Payment Gateway
Faster online card payments, allowing your business to take payments around the clock.
Discover how to take payments online
whether its useful for your business
No physical store? Then you just might need a Payment Gateway. If you want to sell goods on your website, you will need a payment gateway to sit within your shopping cart. But first! You will need to understand what they are, and how they work.
What is
Payment Gateway?
A payment gateway is a technology that facilitates the processing of credit card and other electronic payments for online transactions. This is the MOST secure way of taking card payments. This is due to a mechanism called 3DSecure or PSD2. 3D secure will route the customer to their online banking application and request them to authorize the transaction.
This makes an online transaction impenetrable as only the genuine card holder would have access to their mobile banking application. Hence, a stolen card would not work on an e-commerce transaction.
How does
A Payment Gateway work?
1. Customer Initiates Payment
Businesses manually input transaction and payment information into the virtual terminal using an internet-connected device like a laptop, tablet, or smartphone.
2. Data Encryption
Once the payment details are entered, the virtual terminal processes the transaction through the payment gateway, which then communicates with the customer’s bank to authorize and complete the payment.
3. Transaction Authorisation
After the transaction is processed, the business and the customer receive a confirmation via email.
4. Customer Authorisation
We offer Next Day Funding to our clients, ensuring cash flow.
5. Approval or Decline
The issuing bank or payment processor verifies the transaction details, such as available funds and card validity, and then approves or declines the transaction.
6. Notification
The payment gateway sends the transaction status (approved or declined) back to the merchant and the customer.
7. Settlement
If approved, the funds are transferred from the customer’s account to the merchant’s account.
Benefits OF
Payments online
Security
Payment gateways use encryption and other security measures such as 3D Secure to protect sensitive payment information.
Integration
They can be integrated with e-commerce platforms, POS systems, and software’s.
Versatility
Support for various payment methods, including credit/debit cards, digital wallets, and sometimes even cryptocurrencies
Convenience
Simplifies the payment process for both merchants and customers.
Global Reach
Enables businesses to accept payments from customers worldwide.
Fraud Prevention
E-Commerce transactions are the most secure method of taking credit and debit cards. This is due to 3DSecure or PSD2. This function requires the customer to verify their purchase through their online banking application, hence, if the card is stolen, the thief wouldn’t have access to the customers online banking application, therefore the transaction will not go through. This saves the merchant from a lot of chargebacks and lost revenue.