Being a new technology, merchants are often speculative on how the payment gateway works. They usually confuse themselves by understanding payment gateway is a synonym of e commerce shopping cart.
So what is payment gateway?
Payment gateway for tech support is a service which is integrated in a web based e commerce website’s shopping cart and it evidently gathers payment data provided by the customer at the checkout.
The data is then encrypted and transmitted to the card issuing bank for clearance. Once the authorization clearance is received, it is then sent to the merchant and further displayed to the card holder.
Traditionally the merchants used to accept hard cash due to locality sales. In the same manner, due to globalization, a technology such a payment gateway came in to ease the transactions.
For a layman’s understanding, when the goods or services are to be sold virtually, the payment needs to be done for the same. For this it is not possible for the merchant or the customer to travel overseas just to hand over the cash in person. So to make such payments real, the payment gateway system has been introduced. This provides the customers to make payment easily at their comfort zone. By the merchant’s point of view, he is happy as the money is directly getting credited in his account. Services such as this payment gateway for tech support are gaining popularity among SME’s and small busiesses.
A merchant account needs to be opened by the merchant. It acts very similarly to a bank account which allows businesses to accept money via any debit or credit card to be directly credited to such accounts. Under an agreement between the merchant acquiring bank and an acceptor, the merchant account is established for a proper settlement of payment done by debit or credit cards. A merchant may order payment gateway for tech support, websites, schools, startups, import, export, etc.
In the 21st century, a payment gateway is a need of any business. This is because a business cannot work without sales and service. With world becoming a global market, one needs a website to feature their products. To sell the same, they need to have a mode by which the money can be transmitted in the bank account securely. All this is handled by the payment gateway in a very accurate manner to run everything smoothly even when the customer is miles apart.
How to choose a payment gateway?
The primary points to be kept in mind which choosing a right payment gateway are:
The payment gateway should always be compatible with your shopping cart’s technology.
The payment gateway has become a commodity service to all and hence your conclusion for a package selected should impact pricing.
Knowledge about the best payment gateways in the market is a must to keep you updated as to who is using the safest technology and who are frauds.
- Customizability vs. Simplicity
Some payment gateways are very simple to implement but do not authorize a high degree of customization. Others might be complex to understand but allow customization. The need of the organization should be studies before choosing an appropriate payment gateway.
Companies may study their needs and then can research on the internet as to which gateway could suit them. The best payment gateways for tech support, IT industries, schools, household markets, etc. are easily available in a form of package which can be ordered even online.