure customer information, and incorporate loyalty programmes. The use of mPOS technology and custom payment and gateway solutions is expected to grow in the future. Mobile Payment Software Solutions and App Development are critical to the future success of any business. NFC Contactless Payments The reliance on NFC technology is another trend in the payment technology market. Many countries already accept contactless payments in public transportation. The NFC Payment trend is expected to grow in the future to include more payment options. Custom payment and the best payment gateway development will have an impact on this trend. NFC is a new method of receiving payments. Artificial Intelligence When artificial intelligence assistants were introduced into the shopping experience, digital commerce was transformed. Purchases can now be made with just a few commands. You can pay without having to pick up your device thanks to artificial intelligence (AI). Because of advancements in digital methods and the sophistication of AI, you can instruct your device to place orders. The reliance on AI assistants is a trend that is changing merchants' perceptions of online businesses and stores. This is one of the digital payment methods that allows for secure storage via cloud technology. Blockchain The use of blockchain-based identities has numerous advantages. This includes the decentralisation of data collection, the use of an immutable ledger for information storage, and the cross-verification of collected data using a consensus mechanism. Security breaches are reduced, efficiency and dependability are greatly improved, and self-sovereignty is enabled. Using a blockchain-based identity platform to store data can be used for a variety of purposes.

-Photo created by tirachardz on freepik Cryptocurrency The development of payment and online payment gateway software is critical for payment technology. Bitcoin is another important factor in the mainstream commerce market. This is the most well-known cryptocurrency. More merchants will begin to accept Bitcoin as a payment method. Bitcoin Software Development - API Integration has entered the mainstream, with top financial institutions all participating. Bitcoin is a legal virtual currency that allows for secure transactions. This is due to the payment's reliance on cryptocurrency for verification. Because it is less traceable and more secure, more retailers are taking advantage of this trend. Your transactions are recorded in the distributed ledger of the blockchain. Voice Commerce Consumer behaviour has been influenced by voice commerce. Smart retailers and brands are learning how to communicate with their customers. Voice commerce is only one component of the digital ecosystem that allows you to improve your connectivity, access, and understanding of the digital landscape. This is starting to change. Consider the possibility of a future in which changes in your environment or voice can be interpreted by a network of devices. This can result in transactions that connect you to events and moments. Voice commerce using Alexa with Amazon Payments or Google Assistant with Google Pay is the way of the future for custom online payment solutions. Cross Border In the past, you would go to a store and give the cashier your payment, or you would shop on the internet and enter your information on the checkout page. There has recently been a conversion of in-store and digital experiences. You can now order dinner via smartphone and pick it up at the restaurant. EMV The world is moving away from swiping credit cards and toward credit cards with secure chips. This is known as EMV (Europay, Mastercard, and Visa). The chip is more difficult to forge and cannot be easily duplicated or read. Magnetic strips have been phased out of custom payment and the best online payment gateway development. Because of the combination of the pin and chip, counterfeiters are unable to steal information. In the past, debit cards in the United States had pins, but credit cards did not. In the United States, banks do not require pins for chip cards. They continue to rely on your signature for security. Internet of Things (IoT) Because of their improved security and user-friendliness, smart home devices have grown in popularity as a result of IoT. The automated processes of smart devices can ensure the safety of your family. The healthcare industry is one of the primary beneficiaries of IoT. IoT can help healthcare organisations improve their services by connecting medical equipment and portable devices to the internet. If you live in a remote area, this ensures that you can be diagnosed and treated. IoT devices handle sensitive information and data. As cyberattacks and data breaches become more common, IoT apps and networks play an important role in enhancing security. This will prevent your data from falling into the hands of untrustworthy individuals. Customized apps can include security features to keep your data safe. To change technology, custom payment and gateway solutions have been combined with edge and 5G computing. Uninterrupted data transmissions, faster speeds, and 5G innovation ensure that the popularity of IoT will include cutting-edge gadgets. Hundreds of billions of connected devices will collect your data. This information needs to be analysed and processed. This is where artificial intelligence and big data technology come into play. Using AI predictive analysis, informed decisions can be made. IoT will be essential for the next generation of data analysis and transmission. GAFA Google, Apple, Facebook, and Amazon (GAFA) will play an increasing role in the payment sector. Because of the existence of Apple Pay and Google Pay, this could be a multibillion-dollar industry. Because of the convenience and simplicity of eCommerce, consumer behaviour has shifted. GAFA has already acquainted you with new payment methods and experiences. Transaction data reveals details about your behaviour. This can be used to offer products based on a personalised experience. By leveraging this data, financial institutions are finally catching up to Ecommerce behemoths. Analytics are being used by players in the payment industry to leverage Deloitte reports and payment data. For financial institutions, this is critical. By assessing risk and driving growth, the consumer can be clearly understood. You can make a purchase using any method, at any time and from any location. The difference is that there are more payment options available. You choose the best payment method and channel for your needs. Multiple Payments Gateways You want your checkout process to be as simple and straightforward as possible. Custom Payment and Gateway Development Assistance Your shopping cart will be abandoned if you are unable to locate your preferred payment method. According to a recent survey, a lack of payment methods caused 8% of all online carts to be abandoned. This equates to a significant amount of money in lost sales. Online store owners who are astute ensure that their customers have the convenience of mobile payments.

