payment gateway technologies

Payment Gateway Technologies- Unlocking E-commerce Potential

Staying ahead of the competition in e-commerce business requires more than just a great product lineup and a user-friendly website. A crucial but often overlooked element is the integration of advanced payment gateway technologies. These technologies not only streamline the payment process but also significantly enhance customer experience, security, and business growth. Let’s explore how leveraging the latest in payment gateway technologies can give a significant boost to your e-commerce business. 

1. Seamless Customer Experience 

One of the primary drivers of e-commerce growth is providing a seamless shopping experience. Advanced payment gateway technologies offer a variety of payment options, including credit and debit cards, digital wallets, and even cryptocurrency. By accommodating diverse payment preferences, you reduce friction in the checkout process, which can lead to higher conversion rates. Moreover, features like one-click payments and saved payment methods make repeat purchases effortless, fostering customer loyalty. 

2. Enhanced Security 

Security is a paramount concern for both businesses and consumers. Modern payment gateways employ cutting-edge security protocols such as tokenization and encryption to protect sensitive information. Tokenization replaces card details with a unique identifier (token) that is useless if breached. This significantly reduces the risk of data theft. Additionally, compliance with standards like PCI-DSS (Payment Card Industry Data Security Standard) ensures that your business adheres to the highest security practices, building trust with your customers. 

3. Global Reach 

Expanding your e-commerce business globally can be daunting without the right tools. Advanced payment gateways facilitate cross-border transactions by supporting multiple currencies and local payment methods. This flexibility allows customers from different parts of the world to shop in their preferred currency and use familiar payment options, breaking down barriers to international sales. Additionally, features like dynamic currency conversion provide transparency, helping customers understand exactly how much they are spending. 

4. Data Analytics and Insights 

Understanding customer behavior is critical to business growth. Payment gateways offer detailed analytics and reporting features that provide insights into transaction patterns, payment preferences, and sales trends. This data can inform your marketing strategies, inventory management, and customer service improvements. By leveraging these insights, you can make data-driven decisions that enhance your business performance and customer satisfaction. 

5. Fraud Prevention 

Fraudulent transactions are a significant threat to e-commerce businesses. Advanced payment gateway technologies incorporate sophisticated fraud detection and prevention mechanisms such as machine learning algorithms, real-time monitoring, and multi-factor authentication. These technologies analyze transaction data to identify and flag suspicious activities, minimizing the risk of fraud. This not only protects your revenue but also safeguards your brand reputation. 

6. Integration with Other Systems 

A modern e-commerce operation relies on various systems, including Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), and inventory management. Advanced payment gateways offer seamless integration with these systems, ensuring smooth data flow and operational efficiency. For instance, integrating your payment gateway with your CRM system can help you track customer interactions and personalize marketing efforts. Similarly, syncing with your inventory management system ensures accurate stock levels and timely order fulfillment. 

7. Mobile Optimization 

With the increasing use of smartphones for online shopping, mobile optimization is no longer optional. Advanced payment gateway technologies are designed to provide a smooth payment experience on mobile devices. Features like mobile wallets (e.g., Apple Pay, Google Wallet) and responsive checkout pages ensure that customers can easily complete transactions on their phones. A mobile-friendly payment process can significantly reduce cart abandonment rates and boost sales. 

Conclusion 

Incorporating advanced payment gateway technologies is a strategic move that can drive significant growth for your e-commerce business. By enhancing customer experience, ensuring robust security, facilitating global transactions, providing valuable insights, preventing fraud, integrating seamlessly with other systems, and optimizing for mobile, these technologies address key aspects of e-commerce success. As the digital marketplace continues to evolve, staying updated with the latest payment solutions will keep your business competitive and poised for growth.  

payoneer

How To Integrate Payoneer Into Your E-Commerce Website Or Platform

If you’re an eCommerce business owner or a platform owner who needs to accept payments from around the world, you may be interested in integrating Payoneer into your website or platform. Payoneer is a financial services company that offers businesses and individuals worldwide online money transfer, digital payment services, and working capital solutions. Integrating Payoneer into your website or platform can enable you to accept payments in multiple currencies, facilitate cross-border transactions, and streamline your payment processes. In this article, we’ll explain how to integrate Payoneer into your eCommerce website or platform.

