E-commerce Payment gateway: Knowing the technology from start to finish
E-commerce is a business with management. Managing of products, their specifications, prices, deliveries, etc is all to be lined upon in order to complete a single sale. It is a very beneficial business if things are in order along with the payment solution offered to customers at your website or store.
E-commerce Payment Gateway lets customers impeccably checkout from the store and make payment for the products and services offered at your store.
Online Product selling has seen tremendous growth over the past two decades. It has become easier for consumers to buy products over the internet by just sitting at home. And this is only possible with an e-commerce payment gateway.
What is E-commerce Payment Gateway?
Every business has got many things in identical but the ways in which they differ is the offerings i.e. Services or goods they sell. E-commerce payment gateway enables consumers to attain those services by making payments.
E-commerce Payment gateway is the payment processing technology that enables the transfer of a user’s payment information to processors where the amount is debited and credited to merchant account.
How is E-commerce Payment Gateway different from other Gateways?
The E-commerce payment gateway is customized to meet the demands of e-commerce business. From the confirmation of the order to the generation of the invoices, the entire path is ruled by payment gateways.
The technology and purpose behind every payment gateway are the same but they differ with the type of business and its requirements.
In e-commerce payment gateway products are added to the cart and payment is made with the help of available payment methods. But in some cases, if the product is returned due to any of the reasons merchant has to make refunds. So in the e-commerce, two major activities of gateways are accepting payments and in some cases making refunds.
But this may not be with other payment gateways. For example in gaming payments gateways are utilized for collecting the payments from players and serving the winning price to winners.
So in both, the payment gateways technology and purpose are the same but they differ with the requirements of the businesses.
What are the payment methods in E-commerce Payment Gateway?
Payment methods in any gateway play an imperative role in escalating growth. The more the option greater can be your sale. This is because not everyone has credit cards some peoples prefer other methods for payments like in America offering payments with ACH and e-checks can grow the e-commerce business by 30%. Let us find out what are other methods are commonly used in the e-commerce payment gateway.
There are generally two types of payments methods.
- Accepting payments via Alternate Payment Methods (APM’s)
- Accepting payments via Credit & Debit cards
In Alternate Payment Methods (APM’s) options like e-wallets, UPI/QR codes, Mobile banking, Internet Banking, Crypto-currency, etc are used for making payments. These are mainly region-centric payment options that may differ from one country to another. It helps in increasing sales over a particular area knowing about what payment methods peoples use in that region.
Almost 60% of the world’s customers use them for making payments online. Credit cards are widely supported by merchants due to their ease of offering recurring payments.
How to get E-commerce Payment Gateway?
In order to get an e-commerce payment gateway, there are two ways to get it. Contact Banks for payments services. Secondly, contact us for payment gateways and merchant accounts for any high-risk businesses.
Getting a payment gateway from Acquirers involves tough authentication of documents. The documents that may be demanded from acquirers may differ from one Acquirer to another Acquirer. Also, they may differ in their procedure for allotting Payment Gateways.
Merchants usually go unprepared or say are unaware of the requirements of the Acquirers. Not every bank entertains every High-Risk Merchant. This is the reason why most of the Acquirers reject applications of merchants.
There are three major requirements of payment service providers:
- Good Previous experience of running a High-Risk business
- Enough wealth to run a business or be financially stable with a good wealth reserve.
- Status of chargebacks and frauds with your previous experience.
If all three requirements meet their expectations then merchants are having greater chances of getting payment services. Similarly, merchants may struggle a lot if not having any of the above requirements. Most of the acquirers are going to reject your application.
Such merchants can contact us for payment services. The best solution gives the best results. We are one of the most promising PSP in the US who really cares about your High-Risk business.
Why is E-commerce Payment Gateway considered as a High-Risk?
With every business involving high-volume transactions, there is always a probability of frauds and chargebacks. Acquirers are well aware of how these chargebacks and frauds can damage business and also led to huge financial loss.
E-commerce business is regarded as of high-risk because it can involve frauds like returning of products claiming to be faulty; Claims related to non-delivery of products, online frauds like payments debited deliberately, etc can be a number of ways in which peoples may try to fool merchants and it may result in financial loss to merchants.
Payments made overseas involves inter-conversion of currencies, transaction charges, operation charges, etc which may come as a liability to merchants if he has to return to customers claiming of reasons mentioned above.
Reasons and ways can be any but this ultimately leads to business loss to merchants.
However, this can be prevented with security filters with the payment gateways. That detects all erroneous activities.
What are the benefits of E-commerce Payment Gateway?
There are several benefits of E-commerce Payment Gateways like
- Easy and quick to integrate using API’s
- Seamless Checkouts
- Larger number of payment options like credit & debit cards, APM’s, etc.
- Quicker processing
- Large volume payment processing
- Accepts in variable currencies
- Security against chargebacks
- Powerful Dashboard for real-time monitoring
- Easy to make refunds
- Protection of user and merchant’s.
- Easy to manage
Benefit increases with the facilitator of payment services. The quality of service also depends upon payment service providers.
E-commerce payment gateway is the essential requirement to do e-commerce business in USA. This helps in receiving payments for products or services. The growth entirely depends upon the quality of payment service. Larger payment options can escalate sales. Getting the right solution for high-risk businesses is a must to make mounting benefits.