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A Short Guide on How to Integrate a Payment Gateway

To make the purchasing process easier for customers, most businesses that sell goods or services online should integrate a payment gateway. This software solution allows money to be transferred from the customer's account to the seller's account in a matter of seconds.

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In this blog post, we will look at how online payment gateway work and how to choose the one that is best for your company.

How Does Payment Gateway Work

A payment gateway, as a middleman between the customer and the merchant, handles a wide range of financial transactions, from money authorization (to ensure the seller has the requested amount to pay for the purchase) to refunding in the event of a cancelled order.

When the customer confirms the order, the payment details are sent to the app's server and then to the payment processor, card network, and issuing bank via the payment gateway. The bank approves (or rejects) the transaction upon request and sends the confirmation back to the same chain of participants.

Security Issues

As payment gateways transmit sensitive transaction information to users, they must ensure the security of data such as CVV code, card number, card holder's name, and so on. As a result, each payment gateway must maintain PCI DSS compliance, which entails strong data protection, regular testing, encryption, and the implementation of access control elements, among other things.

The Types of Payment Gateways

Depending on the size and needs of the business, there are several types of payment gateways to choose from. To help you make a decision, we'll highlight their benefits and drawbacks, as well as the difficulty of the integration process.

Hosted

Customers are redirected from your app to the hosted payment gateway's platform to make a payment, and they are returned when the payment is complete.

One of the primary benefits of such a solution is the ease with which payment gateways can be integrated: for apps that use popular e-commerce platforms, it may be sufficient to simply install an extension. If you have a custom web or mobile application, you may want to hire software developers for assistance, but most service providers have detailed instructions on how to integrate their payment gateway. Another significant advantage is that the service provider also manages all security issues.

What about the drawbacks? For starters, redirecting customers to third-party services degrades the user experience and reduces conversion. Second, if you change partners, you may lose your client database because service providers keep all data.

This is the best option for small and medium-sized businesses.

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Integrated

Customers who use an integrated payment gateway solutions stay on your app and the payment is completed without being redirected elsewhere.

It has a better user experience and more control over the data than a hosted gateway. Along with these benefits, there are some drawbacks: you must take care of fraud protection and user data security (PCI DSS compliance), as well as devote more time to the payment gateway integration process. While some apps can easily integrate a non-hosted payment gateway using APIs, those that run on a custom engine will require technical skills or assistance from the software development team. Medium and large businesses will benefit from integrated payment gateways.

Custom

This type of payment gateway improves on the previous one by providing the highest level of control over payments while necessitating extensive technical knowledge. You do not need to rely on third-party services or share any data with them if you use your own custom payment gateway. Furthermore, it allows you to make any necessary modifications and changes.

Price (a software development team will be required), time (development, testing, and integration will take time), and security-related challenges are among the disadvantages of this type (meeting PCI requirements and handling documentation issues). Custom payment gateways are an option for large businesses and enterprises.

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How to Improve the Customer Experience on Your E-commerce Portal

Customers are the foundation of any company in any industry. Business objectives and marketing strategies are designed to meet the needs of consumers and target audiences. Customers' importance should not be underestimated in the digital age. Right now, your competitors may be providing similar products and services to the same customers. To avoid missing out on a sales opportunity, make sure you have something unique to offer your customers. Customer experience is a critical factor that can help you outperform your competitors. The better the online customer experience you provide, the more sales opportunities you will have. It is the most important factor in distinguishing your company from competitors. In fact, 70% of purchasing decisions are influenced by how customers perceive they are being treated.

