The main task of the payment gateway is validating the customer’s credit or debit card details in a secure manner. Ensure that the funds are easily available for the payment and then get the retailer gets paid.
A payment gateway is actually a service, which authorizes credit or debit card payments for online as well as offline businesses. This is equivalent to the physical point of the sale terminal in a restaurant or shop. It allows customers to submit their card details and then passes the financial information securely from the user to the merchant and after that between the merchant and the bank. The payment gateway then confirms if the charge is approved by the user’s bank and then submits the charges for the settlement. The settlement is where the payment value is reduced from the user’s credit card account and is then deposited into the merchant’s account.
Picking a payment gateway can actually be a little difficult. Payment gateway for tech support is one of the important considerations while choosing since you might need technical assistance whenever you face a problem. Here are 2 quick tips to help you get started.
1) How Fast Should You Start Accepting Payments?
Configuring the merchant account, as well as the payment gateway, will generally take close to4 weeks. But, some of the payment gateway providers will allow you to sign up even without the merchant account and start off right away. Though most of the payment gateways provide help in setting up the merchant account, getting one can actually be a long as well as a hard process,especially if you are a new business going through the process for the first time.
2) How Much Are You Likely to Spend on Payment Gateway?
The cost is definitely a major concern for all the businesses. Before you commit to any of the payment gateway providers, ensure that you are aware of its fee structure. The most crucial thing that you need to look at is the fully loaded costs like installation cost, admin costs, transaction costs, and so on.
In case you only accept a lesser volume of the online payments, you must try to avoid the monthly fees as well as high setup cost. You will have to check out the full-service provider that is quick and also free to set up. You can also consider direct debit, which is mostly cheaper than card payments.