If you're a business owner, it's likely that you've already started accepting credit card payments. In fact, if your company has been in operation for more than a few months, it's very likely that your customers are already asking to pay by credit card. However, accepting credit cards isn't as simple as just signing up for an account with your bank or merchant service provider (MSP). You also need to partner with a payment gateway providers who can process your transactions securely and seamlessly.
What is a Payment Gateway Provider?
A payment gateway provider is the technology needed to accept payments online. It can be a bank or third-party provider, and it's integrated with your merchant account in order to process transactions. A payment gateway provider can also be called an acquiring bank or processor (or "acquirer").
What's the difference between a Payment Gateway Provider and a Merchant Account?
Payment gateway providers are the middlemen between a merchant and their bank. Merchant accounts are the bank accounts that merchants use to accept credit card payments. Payment gateway providers offer payment processing solutions for merchants, allowing them to accept online payments in multiple currencies and process transactions through a variety of channels such as websites or mobile apps.
Merchant accounts are very similar in nature but have some key differences: merchant accounts require a monthly fee whereas payment gateways do not; some merchant account providers offer additional services such as reporting tools while others may not; it's possible for one company to provide both types of services (for example, PayPal).
How to choose the right Payment Gateway Provider?
When you're looking for a payment gateway provider, you should consider several factors:
- How well does the company match your needs?
- Are they reputable and trustworthy?
- Do they offer competitive prices, or can they help negotiate a better deal with your bank or processor?
- Will they be able to provide technical support if needed (and how quickly)?
When comparing payment gateway providers, make sure you're getting the best value for your business.
When comparing payment gateway providers, make sure you're getting the best value for your business. The first thing to consider is what is the value for your business? This may sound like a simple question but it's actually quite important. You need to understand how much each option will cost and what benefits they offer in order to figure out which one offers the most bang for your buck (or bangles).
After determining this, compare different options side by side so that you can see exactly what kind of difference each provider offers over another one before making any decisions.
Conclusion
It's important to remember that payment gateway providers are not all created equal. There are many factors to consider when choosing a provider, including cost, features and customer service. The best way for you to make sure that you're getting the most value for your business is by comparing different options before making any decisions.
High Risk Merchant Accounts are most of the times subjected to a setup fee .The higher the risk associated with your industry, the higher the fees and charges for credit card processing.Various factors define the risk associated to your business like Industry, Location, Processing History, Processing volumes and Clientele.
For instance, stores that offer adult products are just as likely to be rated as high risk enterprises as those who deal firearms.The same holds true for travel services, telemarketers, bail bonds businesses, online auctions, and dating websites.Businesses that are placed in the Terminated Merchant File (TMF), also sometimes called the MATCH list, will also be considered high risk.Keeping in mind that the actual rates and fees you’ll pay depend on a number of factors, high risk businesses should expect credit card processing fees to start around 3.5% for an established business in a “less risky” high risk category.From there, costs can rise to 10% or more, with the highest rates coming for those in the riskiest industries or businesses using “offshore” payment gateway providers.
You have to create an Attractive and user-friendly website with all the required information related to your products and services.
Apart from this, you also need to provide safe and secure payment methods to your customers ( Ecommerce payment options) by implementing payment gateways.
In this informative post, we will provide answers to some frequently asked questions about best payment gateway in India.
It is the encrypted transaction data that is sent from the e-commerce website to the payment gateway provider.
Every single transaction is protected by industry specific and secure technology, then sent to your bank quickly after which you will receive an authorized or declined notification that is transmitted from your bank via the payment gateway and later onwards to your business site.
A payment gateway let's your business accept both domestic and international cards like Visa Mastercard and EFT Payments.