-Photo created by stories on freepik Data security advancements that allow for secure payment methods while reducing the possibility of online fraud have largely contributed to a massive increase in e-commerce sales and revenue. Customers prefer online shopping because it is convenient, inexpensive, and offers a wide range of options. However, due to a poor website customer experience, 80% of buyers would stop purchasing from a company. To avoid losing customers, e-commerce businesses must improve overall customer satisfaction levels. This article discusses some actionable practises that can help improve the e-commerce customer experience. Ensure User-Friendly Experience To begin, your website should be simple to use for your customers. You should ensure a flawless user experience on your website, from product pages to check-out pages. Even if your customers are attempting to empty their shopping cart, the navigation should be simple. Second, customers prefer websites that are simple to use and allow them to browse products and find exactly what they are looking for. Your online store, like a physical store, should be organised into categories. In the back end, everything should be tagged and categorised. Most well-known e-commerce CMS systems allow you to accomplish this. However, not all ready-made e-commerce platforms will meet your specific requirements. You have complete control over the look and appearance, as well as the most important functions, of your portal with custom ecommerce development. In contrast to ready-made solutions, which are rigid and cannot be fully customised, a custom ecommerce website design provides a great deal of flexibility. Third, your website should be mobile-friendly. With an increasing number of online sales occurring on mobile devices and more shoppers shifting to mobile, e-commerce businesses must ensure that their listings and product images are optimised for mobile devices – regardless of whether they sell through their own website or a third-party marketplace. Secure Payment Methods Buyers want to know that their personal and financial information is secure when shopping online, so payment methods on your website should be secure, safe, and simple. Furthermore, you must ensure that your website allows your customers to pay using any of their preferred payment methods. Invest in a payment gateway solutions with multiple layers of security. Data encryption will ensure the security of customer transactions. Using an online payment gateway protects your buyers' information and reduces the severity and frequency of online fraud risks. If possible, offer a variety of payment options, preferably those that are widely used. As a result, you are making things easier for them while also increasing customer loyalty, which will eventually lead to higher revenues.

-Photo created by stories on freepik Seamless Checkout Process An abandoned cart is frequently the result of a difficult checkout process. The checkout process should be simple and quick. A buyer should also be able to see their shopping cart so that they know how to complete the order. The e-commerce industry loses thousands of dollars each year as a result of abandoned shopping carts and cancelled purchases during the checkout process. You may want to use automation to analyse the patterns behind abandoned shopping carts to improve the vulnerabilities in your checkout process. During the checkout process, the buyer must be able to see the value of their cart as well as all relevant information. Displaying information about user-related deals and discount coupons can also help boost sales. Finally, to avoid last-minute cart abandonment scenarios, an e-commerce store should ensure that there are no delays during the checkout process. Chatbots for Simple Customer Service Issues Conversational artificial intelligence (AI) in the form of chatbots is sweeping the eCommerce industry. Chatbots are programmes that communicate with customers via a live chat interface. They can be installed on your website or integrated into platforms such as Skype, Facebook Messenger, and even Alexa. The most basic types of chatbots can scan user inquiries for keywords and respond to them. More powerful chatbots can use Artificial Intelligence and Machine Learning to provide a more personalized user experience based on a specific customer's data. Chatbots, unlike humans, can provide service 24 hours a day, seven days a week, without the long wait times associated with traditional human customer service. They never tire, so you don't have to worry about providing poor service. Chatbots relieve you of the repetitive and monotonous task of answering simple questions indefinitely. If a chatbot is unable to respond to a request, it forwards it to a human specialist who can assist with the problem. Custom CRM for Better Customer Relationships Many businesses use CRM software to keep track of individual customers' data. It is critical to understand each customer's data so that the sales team can communicate with them effectively. It is beneficial to have all of the necessary information so that each customer can receive personalized service. CRM can significantly improve sales process efficiency by providing instant access to data such as contact information, purchase history, customer service contact history, and more. This information is important because it allows you to anticipate your clients' needs and, as a result, provide an excellent customer experience. Collecting and integrating customer feedback data into your CRM gives you a better understanding of the needs of your customers in relation to the product or service you provide. These insights can be used to identify problems and improve your offering to better meet the needs of your customers. Bottom Line A smart e-commerce customer service strategy is essential for business growth. You will get 360-degree customer profiling and ensure 100% customer consent across all touchpoints with a customer identity and access management solution. This enables you to create marketing and loyalty programmes that are tailored to your target audience. Customer experience may not be the favourite activity of most businesses, but it should be a major focus. Analyze your customer service and look for areas where you can improve when looking for ways to improve your e-commerce website.

