The Advantages of Using a Secure Modern Payment Gateway

by Pay Tabs PayTabs
When you set up an eCommerce store using any of the platforms such as WooCommerce, Shopify, Magento, VTEX, Tictail or BigCommerce, the next step will always be to enable payments.

Setting Up a Payment Gateway
You must understand that accepting payment is not as easy as switching on a light bulb and it involves many complicated processes. However, it shouldn't be so much complicated that it starts disrupting other processes and transactions. You should take care of this thing at every step of the way, when you are in the process of setting up a Secure Payment Gateway.

Finding The Right Payment Gateway
Just like finding the right clothes for you finding the right payment gateway is also a time consuming process. It is extremely important as your mission is to make the entire payment process easier for your customers. We will provide you some practical tips to help you choose the payment gateway easily and quickly.

How Does a Secure Payment Gateway Function?
Sometimes, people have a little awareness about payment gateways and they do not fully understand why they need a gateway and how it functions on their eCommerce store.

Technically, a payment gateway is nothing more than an application through which an eCommerce store receives payment from customers in a secure manner. The process starts just after the user clicks on the payment or order button.

  • The first step in this process is to verify the billing information of a customer.
  • The next step is to verify funds for an individual’s payment method
  • Approval of the request is the third step wherein you’d be issued a confirmation number for the transaction
  • The final and fourth step is to receive payments

Now discuss what type of payment gateways are there and how we can use them. 
There are two types of gateways – modern and classic. Let’s discuss the modern gateway and the advantages associated with that.

Modern Gateways
In order to facilitate customers and to simplify the processes associated with payment gateways, modern gateways were introduced.

With modern gateways, you do not need to open or apply for a merchant account which was earlier mandatory. It is a bank account that allows the receipt of online payments directly into your account. In the absence of a merchant account there was no way you could have transferred money into your bank account.

Not having to open a merchant account simplifies the entire integration process as it involves directly drawing funds from the customers’ accounts or payment methods (such as credit cards and debit cards) and depositing it right into your account.

While using a modern gateway, you just need a valid bank account and that suffices for the purpose.
At present, there is no dearth of classic gateways around the world and modern gateways are very few in number but they are increasing steadily. We hope that you would not have to work hard to find a suitable modern gateway near future.

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About Pay Tabs Innovator   PayTabs

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Created on Apr 30th 2018 01:41. Viewed 716 times.


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