Create a Payoneer account:

To integrate Payoneer into your website or platform, you first need to create a Payoneer account. Navigate to the Payoneer website and select the “Sign Up” option. Fill in your information and finish the registration process. Once you have a Payoneer account, you’ll be able to access Payoneer’s API and other resources.

Set up Payoneer payment gateway:

Payoneer offers a payment gateway that enables eCommerce businesses to accept payments from customers around the world. To set up the Payoneer payment gateway on your website or platform, you need to access the API documentation and developer resources on the Payoneer website. You can integrate Payoneer’s payment gateway into your website or platform using the provided API, plugins, or SDKs.

Configure payment options:

After setting up the Payoneer payment gateway, you need to configure payment options on your website or platform. This involves specifying which payment methods you accept, such as credit cards, PayPal, or bank transfers, and which currencies you accept. Payoneer supports over 150 currencies, so you can offer your customers a wide range of payment options.

Test payment gateway:

Before you start accepting payments through Payoneer, you need to test the payment gateway to ensure that it’s working correctly. Payoneer provides a sandbox environment that allows you to test your integration without processing real transactions. You should test the payment gateway thoroughly to ensure that it can handle different scenarios, such as successful payments, declined payments, and refunds.

Enable payment processing:

Once you have tested the payment gateway and confirmed that it’s working correctly, you can enable payment processing on your website or platform. This involves connecting your website or platform to Payoneer’s payment processing system and specifying how payments should be processed. You can set up payment notifications, refunds, and chargebacks through the Payoneer API or dashboard.

Monitor payment activity:

After enabling payment processing, you should monitor payment activity on your website or platform to ensure that transactions are being processed correctly. Payoneer provides a dashboard that allows you to view payment activity, track payments, and generate reports. You should regularly review payment activity to identify any issues or discrepancies and take appropriate action.

Optimize payment experience:

Finally, you should optimize the payment experience on your website or platform to improve conversion rates and customer satisfaction. This involves optimizing the checkout process, providing clear payment instructions, and offering support for common payment methods. You can also use Payoneer’s payment optimization tools to increase payment success rates and reduce payment declines.

In conclusion, integrating Payoneer into your eCommerce website or platform can enable you to accept payments from around the world, facilitate cross-border transactions, and streamline your payment processes. To integrate Payoneer into your website or platform, you need to create a Payoneer account, set up the Payoneer payment gateway, configure payment options, test the payment gateway, enable payment processing, monitor payment activity, and optimize the payment experience. By following these steps, you can easily integrate Payoneer into your eCommerce website or platform and start accepting payments from customers around the world.

How To Integrate A Payment Gateway Into Your E-Commerce Site?

How To Integrate A Payment Gateway Into Your E-Commerce Site?

Nowadays, more and more people prefer not to waste time when making physical purchases. Instead, they opt to buy things or services online from the comfort of their homes. This is understandable and also a benefit of modern life. e-shopping means everything can be bought online, not just seen or enjoyed. Then, every merchant wishing to increase their sales should also consider integrating an online payment gateway.


What is a payment gateway?
This is a service provider that provides payment authorization.

In principle, it is a software application connecting a website to the bank, so that customers can pay you directly on the spot without leaving their apartment.

This type of service can be used by anyone, including e-commerce sites, other service providers who want their users to pay online, and even non-profit organizations that collect donations online.

Nowadays, online payments have become more and more popular. Even older people now use digital banking and pay for many services online. According to Statista, the value of transactions is also growing rapidly.

Let’s look at several issues that need to be considered before integrating a payment gateway. Understanding how everything works can assist you in selecting the best option.