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Most Common Mistakes Companies Make When It Comes To Payment Methods

The number of available payment methods, both physical and online, is constantly expanding. While some people prefer to use their smartphone to make purchases, others prefer to use the more traditional method of payment: cash. As a result, businesses must adapt to newer payment methods in order to provide as many options as possible while also ensuring that traditional methods remain available.

-Photo created by jcomp on freepik There are still recurring issues with many brands' payment methods, and it is critical that these are identified and resolved as soon as possible. At SifiPay online payment gateway, we remember that half of users say they would abandon a purchase if the company did not accept their preferred payment method at checkout, implying that the quality of the transaction process is critical for brands and can mean the difference between securing and losing a sale. With this in mind, here are the most common payment mistakes made by businesses: Asking for too much information Because of the fast pace of modern life, time is one of our most valuable assets. This is why we must strive to complete all of our daily tasks as quickly and easily as possible. According to experts, companies frequently request too much information from users during the online checkout process. This can make the best payment gateway process appear lengthy and tedious, leading to some customers abandoning their purchases during the checkout phase. To avoid this, they recommend that businesses only request data that is absolutely necessary or use the tokenisation process, which means that customers only have to enter their bank information the first time they make a purchase from the website, thereby improving the customer experience in the future. Little variety in payment methods As a result of the rapid technological advances of the last few years, an extremely diverse range of payment options has become available. Many people believe that in the future, methods such as cash or even credit cards will be replaced by options such as biometrics. Because of the security and simplicity that they provide, the new methods are gradually gaining popularity. As a result, we recommend including these alternative payment methods, particularly those that are gaining popularity. Despite the fact that biometric payment methods appear to be a thing of the future, they are already being implemented globally and will continue to grow in the coming years. Despite this, many stores only accept cash or credit cards, a mistake that can result in significant sales losses. Failing to consider local payment preferences When it comes to offering their products or services in the international market, businesses must consider a wide range of factors. Finding a good partner who will handle shipping is one example, as is finding a way to translate your website into a foreign language. What many people overlook is the significance of providing local payment options. Mobile payments are more common in some African countries than in others in Europe. This example demonstrates the importance of researching the market into which we intend to expand in order to determine which payment methods are most commonly used so that we can offer them to clients. Having an unattractive, or unprofessional design Aesthetics are important in the online world, so most businesses invest in a visually appealing website design. Payment experts emphasise that some businesses overlook the aesthetics of the payment window. If a user arrives at a well-designed page with a blue colour scheme (for example), but the payment window is covered in red tones, the user may become suspicious. It is even more critical that its design is responsive so that it displays properly on any device. Given that all of the marketing and advertising effort pays off and culminates at the time of transaction closure, we should not underestimate the importance of the payment window. We live in the age of immediacy, and we seek quick, intuitive solutions that are also tailored to our individual preferences. Companies must implement this concept in all aspects of payment methods, just as they do in the majority of their processes and communications.

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What is a cashier system and why merchants should use it?

Starting the payments may not be the easiest thing to do. You must find the best payment service provider (PSP), look for a variety of payment methods, consider the best banks, and deal with a number of concurrent issues. You also have the option of using a white-label payment gateway. Without a doubt, that is a high-quality solution. However, the white-label gateway has two major drawbacks for a merchant who only wants to accept payments. The first one is the cost. The second is the length. As a result, the merchant may have to wait a month or so for the white-label gateway team to review the application.

-Photo created by pch.vector on freepik Does this imply that a white-label online payment gateway is a poor choice? Certainly not. The difference is that it better meets the needs of ISOs, PSPs, and acquirers. What should merchants do if they want hassle-free and cost-effective processing? A cashier is the answer. This article will explain what it is, its main benefits for merchants, and its working principles. What is the cashier? The cashier serves as a sort of intermediary or buffer between the merchant and the payment processor. This system connects merchants to a variety of providers. The cashier will be responsible for providing the necessary software. That is, the system's primary goal is to provide a unified environment for managing multiple providers. As a result, the management of a company's finances can be done from a single location. What are the cashier’s benefits? The most significant advantage we can think of is that you can access a wide range of integrations with just one cashier connection. PSPs, payment cards, alternative payment methods, wire transfers, and other services are among the integrations available. Why is it so important? Assume you're looking for payment solutions. In most cases, you will require the services of more than one provider. This is due to the requirement to serve your e.g. GEO needs differently. Collaboration with the cashier also benefits cost-efficiency. The cashier's job is based on smart routing, which connects the merchant to the appropriate connector to reduce fees. How does it function? The payment processor's limited network or the lack of a smart routing option can cost you money and time. The cashier can put you in touch with a local provider to ensure a lower transaction fee. What features does the cashier system offer? The number of integrations is the most important cashier's feature to pay attention to. The main tenet is "the more, the better." As a merchant, you almost always require more than two providers. As a result, you should stick to the cashier, which has a large selection of APMs, acquirers, PSPs, and so on. However, there are some additional features to consider. Smart routing – You can specify the flow strategies for your transactions using this feature. As a result, each transaction will be routed to the most appropriate payment provider. As a result, the decline ratio decreases and conversion increases. What's more, various data can be defined as the primary routing parameters. It could include geolocation, customer data, risks, and so on.

