What is a Payment Gateway?
A payment gateway is necessary if you operate an online business and wish to accept credit or debit card payments directly on your website. It is a system that receives and transmits payment information from a client to the merchant's bank account, allowing the merchant to accept online payments from their customers.
To better understand how the payment gateway works, first, let's look at the five key parties that are involved in the process:
- Merchant: either the company or the salesperson;
- Cardholder: a customer making the purchase;
- Issuing bank: a financial institution that holds the customer's account;
- Card schemes: most notably Visa or Mastercard;
- Acquiring bank: a financial institution that holds the merchant's account.
The scheme below explains how each party is involved in the payment gateway process.
Although this whole process might seem complicated, as our client, you have nothing to worry about - we have prepared an easy-to-integrate API. Our dedicated IT support team will help you to set it up on your online store and make sure that everything is working properly. You will then be able to start accepting payments online and focus on marketing your product.
Also, our payment gateway is multi-currency: you can accept payments in practically all currencies and get paid in your local currency. This enables your business to accept payments from customers all around the world. In addition to card payments, we also support alternative payments, such as open banking.
Hence, if your business is ready to start accepting payments online, please contact us at [email protected].
21 November, 2022