A payment gateway is a technology that helps merchants accept payments via customers’ credit cards, debit cards, or ACH debit. It provides services for both e-commerce stores and businesses with the physical stores by facilitating secure digital transactions. It is obvious that online businesses and brick-and-mortar stores should invest in the technology that supports the payment gateway. It helps merchants to protect their business from liabilities and welcome more customers by accommodating all payment methods.
What is Payment Gateway Integration?
A payment gateway is a service that authorises and processes payments in online and brick-and-mortar stores. A gateway serves as a portal to facilitate transaction flow between customers and merchants. It uses security protocols and encryption to pass the transaction data safely. The data is transferred from websites/applications/mobile devices to payment processors/banks and back.
Payment gateways can function the following types of transaction to accept electronic payments and be able to process credit/debit cards or ACH debit:
- It is able to check if a customer has enough funds to pay. It does not include the actual money transfer. Instead, during authorisation, a merchant ensures that a cardholder can pay for an ordered item. An authorisation transaction is used for orders that take time to ship/manufacture.
- Payment gateway can Capture the actual processing of a previously authorised payment resulting in funds being sent to the merchant’s account.
- It makes a regular payment for immediate purchases, like a subscription purchase, or e-tickets.
- It helps the merchant to process refund payment processing to return the money when any order is cancelled for a merchant.
Thus, Payment Gateway is the service that automates the payment transaction between the customer and merchant. It is usually a third-party service that process, verify, and accept or decline credit card, debit card, and net-banking transactions on behalf of the merchant through secure Internet connections.
What are the Opportunities of having Payment Gateway Integration?
CloudBanking payment gateway authorises payments for retailers in all business categorisations. We ensure that sensitive information, such as credit card numbers, entered a virtual terminal or on an E-commerce website, are passed securely from the customer to the merchant and from the merchant to the payment processor through the use of encryption.
Using a payment gateway for your business is the only way to go to stay competitive in a highly competitive field. Here are some opportunities that a payment gateway can provide to your business:
- Broaden the Audience
At the rate e-commerce is growing, customers can easily be snatched away by competition that provides a more convenient shopping experience. Customers are now more comfortable than ever with purchasing products online. CloudBanking payment gateway provides a positive platform as transactions are quicker and more secure. When you offer different means of online payment that secures a wider sector of customer demographics, you are bound to get more customers.
- Quicker Action
The rate at which transactions are finished is of utmost importance. Manual payment methods are becoming out of fashion. Payments based on checks, carry too many problems with them like insufficient funds and taking too long to be verified. Online payment gateways ensure that all transactions are instant and verified on the spot.
- Saving Time and Effort
The digital world thrives on efficiency and saving time. You do not want your employees to waste a big portion of their time making back and forth trips to the bank. Digital payments are recorded instantly, and you do not need to keep an old-fashioned ledger to keep track of your payments. Reducing the time, it takes to finish transactions allows you to allocate time to other important tasks.
- Fraud Management
Receiving online payments is more secure and credible. CloudBanking innovative technology system monitors your payments and keep an eye on suspicious transactions. Our system is able to receive payment before completing the purchase, which helps reduce the hassle of fake and bounced checks. Online payment gateways allow you to protect your business and your customers, which consequently raises your credibility and reliability.
The use of a virtual terminal is a marketing strategy that boosts your sales by using online payment gateways. This can help in building the reputation of your business by providing a convenient way to take payment, whether your customer swipe, dip, or tap. It is a win-win situation for both business and its customers.
CloudBanking payment gateway is a technology that connects merchants to payment networks. It captures the customers’ payment details and sends that information to an acquiring bank for approval and then sends the bank’s response back to the website. At CloudBanking, we provide more function, such as:
- PCI Compliance to avoid fines.
- Recurring bills on a subscription-based pricing scheme.
- Notifications to verify transactions.
- Payment information storage so that your customers do not have to re-enter their personal information.
- Virtual terminal imitation physical credit card terminal for convenient input.
- Encryption for high levels of security for sensitive user information.
- Integration with other tools like accounting software or shopping carts.
CloudBanking consistently develops new resources and the best tools to make it easier for you to avoid fraud and disputes. Visit us now or call +1 415.223.8459 for more information.