-Photo created by pch.vector on freepik Optimized fee management – This function aids in the real-time calculation of external charges from third-party providers. This keeps you in the loop and in control of your spending. As a result, the stored fees can be used to optimize costs through smart routing. Global approach – That is, the cashier system can serve your international reach while also performing well on a local level. The cashier must provide a diverse range of credit card acquirers, APM providers, CRM platforms, digital wallets, and so on. The system should be highly adaptable in order to accommodate new integrations. Hassle-free payouts – The cashier, as a payment intermediary, should provide a secure and smooth payment environment. And the payouts are an essential part of it. This feature will be very useful if you work in industries such as forex or gambling, as it will ensure your control over financial disbursements. Cascading – This feature refers to the cascading of declines between some payment providers or acquirers. Following that, this allocation increases conversion. Reporting – As the cashier system allows you to work with multiple providers, you must have access to complete and transparent reporting. Ascertain that the system provides precise payment flow monitoring. It's critical to have all of the information gathered in one place that you can easily access. Furthermore, the system should allow you to create customized reports to gain a better understanding of your performance. With these features, you can be certain that the payment system is working properly. Not only will you be able to avoid overspending, but you will also be able to offer your clients the best payment options. Conclusion Your long-unresolved issues may be resolved by the cashier system. Reduce expenses, optimize payment routing, and properly cater to your needs, especially if you work in a high-risk industry. However, the main advantage that we've mentioned is that only one integration gives you access to a wide range of payment solutions. As a result of collaborating with the cashier, you will receive a separate tech department. It is designed to help you with your processing-related tasks. Once again, this is a good option for merchants who require more than two providers. Aside from technical features such as smart routing, cascading, and so on, we are prepared to provide consultation during document submission. That is, we can assist you with the compliance check performed by the third-party processor of your choice.

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Top 4 Tips for Choosing the Right Payment Gateway for Freelancers?

One common concern among the freelancer community is obtaining consistent income. A freelancer's life may be quite advantageous; you get to choose your own working hours, you have the freedom to reject a project that does not appear viable to you, and, most importantly, you are your own boss! The most significant disadvantage of freelancing is the constant struggle to receive payments. While most freelancers avoid hounding their clients, failing to get paid on time can quickly lead to depleted coffers. As a result, putting in place a streamlined digital payment system makes the most sense for a freelancer in order to ensure timely and prompt payments. SifiPay can assist freelancers in selecting the most cost-effective Indian online payment gateway that allows clients to pay online.

-Photo created by freepik  The following is an A-to-Z guide for all freelancers who are having trouble deciding on the best payment gateway. These are the most important factors to consider when choosing a payment gateway for a freelancer. How can a Payment Gateway Help Freelancers with Online Payments? A sizable portion of freelancers' clients are found online. Both parties have most likely never met in person. As a result, payment settlement becomes a major issue. Especially when clients begin to question a freelancer's credibility. Thus, regardless of the payment gateway freelancers choose for their website, it should provide a full-stack digital payment system for the client and ensure that there are no snags during the payment process. SifiPay's payment gateway is designed with the customer in mind, making it convenient for both the freelancer and their clients. With SifiPay's best payment gateway, freelancers no longer have to rely on bank transfers, NEFTs, or RTGS, which can take days. These payment gateways enable freelancers to receive internet payments at any time, from any location in the country, for a small fee. Furthermore, if a freelancer is working with multiple clients at the same time, collecting multiple payments at the same time can become a daunting task. Not to mention that an inordinate amount of time may be spent sending separate payment requests to various clients. SifiPay's digital payment solution can help in this situation. The robust payment processor used by SifiPay is capable of processing lakhs of payments at the same time without any glitches. It can help freelancers automate their payment collection process and track payments easily through SifiPay's merchant dashboard. Nonetheless, freelancers must select the best payment gateway to help them expand their freelancing careers. Here are the top four considerations for freelancers. Diverse payment options Payment gateways provide a variety of online payment services from which the client can choose. There is a payment option for everyone, from debit/credit cards to UPI and net banking, Pay Later, and eWallet options. If a freelancer's website only offers one payment option, the freelancer is likely to lose potential clients quickly because this is inconvenient for the client.

