Integrating a payment gateway into your store will give your website security and improve the overall user experience. How to choose payment gateway for website? In the following article, we will talk about the definition of payment gateway and the way to choose a payment gateway for your website in detail.
What is a payment gateway?
A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payments processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. The payment gateway may be provided by a bank to its customers, but can be provided by a specialised financial service provider as a separate service, such as a payment service provider.
A payment gateway facilitates a payment transaction by the transfer of information between a payment portal (such as a website, mobile phone or interactive voice response service) and the front end processor or acquiring bank.
Types Of Websites Use Payment Gateway
E-commerce websites like Amozon, eBay, etc from where anyone pays online and purchase some goods. Service providing websites like life insurance websites, debt consolidation websites, etc from where anyone can pay online to buy or renew their insurance policies etc.
How to choose payment gateway for your website?
1. Understand what the gateway does. The payment gateway processes the customer’s credit card information by sending the data to the gateway’s web server, which then makes the sale and sends the confirmation back to the website. You can quickly integrate your gateway into your website’s shopping cart software.
2. Check with your web host. Your web host or online shop software provider may provide payment gateway services that you can quickly implement on your suite. Check your website’s control panel or your online shop’s admin page to see if there are payment gateway options.
3. Browse your options. There are a lot of different payment gateways out there, and they can get a bit confusing. Before you start looking, check which gateways your shopping cart software supports. Your shopping cart software’s support site should have a list of compatible payment gateways.
4. Pay attention to fees and conditions. The payment gateway will typically charge you a one-time setup fee, a monthly fee, and then charge a small fee for each transaction processed. Compare rates to find the service that meets your needs the best.
5. Pick between an external or a direct gateway. External gateways (also known as “redirect”) send your customers to another website to process the payment. Direct gateways (also known as “transparent”) do the processing within your store, keeping the customer on your site. If possible, choose a direct gateway, as they look more professional.
6. Sign up for a merchant account. You will need to sign up for a merchant account, which you then link to your payment gateway. This will allow you to receive payments from the customer. Merchant accounts will typically charge you per transaction as well.
7. Sign up for your chosen payment gateway. Once you sign up for your gateway, you will be provided the necessary information that you will need to provide to your online store software.
Payment Gateway For Website: Oceanpayment
As global digital payment service provider, Oceanpayment not only support the access of global mainstream SaaS & Open source website platform such as Shopify, Shopline, Shopyy, WIX, Woocommerce, etc., but also cover international credit card acquiring and localized payments such as Visa and MasterCard , American Express, UnionPay International and other alternative payment methods covering more than 10,000 websites.
What better way to serve your customer in a secure and efficient way? Partnering with Oceanpayment and start your global business trip today! Contact details >>>