Online Payment Gateway: Everything You Need to Know before You Start Using It

by Sahil Verma SIFIPAY

The war against Covid is far from over, and if the pandemic has taught us anything, it is the importance of widespread digitization. People of all ages are now sending money digitally using an online payment gateway.

According to this source, 45 percent of those who knew about debit cards wanted to use them. Taking advantage of technology is always the best move for any business, especially if it is cost-effective. Your company must be able to accept online payments, and a payment gateway can help you do so. The gateway is responsible for approving transactions between your company and its customers.

Most businesses have seen exceptional profit after integrating a payment gateway. According to this source, the growth rate of electronic transactions in India has surpassed 10%. If you own an e-commerce platform but have no integrated payment methods, you are most likely not maximizing the potential of your business.

In this blog, we will cover everything there is to know about e-Commerce, international payment gateways, and more. We're confident that by the end of this blog, you'll have a better understanding of the entire system. It will assist you in making an informed decision about the best payment gateway for you.

What exactly is an Online Payment Gateway?

A payment gateway or front-end processor facilitates the exchange of information between a payment portal (such as a smartphone, website, etc.) and an acquiring bank.

For those who do not understand "technical," here is a step-by-step guide to the process:

Secure your credit/debit card transaction
Encrypts information of the transaction
Send to the Card’s processor
Return with a notice; either approved or decline

This is how your customers will know whether the transaction was successful or not. The process is seamless; it not only exchanges the customer's experience on your website but also ensures a safe and secure connection between the gateway and your website. If you want to take your business to the next level, integrating a payment gateway is the way to go.

Now the question that arises is-

How Online Payment Gateways Advantage Your Business?

Make Online Payments Possible

Merchants and business owners can use a payment gateway to accept and process credit card and debit card payments. It also makes it easier for businesses to accept alternative forms of online payment such as Net Banking, UPI, and others.

Payment gateway Integration, it opens up new opportunities for a company. This diversification of options enables business owners to meet the buyer's demands and needs. People are looking for options everywhere these days, so make sure your website has plenty of them.

Secure Sensitive Data

You don't want our potential customers to feel uneasy when they visit your company's website. The gateways make sure they don't. How? Payment gateways improve client data security and encryption.

The increased client security puts an online business at risk of fraud. As a result, having an extra layer of protection is critical. Customers frequently provide positive feedback to businesses that use payment gateways.

User Friendly

The integration of any E-Commerce Payment System should not complicate the user experience on your website. An online payment gateway India is completely automated, so there is no need for high maintenance or a high installation fee.

To get started, most gateways only require businesses to create an account, and that's it! Additional software updates are frequently scheduled, and businesses are prompted with notifications to upgrade their existing payment gateway.

Minimize the possibility of Fraud

Payment gateways are primarily used to reduce the likelihood and severity of online payment fraud. Payment fraud is common in transactions involving the use of credit cards to receive money from customers by internet firms and shops.

A payment gateway is a special security feature that provides businesses with a secure method of processing money, information, and other transactions that is completely secure for both operators and buyers.

How Do the gateways Keeps Information Secure?

A payment gateway ensures the security of the information you provide. The following are some of the things a PG will do to protect your data:

The Use of HTTPS

For the entire transaction, the best payment gateways use an HTTPS web address. The S in HTTPS stands for Secure, and it differentiates it from HTTP. As we all know, there are a lot of hacking incidents these days in the era of the World Wide Web, so all transactions take place in this tunnel for a safe passage through the internet.

According to a recent survey, 54 percent of cyber-attacks were directed at corporate or internal network environments.

The Power of Hash (/)

Because the Hash function is used, the system frequently uses a signed request from the merchant to validate the transaction request. This signed request contains a secret code that only the merchant and the payment gateway will be able to decipher.

IP Verification

To detect any malicious activity, the IP address of the server requesting the transaction is first verified. This is how the payment page result of the process is ensured to be secure.

The VPA Protection Layer

Virtual Payer Authentication (VPA) is being used by acquirers, issuers, and payment gateways to make the process even safer. VPA, which was implemented as part of the 3-D secure protocol, adds an extra layer of security and makes it easier for online buyers and sellers to verify each other.