With a success online sales with WooCommerce, you need to make a critical decision which may directly affect your online business: which WooCommerce payment gateway should you choose?
Given that a payment gateway plays an essential role in your e-commerce, it can be a tough decision to make. In this article you will find out how the payment gateway works and how to select the best WooCommerce gateways for your business and especially for your customers.
What is Payment Gateway?
Payment Gateway is the interface between the bank’s financial network system and the Internet. It is a set of server devices operated by the bank to convert data transmitted on the Internet into internal data of the financial institution, or a designated third-party processing merchant Payment information and customer payment instructions.
The payment gateway in the terms of WooCommerce is a WordPress plugin for WooCommerce that allows customers to use third-party payment systems to pay for products and services.
- All of these require an account with a payment gateway company.
- Each payment gateway has terms and fees set by its own company. This is separate from the WooCommerce extended subscription. Contact the payment gateway company directly and ask questions about account requirements, terms and fees.
- Some can have multiple options based on different account types, transaction types, or redirection methods.
How does payment gateway work?
When your customers pay through your WooCommerce store, the payment gateway performs several important actions. First, it passes the payment through the store’s server, then transfers the payment from the payment portal to the issuing bank and asks for confirmation.
According to the bank’s response, the payment authorization request can be accepted or rejected, the response is returned to the payment gateway through the merchant server, and the server responds allowing the customer to continue the purchase. This process takes about a few seconds.
What is Woocommerce?
WordPress is a very popular open source website building program. According to statistics, nearly 30% of websites in the world are built through WordPress, and there are many types of websites, such as corporate websites, blogs, video websites, small portal websites, and electronic There are also some brand sites, such as the famous Facebook news studio, Linkedin official blog, etc.
Thanks to the support of countless excellent WordPress templates, plug-ins and open source workers, we can use the WordPress website builder to build a website with almost any function. Especially with the support of the Woocommerce plug-in, the WordPress website will have a B2C online store. Functions, such as product categories, product pages, inventory management, coupons, shopping carts, payment systems, etc. So now using WordPress+Woocommerce, we can also quickly build an independent foreign trade station.
WooCommerce payment gateway provider – Oceanpayment
Als Woocommerce payment gateway provider, oceanpayment aims to offer global payment solutions and help global brands quickly access the local market with high-quality payment products and services. After many years of accumulation and precipitation, Oceanpayment has formed global digital payment solutions and service capabilities that not only support the access of the global mainstream SaaS & open source website platform, but also cover international credit card acquiring and localized payments, and support Visa and MasterCard, American Express, UnionPay International and other credit card, debit card and prepaid card payments.
With high-quality digital payment solutions and services for tens of thousands of global e-commerce websites, Oceanpayment support more than 140 payment currencies at the same time, integrate more than 500 kinds of global payment products so that Consumers can choose their most familiar and convenient payment method to deal with the online shopping.