Payment Gateway: Solution for Your Business
According to statistics, the number of online customers is expected to reach more than 2 billion people worldwide in a few years
According to statistics, the number of online customers is expected to reach more than 2 billion people worldwide in a few years. One of the main success factors in e-commerce is convenient payment terms for orders. Payment gateways like Maxpay can provide them.
Let us figure out what they are, how they work, and how to choose and install the best payment gateway for your business.
Payment Gateway: Definition
When you open a business merchant account, especially if it is an online account, your aim is to earn money, keep them safe, and grow your company. For this purpose, you will additionally need several tools that will work together with your online account.
What is a payment gateway? This is a software complex that ensures the acceptance of payments on the site and the transfer of payment data of the clients of the acquiring company in an automatic manner.
In fact, this is a bridge between the client of the site and the organization that processes payments (for example, a bank or an electronic money operator). Unlike the payment system, the gateway does not interact with money. It only functions as a kind of bridge.
Pros of a Payment Gateway
The general advantages of a payment gateway are as follows:
The flexibility of settings for individual business features.
Savings for business: the entire software part of the process is provided by the payment gateway.
Transaction security due to modern data encryption principles.
Only the acquirer receives the buyer’s data. They are not available to either the merchant or the payment gateway.
There are also individual advantages of each payment gateway: it depends on the specific service. For example, the Maxpay online account will help you to reach customers not only in Europe but also globally. In addition, Maxpay provides reliable anti-fraud solutions, chargeback prevention, and risk management.
Therefore, you can open a business merchant account, transfer money, and receive them without any problems or without constantly thinking about the probable fraud that may easily occur on the Internet.
Requirements for Payment Gateways
The payment gateway must meet the following requirements and provide such options as:
Data encryption
Round-the-clock work
Anti-fraud system
Work speed
Convenient integration
Security of transactions in the payment gateway
The operation of the payment gateway (namely, data exchange) is carried out with full encryption of personal information. It includes a bank card number, CVV code, etc. Encryption type – SSL cryptographic protocol. Since the customer enters their personal and payment information on the payment page, the HTTPS protocol is used to secure this page.
Another level of protection is confirmation of the intention to make a payment. To do this, use the request signature mechanism. In some cases, the IP of the server that requested the operation is checked.
A payment gateway is a tool for organizing payment acceptance through a website that connects your customers with an acquirer. If you want to create basic conditions for payment (for example, through bankcards) and are ready for a rather complex integration, choose this method.