Online payments have become a part of our daily lives in no time. The growth of e-commerce became possible due to payment gateways – the services that make online purchases instant. If you already own, or are about to create an online shopping project, the right gateway will be a crucial contributor to your success.
To better understand the process of online payments and how Payment gateway works with it let’s take a look on the following aspects.
1.Payment gateway Works
In other words, it is the middleman between buyers and sellers, and is responsible for the quick and secure transfer of money.
The payment gateway encrypts the sensitive data that are sent between the buyer, the seller and the bank. All sensitive data are stored on a secure server of the gateway.
The rapid development of e-commerce became possible due to payment gateways, services that enable quick and simple online transactions. How to choose a payment gateway that will perfectly match the needs of your business
A payment gateway focuses on creating a secure pathway between a customer and the merchant to facilitate payments securely. It involves the authentication of both parties from the banks involved.
MYFUNDBOX provides dashboard to visualize and analyze your data coming up from different payment methods, which will help to improve project planning, execution and forecasting.
2.Authorization
Any purchase made with a credit or debit card via a payment gateway must first be authorized by the credit card issuer. The payment gateway checks that the credit card is acceptable and creates a secure link between you, your customer and your credit card processor. It also allows for fast and efficient transaction processing, with an average response time of less than two seconds.
3.Gateway integrate with current platform
Even though it’s possible to integrate a payment gateway that doesn’t have an existing plugin or application for your platform, you’re going to have to go to extreme levels of custom development to make it work. This will cost time and money that could probably be better spent elsewhere.
4.Benefits of using online payment gateways
Suppose you have gotten your work done. You made an awesome site, increased sufficient web activity and quality leads. Be that as it may, how do your clients pay for your products or administrations? You need a dependable and secure online payment framework to encourage requests and payment on your site.
MYFUNDBOX Online payment system provides the requisite expertise and resources to handle data and transaction processing activities in a time-bound, structured and cost-effective manner.
5.Using stripe payment gateway in business
Stripe builds the most powerful and flexible tools for Internet commerce. Whether you’re creating a subscription service, an on-demand marketplace, an e-commerce store, or a crowdfunding platform, Stripe’s meticulously designed APIs and unmatched functionality help you create the best possible product for your users. Millions of the world’s most innovative technology companies are scaling faster and more efficiently by building their businesses on Stripe.
MYFUNDBOX is a stripe verified partner that enables any type of businesses to manage and accept payments online easily and securely.
At the time we were using PayPal Websites Payment Pro for credit card processing. One day our PayPal account stopped accepting all American Express (AMEX) cards and there was no timeline for fixing it. Within a couple of minutes we opened up a Stripe account through MYFUNDBOX and routed all AMEX cards into the new gateway. After about a month the PayPal/AMEX issue had been resolved.
I believe by now, you must be fairly certain why you need good payment gateway for your business. The right payment gateway will make it easy for customers to buy your products. It takes time to choose the right one. Hopefully, the information in this article will make the process a little easier.
If you are looking for trustworthy payment processing partner with multiple payment gateway, feel free to check MYFUNDBOX.