A gateway helps in running the payment methods run smoothly, as it allows various online payments for consumers and businesses. The Covid-19 pandemic hiked up the world of eCommerce as online sales at that time hit $5.7 billion approx in 2022.
At the same time, fraud related to eCommerce also rises and face a loss of $41 billion (approx) in 2022. These figures help in making the payment gateway an essential tool in handling the issues of online payment processing while making a smooth and secure checkout experience.
If you’re an online seller, it’s not important to be an expert, but it’s important to understand the basics of how an online transaction takes place from your customer to your bank account. If you are facing any problems you are suggested to have guidance from Custom eCommerce website development professionals.
Through this article, you will get to know about what are payment gateways, how it works, their security characteristics, and how to choose which payment gateway service is beneficial for your business.
Integrating a secure payment gateway for both businesses and customers turns out to be very important. Integrating it into your eCommerce platform requires careful consideration of various factors, including the choice of eCommerce platform compatibility, security, and user experience.
Here are some troubleshooting tips for secure payment gateway integration:
1. Choose the Right Payment Gateway:
There are two types of payment gateways: hosted and integrated
- Hosted payment gateways are those gateways which are redirected the customer to the payment processor’s platform, and the provider is responsible for the security and other requirements.
- Integrated payment gateways are those which are connected directly to the eCommerce website via an API provided by the gateway. They offer a smooth payment experience and require an e-tailer to address security and compliance requirements.
It also needs a merchant account to receive credit card payments directly.
2. Ensuring Compatibility
Ensure that the payment gateway is supported by your eCommerce platform and has a well-matched plugin or extension if it’s not that compatible, you may need to invest more time in finding an off-the-shelf plugin or extension to add to the payment gateway.
3. Prioritize security
The provider must be Level 1 accommodating with the Payment Card Industry Data Security Standard (PCI DSS) and provide various built-in security features, like tokenization and encryption on all the payment pages. The gateway should also contain solid authentication procedures and use APIs to securely post the data from the website.
4. Certification
Make sure that the payment gateway has SSL and PCI DSS certifications. SSL protects all confidential information, such as credit card details, whereas PCI DSS gives guidelines to merchants on protecting sensitive customer data during the processing of payments.
5. Addition to your checkout
Think about adding the payment gateway to your checkout page for a subtle user experience. Your users give their information on your page, and your website sends the data to the gateway’s API. If you are building your website from scratch, you have to write the addition code by yourself.
6. Testing of Addition
Understanding the base of the payment gateway is very crucial for testing the done integration. Make sure that the payment gateway works correctly with your eCommerce platform and provides a smooth experience for your customers.
Let’s discuss, who are the key players in online payments.
Key Players of Online Payments
Before going down, let’s find out the key players in online payments. When a customer clicks on the “Pay” button on your website, there are many key players implicated in the payment process, those are;
- The merchant:
The very first and most important players in the journey of payments are the merchants. Online businesses that accept card payments, and deliver digital or physical products or services to consumers. - The customer:
The one who uses the goods and services that the seller is selling and does the transactions. - The issuing bank:
The bank, financial institution, company, or credit union plays an important role in the payment process. They issue or help in issuing payment cards to customers. - The acquiring bank:
The bank or financial institution that processes card payments on behalf of merchants while maintaining the merchant account. One of their main roles is to securely direct the card payment data onto the card schemes for approval by the issuer. - The payment gateway:
Refers to the technology that is used by various sellers to verify and safely transfer the payment data between the various parties that are involved in the transaction process. When the payment is done or declined by the parties, the payment gateway will send the related message to the merchant. - Card schemes:
Card schemes are the body that allows payments between merchants and card issuers. Various international credit card schemes include MasterCard, Visa, Union Pay, etc.
CONCLUSION
Secure payment gateway addition needs careful thought of various factors, which include the choice of the gateway, compatibility, security, and user experience. By following these troubleshooting tips, you can make sure that a secure and smooth payment process for your customers.
Still, if you are facing some issues you are suggested to have guidance from professionals or opt for various services by custom eCommerce website development India
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