If you have already chosen to sell your goods and services online, you are able to get up to 40% sell for your business. But to reach this number, you must make a crucial decision: what payment gateway you choose?
This is one of the most important factors that have a direct impact on online sales. A payment gateway is a system that validates the data of the credit card of your client securely via a secure connection, to ensure that enough money is available to make the payment.
Since a high risk gateway provider for payment has a key role in your website, it can be a difficult decision to make. We’ll help you understand how it works and the different factors to consider when choosing the right option for your business, and especially for your customers.
What is a payment gateway?
A payment gateway is a service that processes all payments online. To make this happen, customers can send us your credit card at the time of the final, which will be transmitted to the trader and finally to the bank. In addition, the payment gateway tells you if the charge has been approved or not; if the amount will be deleted negative. Finally, the payment amount is deducted from the customer’s account and deposited into your account trader.
So, the role of payment gateway is to reject or approve a transaction with your merchant account which plays the role of “piggy bank” before the amount is deposited into your bank account. Technically, you have to have both a merchant account is a payment gateway to accept payments online.
Usually, you can count on Payment Service Providers (PSP) to have it both ways. This means that what until now we call “payment gateway” are actually high risk PSP.
To make the easiest thing, we continue to define it as a payment gateway. But now that you know the technical definition, remember to check that your chosen service also offers offshore merchant accounts.
How to integrate a payment gateway with your website?
There are two ways to integrate a payment gateway on your website: an internal and an external system.
- An external payment system redirects the client to the gateway page, with a URL and a different domain. In essence, it is a totally independent website. Once payment is made, the customer will return to your website. It is a fast and safe option, which reduces the risk of storage of the information of the credit card and facilitates the operations. However, the customer must take extra steps to confirm its order. Typically, this is a good option for small and medium-sized enterprises.
- An internal payment system allows customers to enter their data without leaving your website. This option very much simplifies the payment process as it skips a step further login or register. However, it requires more time and effort to be implemented. This mode is commonly used by larger companies.