How to Choose a Payment Gateway?

Theja P | July 22

In this digital age, having an online payment mechanism is critical for every business. This might enhance your cash flow and streamline your payment procedure. All the eCommerce store owners and businesses now bear a tremendous amount of responsibility for keeping up with this ever-changing industry and providing their customers with the most seamless services. As a result, your company needs to select the correct payment gateway to make payments more effective and simple.

Choosing the right payment gateway is important for your business as it ensures a personalized experience for your customers. With the stakes so high, every wrong decision may be disastrous for any growing business. Keep reading to understand more about payment gateway and how to choose the best one for your business.

What is a Payment Gateway?

A payment gateway acts as the gatekeeper of your customer’s payment data. It is a software that securely connects an eCommerce website to a customer’s selected payment method, which can be their bank account, credit card, debit card, gift card, or any other online wallet. It keeps the payments ecosystem running smoothly by allowing customers and companies to make online payments. It captures and passes payment data from the customer to the acquirer before returning payment acceptance or refusal to the consumer.

How Does Payment Gateway Work?

  • When a customer orders an item online and proceeds to pay for it, they submit their credit/debit card information. Most payment gateways provide you with a variety of payment page choices, including hosted payment pages, server-to-server connections, and client-side encryption. 

  • Once the consumer has finished providing the card information, it is encrypted using Secure Socket Layer (SSL) encryption and transferred between the browser and the merchant’s web server. 

  • Following that, the merchant sends transaction data to their payment gateway, which also establishes an SSL encrypted connection to the payment server maintained by the payment gateway. 

  • The authorization response is subsequently forwarded by the processor to the payment gateway, which receives it and transmits it to the interface used to process the payment.

  • The acquiring bank returns the approve or deny notification to the payment gateway, which forwards it to the merchant. If the payment is accepted, the acquirer receives the payment amount from the issuing bank and deposits it into your merchant account. 

  • The amount is then placed into the merchant’s account, a process known as settlement; when the actual settlement occurs depends on the merchant’s arrangement with their payment gateway. 

Benefits of Using Payment Gateway

Making payments using an online payment gateway anywhere takes only a few seconds. You can collect/make payments in a flash, no matter where you are on the planet. Customers and retailers benefit from increased convenience and peace of mind.

How to Choose the Right Payment Gateway for Your Business?

With all the benefits available, a payment gateway can simplify the whole payment process of your business for you. But at the same time, with many options available, it is critical to choose the right payment gateway. That is why Ringgitpay offers you with all the solutions for your online payment problems. Ringgitpay provides complete payment services, including fast customer profile building, speedy onboarding, and a specialized merchant profile and risk management system with PCI DSS compliance.

You will be able to receive payments on time using Ringgitpay. You will also be able to enhance your revenue because this gateway is user-friendly and customer-friendly. Ringgitpay can give you with a quick turnaround and low rejection rates, making it the most convenient payment option for your business.

You can take your business to the next level by giving the satisfaction that your customer needs using Ringgitpay!

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