Payment gateway is one of the most important elements in this cashless society. It is quite clear that merchants, as well as consumers, have understood the convenience of online payment methods. We all are experiencing this cashless movement where you will not get many benefits if you are carrying cash. The merchants are using various payment terminals. Moreover, some are going with in-app payment solutions. But, the common factor among these merchants is the online payment gateway.it is playing the most important role in this diverse world of online payment.
The payment gateway is something that is forwarding the credit card information of the consumers to the merchant processors in the most secure as well as efficient way. The merchant will have to sit in front of their system to receive the online payments from the consumers. He or she can be anywhere; the online payment processor will process the transaction and deposit the amount in the merchant account.
How A Typical Online Payment Gateway Works
In this cashless era, most merchants have already embraced the ultimate conveniences of the online payment gateway. Still, there are many merchants who are living with many doubts and confusion. Therefore, we have elaborated the working steps of a typical online payment gateway. So, don’t miss to go through the following points:
- First of all, it will be the customer’s end from where the online transaction will be initiated. The customer will click on the ‘pay now’ or ‘buy now’ button. The options might vary from website to website.
- After initiating this, the online marketplace will take the customer to the payment page. Some websites have integrated online payment pages whereas some marketplaces redirect the customers to a completely different website. On that page, the customers will put the credit card information.
- In order to authorize the transactions, the online payment gateway will redirect the customers to a completely secure page.
- After this, the bank will check whether the customer has the required amount in their bank account or not. After getting approval from the ban, the online payment gateway sends a notification to the customers.
- In the case of a successful transaction, the bank will settle the transaction amount with the online payment gateway.
- After this, the online payment gateway will settle the transaction amount with the merchant.
Well, there are many processing fees that are associated with online payment. We have already elaborated these things. Anyway, different online payment processor comes with different payment processing rates. Therefore, the online merchants must know about these payments before pairing their business with the online payment processor.
Key Advantages Of Using The Online Payment Gateway
In the 21st century, most merchants have already started accepting online payments. However, there are many other merchants who have not yet understood the conveniences of the online payment gateway. Therefore, we have added the key advantages of using the payment gateway. So, do not miss to run into points mentioned below:
Customers Will Experience The Easy Checkout
Well, customers in this cashless era are not ready to spend more than a minute in the checkout process. They actually want instant checkout and the payment gateway will allow the merchants to provide this facility. Yes, it is entirely a real-time process. It will take a few seconds to complete the online transaction. In the end, the merchants will be able to deliver a smooth checkout experience to the consumers.
Remarkable Rise In The Cash Flow
As a merchant, you are looking for a way through which you can actually increase the overall cash flow in your business. There are several options through which you can actually do this and enabling an online payment gateway is definitely one of them. According to a survey, customers will reject the cart or cancel their payment if they experience complexities in the checkout process. Well, if you are accepting payments through online modes, the customers will not experience such a thing. Your business will create a good impression. In the end, you will see that your business is growing and the cash flow is increasing.
Important Aspects Related To Online Payment Gateway
An online payment gateway is not designed only for completing the online transaction. There are other aspects that are inextricably associated with it.
- You can easily integrate it with the shopping cart.
- Online payment gateway from renowned merchant processors can make payment processing extremely faster.
- It allows merchants to accept multiple payments.
- The online payment gateway provides fraud management
- The payment gateway also supports recurring billing
Not A Rapidcents Merchant?
As of now, you have realized why most merchants are going with an online payment gateway. Now, if you want to join their league, you need a renowned online payment processor. In such a case, you should always go with Rapidcents. It is a renowned virtual platform that can help you to grow your business faster. Rapidcents always adds more value to each online transaction. So, join it today.