It also helps in choosing the best system for your business. This is an important step because the convenience of the solution you choose can influence the purchasing decisions of your potential customers.
How does the e-commerce payment gateway work and why do you need it?
In general, online payment systems can be compared to the point of service that can be successfully used for any type of payment using your bank card.

In this case, its main role is to authorize and approve the transaction, the only difference being that you don’t have to use a physical point of service.
If you have an e-commerce site but are still wondering if you should implement a payment gateway, the answer for you is definitely yes.

You will need to implement it to have the ability to get payments directly from your customers. Even if you have a brick-and-mortar store, it’s still a good idea to add a payment gateway to your website to generate more customers and increase sales by serving people who could never get to your physical location.

All payments processed online are made in such a way that the transactions are without the actual presence of the bank card. This means that you don’t have access to the customer’s card, only to the information your customer enters in the suggested fields.

Without the physical presence of the card, it becomes a little easier to commit fraudulent actions at both ends. This means that the online payment system you use must be reliable and offer a high level of security.

All payment systems use approximately the same mechanisms. These are made up of several steps, most of which are hidden in the background.

There is a whole lot of “communication” between different facilities, rounds of approvals, complex remittance processes, etc. In short, the whole process is a bit like this:

  • Confirm the order and provide credit card information.
  • Encryption of information for security reasons.
  • Information sent to credit card associations: Visa, MasterCard, etc.
  • Transaction approval or refusal.
  • If approved, the transaction changes to authorized status.
  • Approval from the seller/merchant side.
  • Payment is received by the card issuing company.
  • The payment is sent to the relevant bank.
  • The transaction is confirmed by the bank and added to the cardholder’s statement.

Some of these steps happen almost simultaneously, although the funds may take some time to appear in your account.

Modern gateways comply with all the operations and permissions mentioned to protect both parties and then let them finalize their transactions.

Now you see that the question is not whether you need a payment system, but how to include a payment gateway in a website and how to make sure you have chosen the right one.

How to choose the right gateway for your e-commerce site?

First, the choice is between integrated and hosted payment gateways.

Integrated payment gateways
The built-in options allow users to establish a connection with them through the API they provide for your e-commerce site.

In clear terms, you serve the customer directly on your site without sending them back. On the one hand, it’s great because it can’t hurt your conversion rates. On the other hand, it makes you responsible for the security and protection of your customers’ data. Most likely, you will need development from a professional programmer to handle most built-in gateways, as this is a do-it-yourself endeavor.

Hosted payment gateways
Hosted payment gateways take the transaction itself off your website to take place on a payment gateway’s processor.

In this case, you are not responsible for private data or PCI compliance. For example, PayPal works this way.

There are downsides to this type of gateway too, as some customers don’t trust third parties and you probably don’t want your customers to leave your website to make a payment. Indeed, it reduces the conversion rate.

To make the best decision, you must examine the e-commerce platform you are using.
If you’re using Shopify, there are special requirements to make sure your chosen gateway is compatible.

Choosing the Right E-Commerce Payment Solution

Choosing The Right E-Commerce Payment Solution

Offering an online payment solution is essential to get started in e-commerce. This practical sheet explains the importance of choosing payment solutions for your online sales site and offers an indicative list of solutions marketed by payment service providers (PSP).

The health crisis has led to an unprecedented increase in online purchases. According to a recent study, during the lockdown, 88% of respondents bought online at least once during this period, and almost half (49%) regularly used e-commerce.

E-commerce acts as an economic shock absorber for companies. It allows SMEs and VSEs that have been able to adapt to limit the impact of the health crisis.

Deploy an online payment solution on its e-commerce site

If the e-commerce solutions of the major platforms or those made available by other players, such as banks or marketplaces natively offer payment solutions in integrated lines, companies that choose to sell on their site must do what is necessary to offer an online payment solution.

Payment service providers (PSP) provide turnkey payment solutions that allow a merchant site to accept online payments, usually by credit card. These pre-integrated and secure payment gateways can now easily be integrated into an e-commerce site.

