Mobile Payment Gateway Table of Contents
A payment gateway, also known as a payment facilitator or online payment facilitator, is a third party merchant service offered by an e-Commerce software provider that allows direct credit card payment or electronic checks processing for online merchants, e-businesses, virtual websites, or traditional bricks and mortar businesses. It acts as a go between for the buyer and the seller by accepting and paying for the online transaction, converting the buyer's information into a digital format such as a credit card number, and then transmitting the information to the seller for a secure, safe, and easy credit card payment. Payment gateways are typically integrated with the payment processors such as PayPal, Visa, MasterCard, and Discover and provide the end user with complete online sales and shopping experiences. Gateways have enabled online merchants to accept money payments from buyers all over the world and has revolutionized the way customers buy online. For e-business owners who lack IT skills and expertise, a Payment Gateway is the ideal solution.
In simple terms, a Payment Gateway is a system which forwards credit card transactions to the buying end user. i.e. from a customer's credit card payment to a seller's online sale, it forwards the transaction to the buying end user. Once the transaction reaches this stage, i.e. when the buyer's credit card is confirmed and an order is placed, the payment gateway passes on the transaction to the acquiring bank, which acts as a go between for both the seller and buyer. Once the acquiring bank confirms the transaction, the gateway passes on the transaction to the credit card issuer who then authorizes the credit card to be transferred to the person who has made the purchase.
A Payment Gateway is useful when an e-business merchant wishes to accept card details from a customer. The way in which a payment gateway validates the card details sent to the gateway allows the e-business merchant to ensure that the card details are safe from any kind of misuse or fraudulent use. This way an e-business merchant is able to provide the customers with safe and secure transactions without having to lift a finger. On the part of the customer, the ease with which a payment gateway validates the card details makes it easy for the customer places his or her card details and places the order without too much hassle.
If you have just started in business and are looking for a way to get the most out of your marketing dollars, then you should consider an aggregate or dedicated merchant account. These accounts are a great option for a new business that has not earned a lot of money yet. They will be used to help with handling all of the transactions that take place on a regular basis. They can handle payment processing, charge back management and they will even allow you to set up payment plans with your customers for online purchases. There are many different types of services that a bank that is dedicated to merchant accounts can offer you but it is important that you understand exactly what it is that you will be using the service for first.
Some of the services that you will want to look at include the ability to accept payments via your website. Many of the retailers that will be doing business online will do so through their own ecommerce websites, so it will help if you can integrate your site into the merchant's system. This way your website can accept credit cards, electronic checks and all other forms of payments that your customers can make and provide you with the information to process them. You should also be able to accept payments over the phone. You might even want to integrate the API of your chosen merchant service to one that will accept payments over the phone as well.
In order to get the best rates on your merchant accounts you should always check with the payment method suppliers that you are working with. These are the companies that set the rates for the fees that you will have to pay on a monthly basis. Some of these payment method suppliers will let you set your own rates while others will tie your rates to what the larger banks charge. You should try to find a merchant account company that will let you choose the best rates possible so that you can receive the most profit for your hard work.
Credit card payment integration solutions with a gateway API are crucial to small and medium size businesses (SMBs) as they open the doors for direct online sales from their existing web applications. The integration solution enables seamless card payments from web pages of any company by allowing business owners to offer the option to accept credit card payments over the internet. With the usage of a payment gateway, a company can now allow its customers to transact on its website by integrating its payment processing system. However, it should be noted that not all gateways are created equal and therefore companies must carefully assess their choice of provider to ensure that their customers' needs are being met in the way they expect them to be.
There are different types of payment gateways available including those which offer direct payments through a dedicated merchant accounts, third party merchant accounts and APIs. A company looking for an ideal gateway API should choose the one that best suits their specific business requirements and offers the most convenient way to integrate their current websites with their new and upcoming offerings. Apart from the different gateway options, companies may also choose from a hosted API solution, API gateway and a hosted shopping cart option. A hosted API solution is hosted on a secure virtual server hosted by a third party company, while third-party merchant accounts or an API gateway will require a dedicated merchant account.
