If you want to offer your customer a safe, quick and easy-to-use payment system, the chosen payment solution has to satisfy both the needs of your customers and business. So in this article, we will talk about what is payment gateway, how does it integrate, and guide you on how to integrate a payment gateway into a website.
What is payment gateway integration?
Technically speaking, a payment gateway is a technology that easily connects merchants and customers to the payment network. The purpose of the payment gateway is to collect customer information and send payment through the bank to approve the purchase. After the bank sends the response back, the payment will be sent to the website. Merchants can integrate banks with their payment gateway to increase business sales. Sensitive information such as credit card data of merchants and customers is encrypted. It moves to the relevant bank through a payment portal in a secure environment and guarantees security.
After determining needs in terms of functionality and security, the next issue is the integration of the user’s payment experience and technology. Payment gateways generally provide multiple integration methods, each of which has different user experience and technical requirements. The following are the most common payment gateway integration methods:
- Hosted Payment Page
After the user confirms the order on the merchant website and clicks the “Continue Payment” button, the browser will jump directly from the merchant website to the payment page provided by the payment gateway, where the card information is entered and the payment is made.
- In-Context Popup
After the user confirms the order on the merchant website and clicks the “Continue Payment” button, a payment module pop-up box provided by the payment gateway will pop up directly on the current page, and the user can make the payment without leaving the merchant website. The most typical example is PayPal in-context checkout.
The payment gateway extracts the part containing the input card information and the payment button into a common component, allowing the merchant to load the payment component into the page in the form of an iFrame when rendering the payment page.
After the user enters the payment information on the merchant website and clicks the payment button, the API request is sent directly from the back end of the merchant website to the payment gateway.
Payment gateway integration：Challenge and opportunities
Payment gateway integration for global payments is slow, expensive and inefficient. E-Commerce leads to inconsistent development of technology in various places. Nevertheless, it must be understood that this kind of thing plays an important role in the establishment of international trade. When we talk about banks, the national banking infrastructure is not built in a way to handle global payments. Different software platforms complicate this situation, which further stops E-Commerce transactions.
Acceptance of various currencies and payment methods is another challenge. Merchants need to compete in the international market, and for this, they allow customers to pay in their own currency. Similarly, merchants need to find a room in each country’s market and conduct E-Commerce transactions and multiple currencies. Merchants seek the help of electronic payment methods, such as mobile payments, e-wallets, and credit/debit cards. They will need new business entities, new bank accounts and deal with new regulatory obstacles.
Online payment gateway integration is not just a medium for receiving, storing and transmitting customer data. It can ensure the safety of other people’s websites. People will only use it if they are familiar with and use the gateway safely. Savvy online store owners have taken a step forward by providing mobile payment support, making shopping a convenience for customers. Having multiple gateways allows merchants to customize customers’ payment methods and provide your customers with their favorite payment methods. As with any payment gateway, security plays a key role. In addition to the security of actual data, having different payment gateways can also provide customers with a sense of security. According to Bayard, 19% of shoppers abandon their shopping carts simply because they believe that credit card information is shared unsafely. However, when you have multiple payment gateways, this issue will be resolved.
Payment gateway integration solution provider: Oceanpayment
All the problems mentioned above can be solved by choosing payment service providers that can provide immediate and effective solutions and have a complete infrastructure. In this way, merchants can easily accept currency payments and can credit the same amount to their superior account in their own currency.
As a fin-tech company in Hong Kong with global digital payment technology and business qualifications, Oceanpayment has long provided product and operational support payment security services for global merchants as a payment gateway integration solution provider. For more details, please contact us!