Payment Gateway | Pay without OTP
by Amald 01 business servicesA 2D Payment Gateway refers to a payment processing
software that lets customers pay without using OTP and without a security
check. It only demands a credit card number and expiry date and after entering
these details, the investment is completed.
A Payment Gateway is quite essential to initiate a
business. It authorizes merchants that they can provide facilities of quick and
user-friendly payments services to their customers and the payment gateway also
offers modified merchant accounts to merchants. Either it can be a 2D payment
gateway or a 3D. Besides, a 2D gateway is processed with domestic and
international bank accounts. Really, if a merchant requires a payment gateway then
he has to apply for a merchant account.
Most people do not understand the importance of a
2D secure form of payment gateway. In 2D payment processing, a customer can
effortlessly pay by just entering his card details on the merchant’s website.
And, details like card number and card expiry date are sufficient to pay for
any of the products or services he wanted to purchase.
Amald generally suggests 2D payment gateways to
high-risk businesses if you are a merchant who wants to integrate a dedicated
payment gateway on your website.
The dissimilarity between 2D Payment Gateway and 3D Payment Gateway
1. 2D Payment Gateway
- It refers to a 2 Domain secure payment
gateway.
- When a customer is allowed to pay by just
entering credit card details like credit card number and expiry date, and
not requiring any one-time password or any kind of security check. So we
can call it a 2D payment gateway transaction. However, it does not require
any further password to process the transaction.
2. 3D Payment Gateway
- It refers to a 3 Domain secure payment
gateway.
- When
you are paying via a debit/credit card and it implicates a 3D page
authentication and ask for OTP or a 3D secure password after entering the
card details like card number, expiry date, and CVV then it refers to a 3D
payment gateway transaction. It also provides an extra factor of security
to online payments.
Prerequisites for a 2D Payment Gateway
1. Industry’s Functional
Website: It doesn’t matter which type of business you are running, it can
be e-commerce, forex, or online gambling, but you will need to have an
operational website of your registered firm.
2. Merchant Account:
A basic requirement for any business owner who is dealing online needs a
merchant account. It will allow you to perform online transactions for your
bank and you can work like a bank account yourself. A payment gateway itself is
integrated into your website and settles the amount in your merchant account to
the acquiring bank.
3. Transaction History:
Each and every company/industry has a transaction history when dealing with the
businesses but most of the service providers ask for at least transactions of
the last 3 months but in some rare cases, they can ask for 6-9 months' history.
So you will just need to be ready with your transactions history to show it to
the service providers.
4. Additional ones:
The team of a service provider will also need some other documents like the
business owner’s address proof, monthly payments record, website history,
company documents, etc. Basically, it relies on the firm and the products in
which they are usually dealing.
Features of a 2D Payment Gateway
A 2D payment gateway is helpful for those types of businesses that
require fast transactions in less duration of time.
- Deals
in multi-currency: If a business has requirements from other
countries. So, a company will have to be convenient to the customers and
the multicurrency feature allows customers from different countries to pay
in their local currency.
- Payment Modes: It means another convenient
feature that is already integrated a payment processing in the form of
different modes of payment. Credit Card
Processing is not a single method. eWallets, Net banking, and many
other modes of payment are important too.
- Preventing Frauds: Nobody wants fraud in any
kind of business. So, a Fraud Prevention feature of a payment gateway
keeps a record of the fraud and terminates a payment if there is any
suspicious activity in the history or in present.
- Easy Integration: It usually depends on the
payment service provider that you’ve selected. At Amald, we have different
plugins to integrate the 2D Payment Gateway smoothly with other features.
- Person-to-person
Encryption: Person-to-person encryption improves the
transaction experience of a customer. It will keep your data safe and
secure to avoid the actions of a third party on it. Encryption provides
you with a safe environment to complete all the payments.
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Created on Apr 28th 2022 02:10. Viewed 134 times.