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Transaction limit and fees Every payment gateway has a different transaction threshold. This means that the payment gateway will not process transactions exceeding that amount. As a result, freelancers must consider the payment gateway's transaction limit. With SifiPay, freelancers can request an increase in the transaction limit at any time, with no additional online payment gateway charges. Another thing to consider is the payment gateway's transaction fees. Some service providers also charge exorbitant annual, maintenance, and setup fees. Depending on their pricing plans, these fees may differ for each payment gateway. SifiPay offers best-in-class gateway services at low payment gateway fees. There are no hidden fees, maintenance fees, setup fees, or pre-transaction charges with SifiPay. This makes it ideal for freelancers who want to avoid unnecessary expenses while also allowing their clients to pay online. Request payments in bulk A popular freelancer may be working with dozens of clients at the same time. Sending internet payment requests to each of them individually is a massive and time-consuming task. One of the simplest ways to collect payments is to send a payment link. The payment links provided by SifiPay make it extremely simple for freelancers to send bulk payment requests to as many entities as they desire. The link, on the other hand, will take the user/client to the payment gateway, where the transaction will be completed in seconds. As a result, freelancers save time, get paid quickly, and save money! Security It is critical for a freelancer to protect their payment information as well as that of their clients. Many popular online payment services entice new users with low transaction fees, but they provide no security, which is why it is preferable to use a trusted payment method. When a freelancer uses SifiPay's payment gateway, their payment security is enhanced. SifiPay aims to completely protect users' interests by implementing stringent security standards and global safety measures. As a result, SifiPay's payment gateway encrypts data so that no one, not even the freelancer, can access private information. Conclusion As we move into a post-Covid world, an increasing number of people are leaving traditional jobs to pursue freelancing as a lucrative career. To assist freelancers on this journey, SifiPay's payment solutions are the most compatible digital payment solutions that freelancers can implement quickly. SifiPay's ultra-secure best payment gateway, combined with advanced technology, assists freelancers in rapidly growing their businesses. So, if you are a freelancer with your own website and are looking for a secure payment gateway, get in touch with SifiPay right away!

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Use of Multiple Payment Gateways – The Benefits

Everyone wishes to increase their revenue. However, driving ever-faster growth necessitates continuous business and technological innovation. Innovative businesses are constantly pushing the limits of their infrastructure, including online payment gateways, in order to expand into new geographies, markets, and business lines. However, the demands they place on their businesses are frequently limited by the limitations of their technical infrastructures.

- Photo created by rawpixel on freepik One area of constraint for merchants is the payment acceptance solutions they use. In these payment and e-commerce infrastructures, flexibility is essential for innovators. Many payment solutions may not be well suited or adaptable to the unique needs of merchants and marketplaces. As a result, an e-commerce company's ambitions to expand into new markets will be limited or delayed. As a result, innovators frequently encounter limitations in their ability to adapt siloed solutions to meet their specific business and technical requirements. This paper investigates how innovative, fast-growing businesses rely on multiple payment gateways to meet their unique and changing payment needs. Payments Support a Great Customer Experience Simultaneously, fast-growing businesses thrive by providing an exceptional customer experience. Customers who return and recommend a service expect more than just a fair price. Accepting payments is an important part of the customer experience. Transactions that are declined and approvals that take too long can harm goodwill and reduce customer lifetime value. Furthermore, the inability to accept payments in the manner that customers demand "or in the markets that customers are in" can result in long approval latency times, or even the inability to accept payments in the manner that customers demand, all of which contribute to a harmed customer experience. To provide a great customer experience, it is necessary to reduce false declines, reduce latency, and ensure that customers can pay in the way that they prefer. That isn't always easy with a single gateway, as we'll see in this post. Using Multiple Payment Gateways - Primary Business Advantages As a result of these challenges, fast-growing businesses connect their applications to multiple gateways to enable both business and technical innovation. Let's take a closer look at some of the main reasons for using multiple payment gateways. 1. Multiple Payment Gateways Support Business Innovation E-commerce is expanding at a breakneck pace. As this growth continues, more businesses will expand into new markets and develop new business models. E-commerce services that support more than one payment gateway can introduce new and dynamic business models. A delivery service, for example, aims to bring on thousands of restaurants and corner stores. However, each of these merchants has their own payment provider. The delivery company would rather differentiate itself by making it easy for new merchants to onboard by offering easy connections to whatever gateway the merchant uses, rather than integrating with each provider. 2. Multiple Payment Gateways Increase Geographic Coverage When your company grows, especially when it expands internationally, the need for more than one gateway becomes obvious. As you sell in different countries, you'll notice that the level of support varies. Some gateways may claim to support a specific country, but in reality, their support may be limited to specific payment methods and currencies. Alternatively, their ability to complete transactions successfully and quickly is less appealing. This is especially true when comparing domestic versus international payments. An e-commerce service can route transactions to the best online payment gateway that provides the best support for a specific region by adding support for multiple payment gateways. As a result, more transactions are completed successfully across multiple markets.