A hosted API solution will allow a company to have a virtual payment gateway where all transactions go through a single gateway and this makes it easier for customers to transact on a company's website. However, a dedicated merchant account is preferred by some as it gives complete control over the merchant account service while making payment transactions through the company's website. This kind of merchant account is also preferred for companies who do not want to share sensitive information like passwords with their web host. A bank account is another common form of payment gateway, as it is considered to be the most secure and safe way of transferring money online. The most common banks that provide a payment gateway services are PayPal, USeller, MegaBucks, Affinity, and MoneyGram.
As more businesses move from a traditional network-based model to a cloud-based model, it is important to highlight the key differences between Stripe and Braintree. Both merchant accounts offer their clients many of the same features, including integrated merchant services, but there are also a few key differences that may prove to be important for some entrepreneurs. If you are in the process of launching your first ecommerce site or you already have one that you would like to improve and make more efficient and productive, both Stripe and Braintree can help you accomplish those goals. Before comparing them, however, it is important to note a few things that are certain to differ between these two popular merchant accounts.
The primary difference between Stripe and Braintree is their pricing structure. While both merchant accounts charge a monthly fee, Stripe typically charges much less than Braintree, which has become the industry standard for the majority of merchant accounts on the market. Stripe charges just a one-time setup fee as well as a transaction fee for any credit or debit card that is processed with their system. This allows merchants to use their account without having to worry about laying out additional financial resources to provide payment processing services. In many ways, Stripe serves a more convenient service model for both business owners and merchants.
Another key difference between Stripe and Braintree is that with a Stripe merchant account, the website owner does not have to wait for the company to send funds to their website before they can begin to process sales. With most other merchant accounts, a business has to wait until an automatic transfer takes place after being approved on the merchant account provider's site. Even when funds are available in an online merchant account, they may still have to wait for an automatic transfer to take place before the sale is completed. With a Stripe merchant account, all payments and activities are immediately reflected in real time, making it easier for the merchant to provide immediate customer service to customers waiting on an automatic transfer from their bank.
PayPal is the most widely accepted payment method and merchant locations in the world, and it's no wonder, as it offers loads of benefits and features to businesses who want to accept payments on the go, without having to wait a long time for them to be processed. PayPal has payment tiers, which let you increase the rate you pay per transaction, so you can make your money stretch further. PayPal accepts payments from almost every currency, so you're already ready to start expanding your product offerings if you have an international ecommerce presence. If your company doesn't yet have a PayPal account ready to go, don't worry: you can easily get one today, with the low cost of becoming a PayPal funded Business. With a few clicks, you'll have your own PayPal Website, with all the tools you need to take your business to the next level.
PayPal is available for free to new users, and it provides many payment methods and merchants locations to suit your needs. You can easily choose the payment methods that you feel are most convenient for your customers - whether they use PayPal or not - and choose to expand your services just by clicking a few buttons. PayPal supports many currencies, and you can set up shop in any currency you choose. PayPal will also manage the process of converting your site-based currencies into the local currency of your customer, so you never have to worry about currency conversion errors.
Another great benefit of accepting PayPal is that you won't have to keep up with the fees that other payment methods might charge you, and there are no membership fees or minimums. You can accept payment from anyone who has a PayPal account, so you won't even have to contact your regular customers for them to upgrade their accounts. It's safe to say that PayPal is the obvious choice for global ecommerce merchants and buyers. If you don't have a PayPal Website, it's easy to get one today! And if you want to know more about accepting PayPal, check out the PayPal Website and sign up for your free account today!
Scroll down to read our indepth Mobile Payment Platforms guide. What you should know, Mobile Payment Platforms features, price plans and support. Pros and Cons of Mobile Payment Platforms as a payment gateway, everything is explained below.
Spreedly is a software company that specialises in payment-gateway software for small to enterprise level businesses.
Spreedly is listed as the best payment-gateway software related to Mobile Payment Platforms. Spreedly was founded in 2008 in Durham, NC and currently has over 79 employees registered on Linkedin.