An online payment service provider helps merchants to accept payments for their online sales through electronic payments such as credit card, debit card, real-time bank transfer with online banking, and bank transfers. There is a single channel through which all payments are made and accepted.
The PSP or the payment service provider works with the payment processors to ensure that the transaction process goes through smoothly from start to finish. It is easier for merchants to hire the services of PSPs as they are able to integrate the different payment types for a small fee.
Service Providers Supporting Different Payment Types
An online payment service provider like PaymentAsia is able to support a vast range of payment methods. Customers are able to pay using mobile wallets, credit cards, mobile money, and other forms of payment. These providers also get discounts due to bulk processing which is the reason why they only charge merchants a small fee.
They also help with global payments in different currencies. This is done by having partnerships with acquiring banks that help with processing different currencies. This ensures that merchants are able to consider expanding their customer base into the global market and even exporting goods.
Importance Of Security In eCommerce Payment Gateways
Ecommerce payment gateways help to keep your online transactions secure and make your customers happy by giving them a flawless shopping experience. Security is so important as confidential information is being shared and there is the constant threat of hackers getting hold of your data. When your payment gateways provide top quality service, the chances of leads converting into sales is a higher possibility.
Online payment gateways use encryption to protect the data of their customers so that the information is available exclusively to the seller and buyer only. The process of authorization request ensures that the transaction proceeds only if it is approved by the issuer of the credit card. Only after the permission is given does the transaction go forward with payment being made.
Choosing The Right Payment Gateway
Ecommerce payment gateways must be characterized by simplicity both for the retailer and the customer. There must be the facility of stacking payment gateways so that it is easier for customers and they can choose whichever card they have.
This also decreases the friction at checkout as well as security risks. Cost should not be the main criteria when choosing your payment gateway. It should be their security arrangements, fraud prevention processes, and their PCI compliance.
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