-Photo created by rawpixel on freepik 3. Multiple Payment Gateways Support Business Flexibility When you consider the flexibility it provides your team, using multiple gateways makes excellent business sense. Working with a gateway in a specific region may reveal that fees, contract requirements, and other business issues reduce the value you receive from your relationship. You can easily shift your transactions to another partner if you work with multiple gateways. Merchants can use a variety of payment gateways. And, unfortunately, some of them will not be around in the long run. Storing card data outside of the gateway, or in a backup vault outside of the gateway, provides tremendous security and flexibility for your team to switch gateways if necessary. More commonly, the gateway may simply go down or become unresponsive. When this occurs, you risk losing a significant amount of customer goodwill, not to mention revenue. However, if you have multiple gateways available, you can efficiently re-route transactions through an alternate gateway with minimal disruption. Another scenario is when a merchant has an unusually high volume of transactions. 4. Use Multiple Payment Gateways to Support Merchant Account Flexibility There were two types of providers as the payments industry evolved. One that provided both a gateway and a merchant account. And others that were only accessible through a gateway. Despite the higher transaction costs, merchants who desired simplicity frequently chose the combined approach. While higher volume merchants who were comfortable managing the process would frequently use their own merchant account and choose the less expensive transaction fees. While both are valid options, the merchant chooses a middle ground in which both are used. 5. Connecting to Multiple Gateways to Support Payment Options Offering payment options that your customers require is part of providing a great customer experience. PayPal is an example of this. Many consumers have PayPal accounts and prefer to use PayPal rather than entering credit card information into yet another website because PayPal is one of the world's largest internet payment companies. This same advantage can also be a disadvantage. Having to navigate away from your checkout page to the PayPal site is a bad user experience that can hurt sales. This problem can be avoided by using multiple gateways. At the same time, this approach serves as an excellent backup in the event that your primary online payment gateway or merchant account fails. 6. Access to Additional Payments Functionality A merchant may have a preferred payment gateway with which they want to work due to preferential rates or other business benefits. However, that gateway may not provide all of the services that they require. They may, for example, not support Level 2 or Level 3 metadata. Alternatively, they may not support the 3DS. As a result, connecting to the gateways that cover the required use cases makes sense for business reasons. When Level 2 or 3DS support is required, the merchant can simply redirect transactions to the gateway that meets their requirements.

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Know all the Difference between Merchant Account and Payment Gateway

Merchant account is a retailer's bank account that allows payments from consumers' credit or debit cards. Online payment gateway on the other hand, is not a bank account but it only acts as a terminal for verification and authorization of transactions in credit card processing.

-Photo created by macrovector on freepik Merchant accounts and payment gateways are sometimes conjectured as one for the fact that both deal with financial transactions. But actually they are both very different from each other though they are partners in the matters of online business and financial transactions. What a merchant account is It is a type of bank account that allows credit or debit card payments for goods or any services offered in any business. It practically manages all the financial transactions in your business such as payments. Many chose to have a merchant account because it has great benefits to both the retailers and the consumers. To the buyers, it saves them time and the problem of paying cash-only payments. They can buy expensive stuff too from stores without worrying about bringing large amounts of money in their wallets. To the sellers, it saves them from constantly sorting all the cash and checks in their business because everything would be done electronically. Getting a merchant account isn't easy and it is not for free, meaning account providers charge fees to every transaction and service made in the merchant account. That is why there are terms, conditions and policies that retailers should fully understand and certain factors that retailers should consider before a merchant account could be approved by any account providers. These factors are very crucial too to account providers because these factors will give them the assurance that your business would be strong enough against economic instabilities or financial crisis because account providers too are affected when that happens. What a payment gateway is Payment gateway is not a banking account but serves as an authorization and verification agent on behalf of the seller. It is the middle line between retailers' online stores to the financial transactions between the consumer's credit or debit card to the retailer's merchant account. It acts as a terminal for credit or debit card validation and transaction details encryptions.