This practical sheet explains why online payment is an essential feature of your online sales site. What are the many advantages it offers and presents the different types of players present in this market? For each of them, a list of solutions is proposed as an example

Online payment: a win-win solution

Offering online payment to your customers has as many advantages for the seller as for the buyer.

For professionals, online payment is a guarantee of security and efficiency.

It gives a modern and professional image. An online store associated with a personalized payment system is considered more serious compared to a system based on payment by bank transfer or check.

It facilitates your accounting management: automatic sending of invoices, and/or email notifications, and real-time information on payments save you time and reduce the risk of error.

It offers the ability to collect payments 24 hours a day, without the merchant needing to be present, unlike a physical payment.

It allows, thanks to the customization options offered, a successful integration into your online store to showcase your brand to your customers.

It serves your marketing strategy, for example by allowing you to offer your customers payment facilities such as payment in installments at no additional cost.

It secures transactions. Online payment is indeed more reliable and secure than payments in cash or by check), in particular thanks to the 3D Secure security system. Used by many online shops, this security protocol makes it possible to prevent fraud, by sending a code when carrying out a transaction to ensure that the card is used correctly. by its true owner.

For the customer, online payment also offers real advantages, particularly in terms of guarantees.

First safety. His banking information remains confidential. The seller does not have direct access to it. In the event of an anomaly, for example, if an abnormal sample is taken, the customer is immediately notified.

Then, he benefits from guarantees in the event of disputes, such as being able to benefit from an advantageous refund policy if a purchased product proves to be defective, undelivered, or if it does not correspond to the quality promised by the seller.

A secure online payment service can therefore help to create a feeling of trust between customer and seller, conducive to establishing a good, safe, and qualitative brand image.

Tips for choosing and installing your online payment solution

When choosing your online payment solution, it is important to pay attention to the following points:

Ask your provider if the payment page is customizable. It is preferable to have a payment page in your company’s colors rather than a payment page with a different graphic chart.

Make sure that the chosen payment service provider will credit your account in less than 48 hours. Some service providers set a minimum amount of sums received before making a payment, others define a fixed frequency or only release the funds after a period of 7 to 45 days… Too long payment periods can create cash flow problems.

Choose a payment solution offering the possibility of creating a customizable bank wording. This will allow you to use your merchant site name and avoid any misunderstanding for the buyer, who could have the impression of being debited by another company. This is an important point in the trust that the merchant must establish with his customer.

Pay attention to the hidden costs of certain payment solutions, for example, the minimum billing, the billing of unfinished transactions, and the paid options…

A payment management back office will allow you to have full access to all your transactions, statistical and reporting tools as well as a financial reconciliation tool. Without the latter, often offered by banking PSPs, this repetitive and non-value-added task can be a nightmare for your accounts.

Take an interest in after-sales service (SAV). Choose a service provider with whom you will have a dedicated technical contact who can assist you in setting up and then optimizing the means of payment for your site.

Why Do Payment Transactions Fail On An E-Commerce Site?

Why Do Payment Transactions Fail On An E-Commerce Site?

Depending on the market, business sector, or geography, between 5% and 20% of payment transactions fail once a customer clicks on the “Pay” button!

This automatically means a loss of 5% to 20% of sales for the e-commerce site and therefore a significant impact on its turnover.

But how does this black box that is the payment process work? How to avoid errors? And above all, how to optimize your payment system?

‍The Hidden Face Of The “Pay” Button

Each country or region of the world has its cultural habits of online payment. B2B uses bank transfers more often, while B2C will approach 100% card payments.

In the scenario of payment by credit card, there are several actors:

  • The customer’s Issuing Bank
  • The merchant’s Acquiring Bank
  • The payment Service Provider (PSP): this is the heart of the process, it manages the different means of payment, works with acquirers (sometimes their own, sometimes local) takes care of the legal authorizations… and invoices your transaction fees according to all these parameters
  • And of course the customer and the merchant

A payment procedure will take place in 2 steps.

