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Monday, June 14, 2021

A Detailed Guide To An Efficient Payment Gateway

A secure online payment solution is the crux of establishing reliability in a firm. Both employees and the customers expect a sense of responsibility from the business to help receive or deliver payments without any inconvenience. With a safe payment gateway, this becomes a cakewalk. 

The right payment gateway can instantly help with minimizing payment complications and maximizing sales to an extreme level. With easy-to-operate and reliable payment modes, customers will be able to trust your brand more and build long-term connections for safety. 


Let us unleash this definitive guide and help you discover the safest payment methods!

What Is A Payment Gateway?

A payment gateway is simply an online transaction data preserver. It helps process the card payments for e-commerce websites by acting as a merchant service provider. The job of this payment solution system starts with capturing the credit card transaction. Then, it helps encrypt the transaction solution. 

Once that is done, it routes the transaction to the credit card processor. Finally, it returns either an approval or decline notification.

How Does It Work?

1.      A payment gateway allows numerous payment page options, such as hosted payment page, client-side encryption and server-to-server integration to customize your requirements.

2.      You need to enter your debit or credit card details on the payment page. Once that is done, the information is securely passed to your payment gateway.

3.      The payment gateway then performs a quick fraud scan to check if the details are correct and safe. It also encrypts the card details at this point.

4.      After the data is securely passed to the bank, it proceeds with the details and passes the same to the respective card scheme, i.e. Visa, Mastercard, etc.

 

5.      The card scheme will perform its fraud check, and then the payment data will be sent to the issuing bank.

6.      The issuing bank will again perform a fraud check and finally permit the transaction. Then, the approved or declined payment notification is delivered from the card scheme to the acquirer.

7.      The acquiring bank sends the same notification to the payment gateway, and after that, the message reaches the individual. If the payment is approved, the acquirer can collect the money.

 

Why is Open’s Payment Gateway a Smart Solution for Your Business?

Accept Payments From Diverse Methods
With a diverse range of payment options, Open’s payment gateway allows customers to indulge in a convenient payment experience whenever they want. So, if one method fails to work for them, they can switch to the other without a second thought. Online payments via diverse methods like IMPS, RTGS, NEFT, Credit cards, debit cards and even UPI no longer seem difficult.

Seamless Checkout Experience
Nobody wants to get caught up in the checkout process and wait in long queues to complete it. As the customer's experience at the checkout turns into a preferable experience, the revenue will increase automatically. 

Integrates API In Minutes
A time-consuming integration of services is quite a painful affair. But if the process occurs in just a few minutes, there is nothing like it. With Open’s payment gateway, this turns into a reality for every customer daily.

With Open’s payment gateway, you can also receive comprehensive insights on the cash flow, refund via analytics and more. You can also know about the payment settlements to ease your convenience.

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