In today’s busy life no one wants to stand behind a huge line of people in a bank or outside the ATM for receiving or sending money because the world has occupied the cashless transaction. A Payment Gateway does the magic of cashless transactions. A payment gateway is that technology which captures and transfer payment data from the customer to the acquirer and after that transfers the payment acceptance or decline back to the customer. A payment gateway ensures the customer card details are valid or not then checks whether there is enough fund to make the transaction successfully and it enables the merchant to get paid. It encrypts the card details and also ensures that the details are passed securely. Hence, a payment gateway is the middleman between the customer and the merchant in a very secured manner.
But a question may arise in our mind that why do we need the payment gateway medium as it works as a middle man. Here is the answer but before that we have to assume that we don’t have the card in present and we want to make a shopping and as we don’t have the card right now in order to swipe in merchant’s POS terminal we can not make the transaction as POS terminal needs the card to swipe. Hence, we have to rely on customer’s card information but how can we be so sure that customer is putting the right information on the payment page. Hence, in this method the fraud risk is much higher and we can easily be exposed to fraudsters about our business besides that fraudsters also have the knowledge about the illegal way to initiate the transaction and here the payment gateway does the miracle. In a word, a payment gateway is the gatekeeper of our customer’s payment data. Different types of payment gateway offer different payment page. Emerchantpay’s payment gateway offers us the options described below for the payment page.
HOSTED PAYMENT PAGE: A hosted payment page is that type of payment page where customers are redirected whenever they are prepared to check out that is why it is called the out-of-the-box payment page.
SERVER TO SERVER INTEGRATION: It is the direct communication between two servers one is merchant’s server and the other is payment gateway server that is why a server-to-server integration is known as Direct Integration. After requesting the card details on the payment page, a direct transaction can be initiated and customer can easily make the payment without being redirected to the payment gateway’s payment page and that results a faster checkout.
CLIENT-SIDE ENCRYPTION: This permits the merchant to make it simplify our PCI compliance requirements and it also offers us to accept payments on our website while encrypting card data on our browser.
Customer enters their credit card or debit card details on their payment page which includes the Card Holder’s Name, Card Expiration Date, CVV (CARD VARIFICATION VALUE) and all these information are passed onto our payment gateway. Then the payment gateway checks the card whether it is fraud or not before sending it to the acquirer bank. After that the acquiring back sends this information to the card schemes whether it is VISA or MASTER CARD etc in a very secured manner. After that the card schemes checks another fraud check before sending the data to the issuing bank. After all these processes the issuing bank authorises the transaction.
The Integrated payment gateway technology used to connect with a gateway is an API and using an API integration, the provider will perform all the necessary tasks in order to make the transaction. There are four things to integrate the payment gateway and they are discussed below:
EVALUATE API QUALITY: The API should be simple and flexible so that we can code directly or through Software Developer Kit. Copy-and-paste-ready code samples should be available because they are very easy to use and they use very less room and they make the integration process faster.
EVALUATE THE SECURITY: As the payment gateway is the matter of transferring money so it should have the highly secured system. There are two types of security we all should know about
1.FRAUD AND CHARGEBACK MANAGEMENT: All the gateways have some types of fraud protection but the stronger it is the more our customers are safe. The gateway we choose should have the necessary tools to protect our customers and the protection not only should be at the time of purchase but also after the purchase (with charge back alerts and notifications). Aside from fraud management a payment gateway also protects the merchant from expired cards, insufficient fund, closed accounts or exceeding credit limits.
2.PCI COMPLIANCE: Every payment gateway should be obedient with the Payment Card Industry Data Security Standard (PCI-DSS). If possible then find out the gateway we are choosing has ways to reduce the burden of PCI Compliance.
EVALUATE PAYMENT PROCESSING FEATURE: The most important thing to integrate payment gateway is to add more features because most of the customers are attracted through interesting features and customer will choose those payment gateway which offers them most. Having high level support for global transactions will give the border sales and that will help to expand our business. Having the ability to accept all kind of payments with all kind of currencies will help us to increase conversions. That is why a multi-currency payment gateway helps to increase the border sale. International gateway services offers multiple currency options so that customer can pay as per their currency choice.
EVALUATE THE SUPPORT: One of the best ways to integrate the payment gateway is to have the customer support option because it is the key to have good relation between the merchant and the customer. In addition, with the technical support we should have ready access for consulting and solving the payment solutions will help to grow our platform. A 24*7 chat support is one of the best options to know customer’s queries and solving the queries will help to tighten the bond between the merchant and the customer.