Step 1 – Authorization:

Indeed when a customer pays online, he is not automatically debited from his account, he simply requests a purchase authorization from his bank: This is the authorization process.

The PSP receives the banking information and asks the issuing bank (your customer’s bank) if they wish to accept or refuse the authorization of the transaction. The issuing bank chooses whether or not to validate a transaction. To do so, it relies on financial and risk parameters.

From a financial point of view, the issuing bank will accept the transaction if the customer can pay (customer history, money in the bank account, payment limit, etc.).

From a risk point of view, the issuing bank will accept the transaction if it considers that it is not a fraudulent transaction (MCC- Merchant Category Code, secure site, location of the site about the customer, transaction history refused). Indeed, for financial and legal reasons, banks must maintain a low level of fraud and thus reject transactions in case of doubt.

Step 2 – Payment:

It is only later (between a few hours and a few days) that the merchant will receive the amount linked to this transaction in his bank account: This is the settlement process.

The merchant, via the acquirer, will send all the authorizations previously received to the card network (Visa, Mastercard, etc.) to collect the funds from the customer’s bank and simultaneously send the funds to the e-commerce site.

The 3 Main Reasons For Payment Failures

Technical Issues

The payment process involves many intermediaries. In addition to the PSP, other sub-suppliers are involved.

To reduce these so-called technical failures, the best option is to create a more flexible payment infrastructure: In effect, you can cascade multiple PSPs to ensure that your transactions always have a working route.

For example, depending on the geographical origin, you can route the payment to the PSP most suited to the region. Similarly, you can set up a payment route to test a first generalist PSP for example (at lower costs) then test a second more local one in the event of failure (at higher costs than the first but with a higher success rate for this region). Another example you can choose to disengage the 3DS when this service is faced with downtime and thus not block all your transactions. Anticipation, auditing, and knowledge of your PSP’s routing routes will be key in resolving these issues.

Risky Trades

Payment failures following a risk assessment generally stem from a lack of trust on the part of the issuing bank (that of the customer) or the acquirer (the intermediary between the PSP and the bank). Several parameters can be taken into account to define the risk profile of a transaction: location, country of the card compared to the country of the merchant, time, amount, etc.

There are many ways to “reassure” the issuing bank. The most important thing is to send the correct information to the bank.

Each bank has its payment analysis criteria and parameters. It is up to you to adapt to facilitate the evaluation of your transactions by them.

Customer Errors (Human Errors)

Failures due to “human” errors (wrong card number, missing information field, etc.) are fairly easy to prevent and repair. This can go through UX optimizations:

  • Fields in red when an incorrect or missing element
  • Return to the easy banking information page
  • Highlighting the error with a clear explanation
  • Fields more suitable for entering card numbers
  • Avoid taking the user out of the site
  • A “disengageable” 3DS, if the buyer is known, if the amount is low, etc.

Financial Failures

When a payment fails due to a customer’s financial problem (ceiling too high, lack, no liquidity present on the customer’s account, etc.), it is a question of thinking about commercial solutions rather than technical ones. This can range from offering payment in installments and pushing a credit offer, but also for service offers, taking the risk of giving access to the product while trying to pay again in a few days.

payment-gateway

How Do You Choose A Payment Gateway For E-Commerce?

A payment gateway is an essential tool for any e-commerce business. It allows merchants to receive online payments on their websites or apps. Integrating a reliable payment gateway can help businesses increase their conversion rates, meet different consumer needs and generate more revenue. And all while offering your customers a safe and easy check-out experience.

However, with so many payment gateway providers available, choosing the best one for your e-commerce business can be challenging. This article explains what businesses should look for when choosing a payment gateway and why certain features are so important to e-commerce businesses.

Digital Payment Guru is the Best Payment Integration Service that helps you to identify the Best Payment Gateway for your Business.

Coverage :

Country coverage is an important aspect to consider when choosing an online payment platform. Some providers only accept local payment methods or support regional bank branches. Opting for such a service means that your e-commerce store will not be able to assist shoppers with foreign banks, which can significantly reduce your customer base.

