Enterprises are well aware of such a general rule: providing customers with the most convenient payment method is crucial to the growth of enterprise performance. However, you may not know exactly what the customer paid for until you receive it. Next, we'll introduce you to payment gateways, which are an important enabler in the payment process.
There is no businessman who doesn't want a fast and seamless transaction. However, credit card payment gateway，with the wide variety of products and services available for payment, it is difficult for merchants to make the best choice. In addition to information technology details, you also need us to consider the convenience of customers when paying and the ease of system integration with existing network platforms. Therefore, we will focus on the basics of payment gateways and how to choose the right payment gateway provider to meet your business development needs.
From a technical point of view, an online payment gateway refers to a software that merchants (e-commerce sites) use to receive online payments from customers.
While most online payments are typical credit card transactions, payment gateways can combine different payment methods (such as e-wallets or, more recently, crypto payments) into a unified interface, so no matter what payment method a customer chooses, payment gateways can provide them with a perfect payment experience.
Typically, the payment gateway contacts the merchant's receiving bank directly. In the case of credit card transactions, the receiving bank is the last link in the authentication process and is the entity that holds the customer's money until payment is made.
Because payment gateways need to handle very sensitive information, such as cardholder data, it is important to keep information secure. There are already standards and entities to regulate and evaluate the security level of a software solution such as a payment gateway, such as Strong User Authentication (SCA) under the revised payment Services Directive (pSD2).
Identify payment methods for your target market
When choosing a payment gateway service, you should first determine whether a payment gateway is supported in your local market, as it needs to comply with local laws and support the payment methods commonly used in the local market. Some payment gateway services may only target the European market and its merchants. Therefore, if your target business market is in certain countries, such as Latin America, etc., the payment gateway service personnel you choose must be able to provide support for the development of local payment management methods, such as cash for payment or direct transfer. Unlimint has a well-established infrastructure in all major markets around the world, offering you more than 500 local payment methods.