How Payment Gateway Make Your Business More Successful

Now a day’s computer and internet change our way of life. In 21st century where there is a lot of theft and burglary taking place for money in business. So for stop, this use payment gateway is good for all. Because no one feels safe to keep a lot of cash in hand in traveling time, in shopping time. So people would like to use the plastic card for safe and streamline transaction like a credit card, debit card for making payment for shopping, bills, payments.

What Is Payment Gateway?

Payment Gateway offers instant and easy payment options through mobile wallets, net-banking, debit/credit cards, etc. payment gateway is a browser-based application that allows your website to process credit and debit cards. Through this way, your customers pay for your goods and services through your website. Although the transaction process takes only a few seconds, several steps are accomplished during that brief window of time.

Gateway Process Follows These Steps:

Step 1: The customer places an order and enters their payment information

Step 2: The encrypted data is first sent to the merchant’s processor, which is simply the company that actually processes the transaction.

Step 3: The processor routes the transaction data to the credit card association. Visa, MasterCard, Discover, or American Express are credit card associations.

Step 4: The next step is where the transaction is approved or denied. The card will obviously need to be valid and have enough funds.

Step 5: The transaction becomes authorized. The issuing bank then transmits the authorization back to the parties in the payment processing network.

Step 6: Although the transaction only takes seconds, it can take between 24 to 48 hours for the funds to be available in your account.

Advantage of Payment Gateway:

Low labor costs

Since online payments are usually automatic, they have lower labor costs than manual payment methods, such as cheque, money order, cash, and EFTPOS.

Convenience
The ease of conducting financial transactions is probably the biggest motivator to go digital. You will no longer need to carry wads of cash, plastic cards, or even queue up for ATM withdrawals.
Less risk of theft

If stolen, it is easy to block a credit card or mobile wallet remotely, but it’s impossible to get your cash back. After processing delays, online payments generally go straight into your bank account, so they have a low risk of theft

Mobile payment support

A majority of customers shop using mobile phones and tablets now, so it’s important to select a gateway that can support payments made from mobile devices as well. This will give your customers the flexibility to pay you regardless of what device they use.