With dozens of online payment options to choose from, which credit card payment gateway should you choose? In this article we will mainly talk about what is credit card payment gateway, how does it work and find out the best credit card gateway providers for your business.
What is credit card payment gateway?
A credit card payment gateway is a connection point within the payment journey. A gateway connects your shopping cart, point of sale system or virtual terminal to the next point in the payment authorization process. Gateways connect businesses to payment processors, major credit and debit card networks, and your customers’ issuing banks. It’s often an invisible connection point doing work behind the scenes.
Credit card payment gateway can be used for processing payments online, in-store or both and are used by merchants of every size in every industry. Gateways provide easy integration and setup options that offer access to major payment processing platforms.
Credit card payment gateway allows businesses to accept payments online. They transfer information from a transaction on a website to the credit card networks. Thinkof the payment gateway as the equivalent of the POS in a brick-and-mortar store. You need software to send the messages between all parties involved in a transaction.
How does credit card payment gateway work?
Now that you’ve understood what credit card payment gateway is, let’s take a step further and analyse how a payment gateway works throughout the payment journey.
Customers complete a credit card transaction on a website by entering their card information. They then get a digital receipt for the purchased goods or services. It happens in seconds, but here’s what is going on behind the scenes:
The customer’s credit card information is encrypted by the payment gateway.
The information from the transaction is sent electronically to a processor.
The processor sends the transaction information to the credit card network or issuing bank.
The credit card network/issuing bank approves or declines the transaction.
The credit card network/issuing bank sends the approval or denial back to the merchant.
The funds are deposited in the merchant’s account, typically within two business days.
How to choose credit card payment gateway for your business?
Choosing the right payment gateway is an important decision for your business, consider the following aspects before choosing the credit card payment gateway:
Multiple payment options: Think about the types of payments you want to accept, including international, AMEX, and PayPal.
Multilanguage Options: If you accept international payments, you may need your gateway offered in multiple languages.
Multichannel Processing: To accept payments online, in-store, and on a mobile device, you’ll want the payments seamlessly integrated.
Compatibility: If your gateway is separate from your payment processor, you’ll need to ensure compatibility with your existing systems.
Fraud Protection: Some gateways offer fraud detection, keeping your business and customers safe.
Mobile Interface: If you operate in multiple channels, you’ll want a consistent appearance across all platforms, including mobile devices.
Virtual terminal: Manually enter a customer’s card info on a tablet or computer and the payment gateway processes the transaction.
Invoicing: Invoicing and subscription support makes it easy to invoice customers and collect payments all in one system.
Analytics: Easily access your business’ reports on sales, chargebacks, transactions, and fees.
Credit card gateway provider – Oceanpayment
As online credit card gateway providers, Oceanpayment has the highest level of security certification in the global financial industry PCI DSS LEVEL 1, and supports credit cards such as Visa, MasterCard, JCB, American Express, Discover, etc.
To learn more about how to accept credit cards online, connect with our payment experts team, we’ll work with you to offer customized payment solution that fits your business model. Contact details >>>