If you’re a business that sells products or services online, it’s essential to make the purchase process easier for your customers by integrating a payment gateway. A payment gateway is a software solution that allows money to be transferred from the customer’s account to your account with the click of a button.
How Does A Payment Gateway Work
As a middleman between the customer and seller, a payment gateway comprises of various financial functions such as transaction authorisation (to ensure the customer has required funds) to refunding should the order be cancelled.
Payment gateways need to be extremely secure since they handle sensitive transaction data such as the card holder’s name, card number and CVV code. As a payment gateway, it’s vital to perform regular testing to ensure the safety of customers.
Types of Payment Gateways
There are various payment gateway types to choose from and it will depend on the size of your business as well as your unique needs.
Hosted payment gateways redirect customers from your website or app to their platform to complete the payment. Once payment is confirmed, it navigates back to your website. PayPal is one of the most well-known hosted payment gateway platforms. Integrating a hosted payment gateway is super simple and if you use a popular e-commerce platform like Shopify, installing an extension might be all that’s needed.
Integrated payment gateways allow customers to stay on your e-store while the payment is completed, without redirecting elsewhere. One such payment gateway is SagePay Direct. This type of payment solution ensures better data control and more fluid user experience.
A custom payment gateway enhances the functionality of an integrated solution and offers the highest level of control over data and payments. Custom payment gateways don’t require technical know-how and you won’t have to rely on third-party services which can put security at risk.
If you’re looking for a team of top software developers, you’ve come to the right place. At Netgen, we have extensive experience in software development and can offer you the payment gateway to suit your unique needs. Get in touch with Netgen today!