Get the Best Payment Gateway Integration with Instantcharge for having efficient Payment Transactions
As more businesses go live on a digital platform, the use of a payment gateway has grown. Payment gateways provide solutions for customers and merchants that enable instant payment, security, and credibility. To accept payments and provide the best user experience, merchants install and integrate a payment gateway into their systems. In this article, we will learn more about payment gateways. Their different types, and how to integrate a payment gateway into your system.
The demand for an efficient eCommerce system, as well as secure payment gateways, is enormous. Without a doubt, the global adoption of eCommerce and digital payment trends will result in significant changes in business models. It represents both an opportunity and a challenge for all businesses.
Get the Best Payment Gateways Suitable for your Business
We looked at over a dozen payment gateways. The providers who supported the most payment types were at the top of our list. We balanced these features against the cost. Because not every business needs to offer every type of payment option to its customers.
Integrations were also important in our review. And we chose software that was easy to integrate with major e-commerce and POS systems.
Finally, because the benefits provided by a payment gateway to a merchant can be negated if a customer does not feel safe sharing their payment information. We made certain to select gateways with strong reputations and security features. Payment gateways will provide the security and opportunities that both customers and businesses require as they seek easier ways to pay and sell.
Instantcharge can help you with a gateway that meets your needs and integrates with your website, or we can build you an ecommerce website with an integrated gateway or payment options right out of the box. We understand Payment Gateway Integration is an essential aspect that needs to be incorporated in a way so that it works in conjunction with your business aspects.
What is the Procedure for Payment Gateway Integration?
To successfully integrate a payment gateway, you must first have a bank account linked to the gateway. This bank account, also known as a "merchant account," must be authorised to accept funds from online transactions. A regular bank account may not be sufficient. So in order to successfully integrate a payment method on your website, you should first open a merchant account with your bank.
After you've established a merchant account, you'll need to find the best payment gateway to use. There are dozens of gateways available. Each of which works in a different country, with a different website and content management system, and with a different set of functions.
Once you've decided on a gateway, you'll need to go through a set-up process to add it to your site. This can be accomplished very easily with a plugin or add-on, or it can necessitate custom development.
Following the completion of the actual integration, testing will be performed to ensure that the gateway is properly accepting funds. The PCI compliance will also be checked to ensure that the gateway is not transmitting or displaying credit card information incorrectly.
Finally, once testing is complete, your gateway will be ready to use. Accepting payments from customers and marking their orders as ready to fulfill on your end.
How do I use an online payment gateway? How does it function?
Payment gateways and payment processors are two critical components of online payment. So, how do these two elements work together to complete the payment?
- Customers visit your online store and wish to order/purchase an item. To purchase the item, they will enter their credit card information on the checkout page.
- The payment gateway will receive transaction details via the checkout page and then authenticate all of the customers' information before transmitting it to the payment processor.
- The payment processor receives the transaction details and sends them to the buyer's bank, as well as checking the legitimacy and credit limit of the buyer's card.
- The transaction is accepted or rejected by the card issuing bank, and the information is transmitted to the payment processor.
- The details are returned to the payment gateway by the seller's payment processor. As a result, if the bank approves the transaction, the seller will receive the approval information via the payment gateway and proceed with the purchase.
- The card issuing bank transfers funds to the seller's bank, and the money is deposited into the seller's account.
Why should you Integrate with a Payment Gateway?
When you integrate with a payment gateway and send an invoice to a customer, the customer will also receive a payment link through which they can make instant payments.
This integration automates your payment collection process by providing secure and fast payment gateways for your customers' payments.
When your customer successfully makes a payment, the status of your invoice is updated and a payment receipt is generated. If you set up automation to send thank you notes upon payment, your customer will be aware of your appreciation as soon as they make a payment.
This integration eliminates the need for manual payment entries, human data entry errors, the need to collect payments through less secure means, and long chains of follow-ups within your organization.
Payment Gateways: How Much Do They Cost?
Most payment gateways offer purchase-based pricing, with a typical industry rate of 2.9 percent plus $0.30 per transaction. Some require monthly gateway subscription fees ranging from $25 to $30 per month.
Payment gateways typically offer sales reporting, account updating, and fraud protection features, as well as integrations with third-party e-commerce platforms, in addition to secure information transmission.
Is it worth the Money to use a Payment Gateway?
A payment gateway is required for any business that wishes to accept credit card or digital wallet payments. Because transaction rates can vary, it's critical for sellers to select a merchant account and payment gateway with rates that won't eat into their profit margins.
Instantcharge is a newcomer, but it is rapidly expanding due to its focus on technology and development. It customizes payment solutions at a reasonable cost. There is no setup or monthly fees. It provides a virtual POS that allows users to easily integrate their online and offline channels.