These days, everyone is taking their business online as it enhances the visibility and the market, which otherwise is restricted to a small geographical area. But whether you are a small player or a big one, if you are managing an online store, you need to provide a payment gateway facility to your customers. It often happens that a small businessman does not really know what it is or why he will require one.
Accepting money in a small physical store is simple as most of these shopkeepers transact only in cash, but when they go online they get lost because they need to provide a gateway for card payment for their customers if they really want to succeed.
A payment gateway is nothing but a facility that through software processes verifies the transactions on the merchant’s behalf following a set of rules known as PCI-DSS (Payment Card Industry Data Security Standard).
With so many online solutions available for payments, it is essential that business owners choose the right paymentgateway for technical support. If customers feel that making a payment is taking a lot of time or the interaction of the website with the payment gateway is not seamless, they will simply move away. It is thus of utmost importance that the payment gateway of your site should be optimally set up; else you will simply lose business.
The payment gateways are designed in such a manner that as soon as the customer creates an order, his card details are sent from the website to the gateway in an encrypted manner. As the sensitive information is immediately offloaded from your website, there is a reduced risk of hackers gaining access to it and also since it goes in an encrypted manner it is safe. The payment processor, at the other end, will have the required process to retrieve it and will communicate with the required card company to see if the information is correct or not. After performing all checks, which take only a few seconds, the approved or disapproved notification is passed back to the payment gateway and finally back to your website.
Once approved, the sale is made and if this entire process works smoothly you have a satisfied customer who is more likely to visit you again in future.
Bio: Smith Bason is an expert in the field who is giving his expertise to businesses from past 5 years to set up their e-payment gateways.