Online payment gateway is playing an impactful role in the online transaction. Yes, it allows merchants to accept the international transaction. Moreover, it is reliable and well-secured. The online payment gateway allows the merchants to accept credit card payments online. Online payment gateway basically works as a middle man. It transfers the credit card details and transaction amount details to the merchant processor securely. Considering the present situation where people are working from home, the number of the online transaction has touched a different level. The local merchants had to close their shops due to the coronavirus outbreak. Amid this situation, people are giving more importance to online shopping.
So, if you want to survive in such a situation, you must have your online marketplace from where everyone can place an order from your business. Moreover, if you still want to sell in the local area, you should have an online payment gateway that will allow you to receive payments online. People in the local shops are not making cash payments anymore. They are giving more importance to the credit card transaction. Along with the credit card, they are choosing debit cards, mobile wallets, and other contactless options to make bill payments online.
If you want to elevate your business to the next level, you need to expand your business. Now, expanding business is not as easy as it sounds. The merchants must need advanced payment equipment, payment terminals, and online payment gateway to operate business internationally. If you want to increase your customer base, you have to think in a different way. If you have your own marketplace and the online payment gateway, you can easily sell your products internationally. The online payment gateway is one of the best ways through which you can do international transactions. In other cases, the process becomes very complex. Moreover, there are additional charges, currency conversion, and many more inextricably associated with international transactions.
But, things get changed completely in case of an online payment gateway. We have elaborated how online payment gateway works here. If you want to run your online business internationally, you must go through the following points:
The customer usually makes online payments with a mobile wallet or credit card. After initiating the payment, the online payment gateway sends the important credit card information to the merchant processor. The merchant processor will check the information and the main process starts from here. The processor sends the transaction information to the credit card network. After that, the brand will send the information to the customer’s credit card issuing bank. The bank will check everything and after that, the bank will either approve or reject the credit card transaction depending upon the available balance. Then, the bank sends the same to the credit card brand. The brand will send the information to the merchant processor. So, this is how the credit card transaction works.
Well, most people face transaction declination problems while making payments with credit cards or debit cards. This happens due to the network issue of the credit card issuing bank. The banks generally have the poor network and buggy software and therefore, customers’ transactions get rejected even after having an adequate amount of balance in the account. Visa recently has updated an AI tool that can solve this problem completely. The AI tool will automatically detect the bank’s network. The AI tool can itself accept or decline the transaction. However, the process to accept or reject the credit card transaction will be designed by the bank. In such a case, the payment processing through online payment gateway will be faster and quicker.
Best Online Payment Gateway Provider
We are living in an era where everything relies on technology. One of the efficient outcomes of technology is an online payment gateway. This is something that is changing the ecosystem of the online payment industry. Therefore, many companies are offering it. But, if you are a small merchant, you will not get benefits from all these companies. Therefore, we are here to suggest you the best one.
International Payment Solutions is one of the best merchant processors. The virtual platform provides an online payment gateway. Through this online payment gateway, online merchants can accept international payments flawlessly. Moreover, the company offers an interchange plus pricing structure that makes the entire relationship between merchant processor and merchants transparent. The merchants will get a complete overview of the online credit card processing rates.
Along with the online payment gateway, the company also offers various advanced payment terminals that are required to operate the online business effectively. The company offers credit card and debit card machines, ATM, virtual terminal, online payment processing, point of sale system and many more.
Not An IPS Merchant?
So, you have realized the importance of online payment gateway. Now, if you want to do online business, you need a merchant account. If you have a small business, you can get your merchant account in just one day from International Payment Solutions. So, what are you waiting for? Get in touch with IPS today.