You may think there’s nothing challenging with online transactions and they’re so speedy. It’s only on the surface. In fact, there’re several processes working together behind the curtains that help funds move from buyer to seller. Are you interested in a merchant account PayPal? Who can help you with the best merchant services, including a payment gateway? This article will tell you about payment gateways and their providers.
Payment Gateways and Merchant Account PayPal
If you want to accept credit card payments online or on a mobile device, you can’t do without a payment gateway. The latter can be described as a secure technology that bridges the gap between your business and your customer.
So, if you don’t have a payment gateway and a merchant account, you can’t accept credit card and electronic check payments over the internet. Remember that a payment gateway isn’t the same as a payment processor. The gateway securely authorizes the transaction, and the processor just transmits it.
Payment gateways are e-commerce applications developed to authorize payments for e-businesses, online merchants, bricks and clicks, or traditional brick and mortar businesses. Think of them as the virtual equivalent of a physical point-of-sale (POS) terminal that you can find in the majority of retail outlets.
So, a payment gateway is called to encrypt sensitive information to make sure the info moves securely from the customer to the merchant. It’s critical for merchants to apply to only a reputable payment processor to enjoy the best payment gateways and merchant accounts in the industry.
A respectable credit card processing company that understands the specifics associated with different business models, can offer you the right payment gateway for payment processing. So, make sure to find an experienced processor that guarantees unmatched rates and fees for merchant services, including a merchant account PayPal.
Payment Gateway Market: How Payment Gateways Work
Goldstein Research reports that the payment gateway market is anticipated to account for USD 28.7 billion by 2024. It’s expected to grow at a compounded annual growth rate (CAGR) of 14.1% from 2016 to 2024. By the way, North America dominates the global payment gateway market share, accounting for 40.0% in 2016.
Do you know how payment gateways work? Here’re the steps their operation is based on:
- Collection
- Authentication
- Authorization
- Settlement
To find the right payment gateway provider, you should look for:
- A secure network that can keep customers’ financial information secure while making an online transaction with your business
- A smooth and convenient purchasing experience that doesn’t require too much time, effort, or personal information to make a purchase
- Ability to enjoy not only local sales but also accept payments in a number of currencies from a variety of markets across the world
- A payment gateway that fits into your company’s budget
As you see, the main job of a payment gateway is to securely validate the credit card details of your customers, ensure the funds are available for the payment and get you paid.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that can help you with a merchant account PayPal, and other merchant services. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.
