With the constant increase in eCommerce selling and more and more bricks and retail stores turning to the web, it’s critical to start selling your products online via different channels to help you to grow your business. However, it may be harder than you think to make your eCommerce site capable of handling your web transactions. When you first start to look around for a payment processing you may be surprised with how many options there are available.Generally payment providers offer many types of solutions to process payments and create a better shopping experience for your customers.But, there are multiple types of payment service providers available. We have researched all of the payment providers and have noticed they all have different features, capabilities and rates. The tricky part now is up to you and the big question is…How do you work out which one is best for you? We have also found that almost EVERY business we have been engaged with can either improve the way they are doing it or save money.
Some common terminology that may help you in your decision making:
What is a Payment Gateway? A Payment gateway is an eCommerce application service provider service that authorizes credit card payments and processes transactions for retailers.A payment gateway allows the merchant to seamlessly and reliably take payments via credit or debit from their customers.
What is a merchant Account? A Merchant Account is an online bank account that allows businesses to accept online payments by payment cards. It temporarily holds your payment money until it is moved in your actual bank account.
What is a PSP? A PSP is known as a Payment Service Provider: Offers services to online stores for accepting electronic payments including credit card, debit card, and bank transfers, without a merchant account of your own. A PSP fully manages the connections and relationships with necessary external networks.
Here is a checklist to help you on your journey:
Have your say on payment gateways ! Comment below:
— June 5, 2015