Top 11 Payment Gateways around the World
In today’s modern era online payment gateway have become a necessary and business are searching for new ways to deliver e-commerce customer experience through online payments. So I will provide you the list of best payment gateway that could help you in your business.
The system of online payment services may seem complicated, but its purpose is to provide comfort to the customer. No matter the size of your organization, if you want to reach potential customers, it’s essential to offer an online payment option that is easy and safe to use.
Before we start with the list it is necessary to know all about payment gateway
What is a Payment Gateway?
Payment Gateways are a way to receive or make the payments. It gets the payment from your customer and settles the equivalent for you. It is a function that makes the exchange of the transaction data conceivable from the dealer to the procuring bank.
The entire payment measure contains foundation parties that are included to make the payment move conceivable. The principal parties are Issuing bank > Payment Processors or Card Processors> Payment passage/aggregator themselves > Nodal bank> Acquiring bank.
Payment Gateways first catches the client’s paid sums in the Bank Account and after it is gotten comfortable the Merchants Bank according to the chosen settlement time-frame. Payment Gateways even encourage purchaser and merchant assurance by being a middle person among both. It gives different payment choices to your clients and permits them to pay in any capacity they need. Like Credit Card, Debit Card, Wallet, QR Code, UPI/Bhim, and so forth.
Working of Payment Gateway
Following are the steps are used during the payment process:
- Firstly, customers add the product or services that they want to buy in a card and then move to the payment page.
- Fill the details of the debit card, credit card. Details as follows:-
- 16 digit card number
- Card Holder Name
- Expiration date
- CVV number
- Once you will submit thenit will take you to the payment gateway.
- After that card details are encrypted and go through the security check before sending the card information to the corresponding bank.
- Then the bank sends that information securely to the card schemes.
- The card schemes make another layer of security. After that, it sends information to the issuing bank.
- Now, the bank performs security and fraud checks. After that bank authorizes the transaction and sends back the approval and decline message to the card scheme and then to the acquirer.
- Then the bank sends the decline or approval message to the payment gateway that sends further to the merchant.
- If the payment is successful then the acquirer collects the payment amount from the bank and transfer to the merchant’s account.
ESSENTIAL Features in Payment Gateway
Choosing the right payment gateway for your business is essential to increase your brand loyalty and hence, your customer base. Here are some tips to help you select the best on
Security:Ensure that your payment gateway has a minimum of 3D security protocols and complies with PCI Data Security Standard.
Smooth website integration:Make sure that your gateway integrates with your website smoothly. This would also make sureits a seamless payment process throughout.
Payout time:Your payment gateway must not take too much time to settle the transaction money with the bank.
Multicurrency support:If you are managing customers across the globe, then having multiple currency payment gateways is a must!
24/7 customer support:Issues or site breakdowns are common, but you need to solve them as soon as possible to avoid any loss of transactions or customer dissatisfaction.