Making payments online were never so convenient, thanks to the new technologies that we can have a person merchant account payment gateway. But a payment gateway is not free from any risks because even the best payment gateway can suffer at least one cybersecurity failure with its online store. So, a word of caution here, but there is nothing to worry much. A problem brings its solutions as well.
You need to know and understand the quality of your payment gateway, which will help you fend off these attacks in real-time, providing a buffer of encryption between buyer and seller. A high-quality merchant account payment gateway also helps to reduce the load time. Abandoning of shopping cart can also be addressed with the help of a payment gateway.
With this in mind, you need to select a payment gateway that will maximize convenience, minimize risk, and ensure the security of your customer’s information. Read the following to know the right way to select your payment gateway.
Payment Gateway
A payment gateway as a merchant service that helps businesses to process credit card payments for ecommerce sites and traditional brick and mortar stores. Popular payment gateways include PayPal, Stripe, and Square.
Think of the gateway as a metaphorical cash register in the electronic transaction. Like any cash register, it needs to be both secure and convenient to use. Fortunately, most of the payment gateways accomplish this in a few seconds with these steps:
Encryption: It is between the user’s browser and the server of the retailer. A payment gateway will encrypt data for exclusive use between buyer and seller.
Request: The authorization request occurs when a payment processor gets approval from a credit card company or financial institution to proceed with the transaction.
Fulfilment: when the payment gateway has the authorization, it allows the website and interface to proceed to the next action.
Your payment gateway can also serve some other functions like screening orders, calculating the tax costs, and using geolocation for location-specific actions.
You might have heard payment gateways and processors being used interchangeably. There are some important distinctions:
A payment processor analyzes and sends transaction data. This includes transmitting relevant information to the issuing bank, like credit card or debit card number linking to a bank account.
This is different from the payment gateway, which does the work mentioned above but also authorizes the transfer of funds between buyer and seller.
If you want to have your own merchant account payment gateway, you can come to NOIRE. Our team of expert will be there to help you.
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