Today, businesses of all sizes, large and small, provide their services online, accept payments, communicate with customers, and place orders on the Internet. To set up easy and convenient payments for the comfort of your customers, it’s best to use payment gateways. Is this the first time you’ve heard of this term? That’s okay because we will tell and show you everything. Today’s article is about payment gateways and their main functions.
Defining the Payment Gateways
Have you ever wondered what happens between the time customers enter their bank card number, click to pay, and the time you get this money? Who processes the data, and how does the payment happen? For this, you, as the owner of eCommerce, can thank the payment gateways. Essentially, a payment gateway is specially designed software and hardware. It processes payments for financial services in seconds. To secure your customers’ data, the gateway encrypts the processed data and is responsible for the correct authorization of customers. The eCommerce payment gateway is a must-have for merchants. You may say that it is enough to use eWallets to accept money, but what to do if the client wants to pay with the card? If the clients have no online account, you won’t be able to accept money on your eWallet. That is where the eCommerce payment gateway comes in handy.
Genome Account: the Best Online PSP for Small Business
To run your business easily, you can open an online account where all payments will be made securely and easily. The money is sent in a matter of minutes, if the customer has a Genome account, the transfer money online will be completely free. Use the online account from Genome and experience all the benefits.
Principle of Operation
During those seconds that the client sees the loading slider, the payment gateways perform a dozen processes. As soon as the customer clicks to buy an item and enters their banking information, the online payment gateway for small businesses and big one sends information for confirmation to the acquiring bank. International systems, like Visa or Mastercard, confirm the payment and send a confirmation code to the customer. They enter the numbers on the site and receive confirmation of the successful operation. If you send payments to Europe and need to convert USD to EUR, this is also handled by the gateway.
