Payment Gateway-An Online Payment Facility Enhances Efficiency of a Businessby Megan Turner Marketing Manager
From the internet safe net card to the Payment Gateway, there is a wide range of products designed specifically for use over the internet. Also, a number of credit and debit cards are accepted globally so it’s easier and convenient to use online payment facility.
The internet is perhaps one of the most versatile and effective tools available for modern businesses nowadays and plays a very significant role in their development and expansion. Considering how fast-paced the commercial world is and the kind of competition we witness globally for pretty much everything.Every business set up needs to understand that the internet usage for payment is a vast resource that allows them to cross boundaries and borders without much of a hassle.
Once the user has submitted his credit card number and other details to your website to initiate the payment procedure, that information is transmitted to your bank and his. As the account details are verified and the transaction is validated, the bank initiates the transfer of funds. This is basically how all online payment systems work.
A payment gateway is a system used to transmit your customer's payment information from your secure website to your secure merchant processor. You may consider it as a terminal that collects, encrypts, and securely transmits the data to your merchant account.
It is perhaps one of the best things around for your new business. If you are running a website that supports online payments for purchases, wouldn't it be better to expand your market by accepting even more payment methods. Payment Gateway is faster and allows businesses to open up their services to even more markets.At the end of the day, it is your profit margin that matters the most. Both small and large businesses can benefit from the online payment system.
The Payment Gateway system is secure and reliable. However, there are a number of things to choose when you pick your payment gateway, although, it is important to know that the gateway you choose must be compatible with your e-Commerce solution. You need to ensure to get a list of the different gateways your e-Commerce solution accepts, and analyse each one to learn about their rates and service offerings.
While there are a number of companies in Africa that offer services to accept payments online Botswana, it is important for any business entity to put in optimal research before they choose a provider, so that you can choose your best payment gateway.
You must verify and review the following:-
- Gateway Setup Fee – Generally payment gateways will require an initial payment to configure your gateway.
- Monthly Gateway Fee - It is an ongoing necessary fee required for the privilege of using the payment gateway
- Per Transaction Fee – You must check whether every transaction made is charged a fee. This also includes - refunds, voids, and declines.
- Batch Fee - If you choose to settle for your transactions each day, then you will be charged this fee on a daily basis.
- API Integration – You must make sure your websites shopping cart can integrate with the gateway of choice.
Created on Apr 17th 2018 08:19. Viewed 1,020 times.
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