-Photo created by macrovector on freepik Payment gateways are very helpful in online businesses. It is in online business that a payment gateway is connected with a merchant account. Here's how the best payment gateway works in online sales processing to let you understand how it is different from a merchant account: Buyer visits a business site and selects items that he wants to buy. The buyer then receives a copy reviewing all of the items he selected and he then clicks on the "buy me" button when he's sure with his purchases. All items selected will then be put in the electronic shopping cart meaning that it is being ordered. The consumers are then asked to put some details about their credit or debit card accounts before completing the buying process. When confirmed, the site will then pass the transaction details to the payment gateway. The payment gateway will send transaction information to the bank in which the customer's card was issued. The issuing bank will then give a response to the payment gateway whether it was approved or not. If approved the buyer's credit card will be debited and the retailer's account will be credited. The online payment gateway will forward the response to the retailer's merchant account server. The merchant account server will relay the response to the customer to let him know if the order was successful or not. This process will only take a few seconds and at the end of the settlement period, the customer's issuing bank will deposit the total amount of money in the transaction details to the retailer's account. Payment gateways usually log all the delicate information in business transactions to ensure that it is securely transferred from consumers to retailers.

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Payment Gateway Processing Way-outs For Merchants

The internet is one of the world's best and most enduring inventions, a medium of communication that is not only faster and more efficient. Apart from being an excellent communication medium, the internet is also one of the best places to conduct business. The growing number of e-commerce websites on the internet today demonstrates how effective and popular this new method of shopping and trading has become on a global scale. However, because of the ever-increasing competition, it is essential to have an easy-to-use and efficient online business website if you want to attract online shoppers as well as retain regular customers.

-Photo created by jcomp on freepik It has been observed that businesses and industries operating on the domestic front require secure gateways to promote their operations. They can look for solutions and thus contact an online payment gateway provider. To ensure that your industry runs smoothly, you connect with experts and thus complete every deal without complication. You contact them to promote your company on domestic fronts in order to increase your payouts and revenue. As a result, in order to obtain long-term transactions, you must stabilize your transactions using the best procedures. Credit card or debit card service for all industries A credit card or debit card allows you to receive instant funds from your clients, putting your mind at ease. There is no need to be concerned if you are looking for quick payouts. You are at ease because funds are constantly being transferred via credit card processing. Similarly, debit cards provide you with an instant amount of money when your customers purchase your product. The funds are transferred from the client's account to the merchant's account. This increases your revenue and elevates you to a prominent position on a national scale. Merchant Account solution for all business owners If you own a business, you'll need a merchant account, which is a type of bank account that allows online businesses to accept payments directly on their website. This type of procedure serves as an agreement between the corporate owner, the bank that provides the account, and the processor to settle all credit card/debit card transactions on the internet. As a result, there is no delay in a transaction using this method, and consistent development occurs. To get rid of frauds or scams with the pay-out processes Industries appear to seek payment gateway processes and, as a result, contact the processor in order to eliminate fraud. As a result, you can integrate a number of promising tools to help your industry thrive. SSL integration, API incorporation, and other features can help you take your industry to the next level. As a result, you seek effective supplementary solutions to avoid chargebacks or scams.

 -Photo created by jcomp on freepik E-Wallets offer an instant transfer of funds If you own a business, you can look for e-wallets to help you with online payment processing. It is concerned with an electronic technique that clients can use to practise automated transactions. Users can safely save their bank information and credit card information in the e-wallet. As a result, this type of process is appropriate for online purchases that require approval. Avoid chargeback with supporting devices A charge-back occurs when a client disputes a transaction and their issuing bank or credit card company begins the mandatory return of capitals to the client. Effective way-outs can help you avoid chargebacks. As a result, advanced tools help your industry thrive in transactions, resulting in fantastic revenue. Address Verification Service for securing your dealings Visa and MasterCard offer a fraud-prevention service that checks the billing address provided by the customer on a regular basis. Once verified, AVS sends merchants a return code indicating how well the addresses match, and it is up to the merchant to assess the risk and decide whether or not to purchase. As a result, we observe that providing suitable alternatives to merchants aids in making their gateway secure and hassle-free. Aside from the services mentioned above, there are other processes that can be used to generate good deals for merchants using the best payment gateway India.