When considering different mobile phones, inquire about their country coverage. Even if your e-commerce site is still growing and you only ship goods locally, a broad-coverage payment gateway allows you to scale quickly and not limit your customer base to a geographic area.

Security Features :

The security of transaction data should be a top priority for any online business. E-commerce fraud is a common problem that affects many online merchants. Choosing a payment gateway provider with robust security features can protect businesses and their customers from potential fraud.

In this case, it isn’t easy to choose a Payment Gateway. So you have to relax about the security as Digital Payment Guru the payment gateway service providers ensure that all transactions are secured under PCI DSS Level 1 compliant technology and fraud scrub.

Conversion Rate At Check-Out :

Increased conversions are one of the key benefits that a well-chosen payment gateway can bring to e-commerce businesses. Conversion growth can depend on several factors, such as a convenient payment flow, supported payment methods, and even the design of the checkout.

When trying to find out if the payment gateway can increase your conversion rate, look for evidence from other companies that use the same payment service. Client case studies can be a good source of information.

Integration Method :

Integrating a payment gateway shouldn’t be too resource-intensive, so it’s important to find out what integration options are available before choosing the service. Most have public integration documentation that can provide an overview of their integration options and the process.

Digital Payment Guru helps you with payment gateway integration service of top payment gateways like PayPal, Paytm, PayU, Instamojo & Atom at the best market rates. Digital Payment Guru can help you choose the best payment gateway for your business by analyzing your business requirements.

Price And Billing :

Pricing and billing can vary widely from payment gateway to payment gateway. Most services charge a flat fee per transaction or a percentage of the payment. Other services may offer monthly or annual subscriptions. Depending on the size of an e-commerce business, companies need to choose the most cost-effective invoicing for the business in question.

Digital Payment Guru provides a Cost Effective Solution for your Business.

Payment Gateway Boost Your E-Commerce :

A payment gateway can significantly influence the success of an e-commerce business. Therefore, it is essential to consider several factors when choosing the right online payment solution. These factors include a payment gateway’s coverage, security features, and price. It is also essential to consider which payment methods the software supports, how easily it integrates, and how it can affect the conversion rates of your e-commerce.

Digital Payment Guru provides a cost-efficient payment gateway for websites. Digital Payment Guru expands the customer base of e-commerce companies by trying to reach more than 200 Million customers. Safety and customer support are Digital payment Guru’s priorities. So businesses can rest assured that their customers will have a seamless payment experience.

E- commerce

Why Do Payment Transactions Fail On An E-Commerce Site?

Depending on the market, business sector, or geography, between 5% and 20% of payment transactions fail once a customer clicks on the “Pay” button!

This automatically means a loss of 5% to 20% of sales for the e-commerce site and therefore a significant impact on its turnover.

But how does this black box that is the payment process work? How to avoid errors? And above all, how to optimize your payment system?

‍The Hidden Face Of The “Pay” Button

Each country or region of the world has its cultural habits of online payment. B2B uses bank transfers more often, while B2C will approach 100% card payments.

In the scenario of payment by credit card, there are several actors:

• The customer’s Issuing Bank

• The merchant’s Acquiring Bank

• The Payment Service Provider (PSP): this is the heart of the process, it manages the different means of payment, works with acquirers (sometimes their own, sometimes local) takes care of the legal authorizations… and invoices your transaction fees according to all these parameters

• And of course the customer and the merchant

A payment procedure will take place in 2 steps.

Step 1 – Authorization:

Indeed when a customer pays online, he is not automatically debited from his account, he simply requests a purchase authorization from his bank: This is the authorization process.

The PSP receives the banking information and asks the issuing bank (your customer’s bank) if they wish to accept or refuse the authorization of the transaction. The issuing bank chooses whether or not to validate a transaction. To do so, it relies on financial and risk parameters.

From a financial point of view, the issuing bank will accept the transaction if the customer can pay (customer history, money in the bank account, payment limit, etc.).

