Merchants really need a payment gateway to boost their online business. Payment gateway is highly recognized as the third party that provide services such as transaction between the business and customers. As a seller, you just need to focus on your products and quality. All the payment transactions, the payment gateway will handle them for you.
Of course, if you want the best gateway, you need to know the availability of the payment gateway. In addition, you need to know on how to choose the best payment gateway for your business. It’s not complicated to choose the best gateway. All you need is some advice, some insights of the payment gateways, and of course some tips to choose the best gateway.
How Does Payment Gateway Work?
The first thing that merchants need to see is on how gateway actually works. It’s very important for merchants to know. So, they know the flow of their transactions. Here are the things:
- Collection
Your customer choose the product that they want on your website or other e-commerce website such as Lazada or Zalora. After they choose the product, they will enter their personal credit or debit card information. After they made the payment, the information and all the requirements will go directly to your gateway.
- Authentication
After your gateway get all the details from your customers, the staffs from the gateway will link it to your bank account.
- Authorization
The merchants will be notified that the sale has been approved. You can start to deliver the products to your specific customers. You will know this after the payment gateway inform you.
- Settlement
Settlement period is depends on the merchants’ payment gateway. It can be settled down in the real-time setting or within 21 working days.
Golden Tips for Merchants
This is the important part for merchants. These golden tips for merchants might help you choose the best payment gateway for your business.
Registration fees – Merchants whether you are from SME or not, you should take note of the registration fees. It’s good for merchants if they can find gateway with no registration fees.
Transaction fees – If merchants can get the gateway offer with low transaction fees, it should be good for the merchants. But, some of the gateways will charge the higher transaction fees, but it also good for merchants in order to gain the customers’ trust.
Countries and currencies support – Basically you as a merchant always have the aim to enter other countries to expand your business. So you should find the right gateway in order to expand your business. Find a gateway that provides services for many countries and support many currencies.
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Conclusion
If you successfully adopted the best payment gateway, you and your customers will experience the best services ever. Merchants have to be smart to compete with other e-commerce. Thus, choosing the best payment gateway will definitely help to upgrade yourself to becoming more distinctive than other e-commerce businesses.
Article by Nabihah Jasri
