The customer will receive an order confirmation message once this process is completed. Although it takes several steps, it happens in seconds. Radiant Pay provides UK payment gateway solutions for businesses to accept payments seamlessly.
Online payments are quickly becoming a part of our daily lives. Online payments are quick and easy. We do online transactions not only using debit and/or credit cards, and guest posting, but also using net banking and wallets. All e-commerce platforms in the world can accept payments online. This service can be provided through integration with the payment gateway.
What is a payment gateway?
Payment Gateway is a merchant service from an e-commerce application service provider that allows credit card processing or direct payment for e-business, online sellers or traditional physical stores.
Why is a payment gateway needed?
Any company that wants to accept online and credit card payments needs a payment gateway. It encrypts sensitive credit card information and ensures that it is transmitted securely from the customer to the receiving bank. The payment gateway acts as a bridge between the customer and the merchant, ensuring that the transaction is completed securely and quickly. The technology sends financial data to the appropriate parties to allow payment and transfer of funds from the customer to the merchant.
The payment gateway you choose conveys confidence in the minds of your customers as they make a purchase, so it becomes the merchant's responsibility to choose the payment gateway in a secure manner.
How does it works?
These key stakeholders are included in payment gateways:
- Merchant - work
- Customer - the person who makes the purchase.
- Issuing Bank - The customer's account is managed by this financial institution.
- Card Schemes - Credit Card Company ie. Visa, MasterCard, Discover, etc.
- Purchase - The merchant account is managed by this financial institution.
steps:-
- The card holder initiates the purchase and payment process by clicking the "Pay Now" button located on the merchant's website.
- The payment gateway takes action and verifies with the issuing bank that funds are available and that the transaction amount does not exceed the credit card limit or account balance.
- After verification, the payment gateway sends encrypted credentials to the card schemes for processing.
- The card planner approves the information and sends it back to the merchant's website to complete the transaction.
- The payment gateway sends the information to the merchant's bank to transfer funds from the issuing bank, where the customer maintains his account to the merchant's account.
The customer will receive an order confirmation message once this process is completed.
Although it takes several steps, it happens in seconds. Radiant Pay provides UK payment gateway solutions for businesses to accept payments seamlessly.
Types of Payment Gateways
- Redirection - The payment gateway simply redirects the customer to a payment processor such as PayPal or Stripe to complete the transaction.
- Hosted - Also known as external push. When a customer purchases something on your website or in your store, payment information is sent to the payment provider's servers for processing.
- Self Hosting - Your own servers handle the entire transaction. Also known as on-site payments
How Important is a Payment Gateway in eCommerce?
The payment gateway is useful for more than just transferring money. The payment gateway can help the merchant to provide a better user experience. Payment Gateway focuses on creating a secure connection between the customer and the merchant to facilitate payments. Both parties of the respective banks must certify.
- PCI-DSS - Due to PCI-DSS compliance, the user can store their data in the portal or portal for recurring payments. For example, if you order frequently from Amazon, the app or website will save your card or bank account information for future use, and the payment gateway will keep you safe from cyber attacks.
- White-Label Wallet - You can perform digital transactions through mobile wallet apps with some payment gateways. Digital transactions can be done via mobile wallet apps using some payment gateways. You can transfer money from your account balance to a mobile wallet app, which you can use to make purchases on other apps or websites.
- Fraud Screening Tools - To reduce the risk of information loss, many payment gateways offer fraud screening tools. Card Code Value (CCV), Card Verification Value (CVV) and even Address Verification Service are examples of such tools (AVS). These tools ensure that there is no fraudulent transaction.
The most important benefit of a payment gateway is that it can be used by millions of people at the same time, allowing you to buy and sell goods and services whenever you want.
What to Look for When Choosing a Payment Gateway
When merchants are looking for a suitable and leading payment gateway, they should understand why they choose the payment gateway and the services offered by the payment gateway provider. The success of your online business is often determined by your choice of a reasonable payment gateway.
Factors to really consider before choosing an e-commerce payment gateway provider, based on the commercial and functional requirements of an e-commerce business, are listed below:
- Appointment of an expert
A payment gateway is essential when it comes to selling products and services online. It allows customers to make payments for their purchases and helps merchants to accept payments smoothly. To integrate it into the site, the merchants must appoint an expert to do the job.
- Make customers feel safe
Even if it is a small business, the customer expects a high quality website and a secure payment gateway. Before choosing one, a merchant should verify that it complies with and is certified with safety standards.
- Fee and Service Agreement Requirements
The price of payment gateways depends on several factors, such as the type of transaction the business requires (online or in-person), the number of transactions, sales, or even the market you serve.
- Make the payment process easy on all devices
After analyzing the record over the years, it can be concluded that the population is using mobile devices for online shopping, and this trend is increasing. You need to weigh your options and provide a flexible payment experience that supports multiple mobile devices and network types.
- Multiple options to choose from
The efficiency of the website is greatly affected by the payment gateways, and we have to make sure that the chosen website supports all types of payment, e-invoice, chargeback management, customer text and email reminders, etc. On the table with different features to offer. If a company has a global market, that is, if products and services are sold worldwide, then the payment gateway must accept multiple credit and debit cards, provide global solutions, and accept payments in different currencies.
- Business account
When customers pay online through a payment gateway, the money is temporarily transferred to a separate retailer's account called a merchant account. This is not the same as having a bank account. It is necessary to have a merchant account to accept payments online. Merchant accounts provide an extra layer of security and money management for both sellers and buyers, although it seems like an extra chore.
- Mobile payments
There is an increase in the use of digital mobile wallets, Google Pay, Samsung Pay, etc. and they are well supported by payment gateways. Mobile payments could replace credit card payments for years to come. It is our responsibility to verify that the selected payment gateway is optimized for mobile payments.
- 24*7 Customer Support
Many other payment gateway services offer email-only support. In this case, users just need to solve a problem by following the instructions in the guide. If site owners insist on talking to someone rather than emailing them, check if the provider offers live tech support, at least during normal business hours, so they can quickly resolve any technical glitches.
Radiant Pay offers a complete solution designed to meet your business needs from small to large and at any risk level. Understanding the customer's business requirements, identifying appropriate payment methods, and actively participating in selecting the ideal London payment processing service for the merchant's needs are part of our advisory services.