Payment Gateway Services
When you buy something at the store and you go to the counter to pay, a store clerk processes the transaction on a cash register (or maybe even a mobile device like a smartphone or tablet), which functions as a point of sale (POS) terminal. The same sort of thing happens when you buy a movie online using your credit card, except the entire process is completed virtually through a software service called a payment gateway.
What exactly does a payment gateway do?
Payment gateway services allow a transaction to take place between a customer and merchant. The software transfers credit card information at lightning speeds between the merchant’s computer system and the processing service or bank.
How does a payment gateway service work?
You’ve probably seen payment gateways in use dozens of times without even realizing it; every time you make a purchase online and you click that “Submit Payment” button, that’s when the whole process starts. It’s a long chain of digital commands between your computer, the merchant, and the bank that issued your credit card. If the bank approves the card transaction, then the process continues until the money is taken out of the customer’s account and transferred to the merchant.
Are these gateways safe?
Not all payment gateways are secure, especially as cybersecurity problems become more complex. The key here is to look for a service ensuring that credit card information will be encrypted before being transferred, as well as services that have anti-fraud detection features.
Does every online business need to have a payment gateway?
These days, payment gateway services are pretty much necessary for any business that needs to process transactions virtually.
What are the best payment gateway services?
This question isn’t too easy to answer, simply because there isn’t one perfect payment gateway service for every business. The best thing to do is to contact a service provider like PayCertify and talk to the experts about what your business needs in a payment gateway service, what you can afford, and any extra features you’d like to have.