From a risk point of view, the issuing bank will accept the transaction if it considers that it is not a fraudulent transaction (MCC- Merchant Category Code, secure site, location of the site about the customer, transaction history refused). Indeed, for financial and legal reasons, banks must maintain a low level of fraud and thus reject transactions in case of doubt.

Step 2 – Payment:

It is only later (between a few hours and a few days) that the merchant will receive the amount linked to this transaction in his bank account: This is the settlement process.

The merchant, via the acquirer, will send all the authorizations previously received to the card network (Visa, Mastercard, etc.) to collect the funds from the customer’s bank and simultaneously send the funds to the e-commerce site.

Note: More and more circuits other than banking have emerged recently (Paypal, Apple Pay, Amazon Pay, etc.), PSPs have adapted by now offering offers covering all payment solutions and interfacing with the customer’s payment system.

The 3 Main Reasons For Payment Failures

Technical Issues

The payment process involves many intermediaries. In addition to the PSP, other sub-suppliers are involved (acquirer, card network, 3DS [3] suppliers, issuing bank).

To reduce these so-called technical failures, the best option is to create a more flexible payment infrastructure: In effect, you can cascade multiple PSPs to ensure that your transactions always have a working route.

For example, depending on the geographical origin, you can route the payment to the PSP most suited to the region. Similarly, you can set up a payment route to test a first generalist PSP for example (at lower costs) then test a second more local one in the event of failure (at higher costs than the first but with a higher success rate for this region). Another example you can choose to disengage the 3DS when this service is faced with downtime and thus not block all your transactions. Anticipation, auditing, and knowledge of your PSP’s routing routes will be key in resolving these issues.

Risky Trades

Payment failures following a risk assessment generally stem from a lack of trust on the part of the issuing bank (that of the customer) or the acquirer (the intermediary between the PSP and the bank). Several parameters can be taken into account to define the risk profile of a transaction: location, country of the card compared to the country of the merchant, time, amount, etc.

There are many ways to “reassure” the issuing bank. The most important thing is to send the correct information to the bank.

Each bank has its payment analysis criteria and parameters. It is up to you to adapt to facilitate the evaluation of your transactions by them.

Customer Errors (Human Errors)

Failures due to “human” errors (wrong card number, missing information field, etc.) are fairly easy to prevent and repair. This can go through UX optimizations:

• Fields in red when an incorrect or missing element

• Return to the easy banking information page

• Highlighting the error with a clear explanation

• Fields more suitable for entering card numbers

• Avoid taking the user out of the site

• A “disengageable” 3DS, if the buyer is known, if the amount is low, etc.

Financial Failures

When a payment fails due to a customer’s financial problem (ceiling too high, lack, no liquidity present on the customer’s account, etc.), it is a question of thinking about commercial solutions rather than technical ones. This can range from offering payment in installments and pushing a credit offer, but also for service offers, taking the risk of giving access to the product while trying to pay again in a few days.

What makes E-Commerce Payments Secure?

 

The e-commerce market in India is so popular these days that everyone buying products on e-commerce websites is very much aware of what a payment gateway is. An E-commerce payment gateway is basically the platform that handles the transaction from the user to an e-commerce website. Payment Gateways provides multiple payment modes for customers so that they can make payments through a mode that is convenient for them like credit/debit card, Net Banking, UPI, and more.  Because of the increased purchase using a payment gateway, it becomes mandatory for the payment gateways to be to carry out certain security measures. Without a secure payment gateway, E-Commerce cannot sell their products online and the customer cannot proceed to the payment gateway to make the purchase.

Fraud Concern: To date, people still find it more trustworthy to buy products from a local shop than buying them from an e-commerce website. The chances of becoming a victim of fraud are very much less compared to that of buying online. The common fear that customers have with online shopping is, paying for the product online and not receiving it or risking personal card details to an e-commerce site.

To avoid all such fraudulent activities, an e-commerce business spends a huge sum to maintain a secure payment system for the customers to make a transaction for purchasing products.

Following are some security practices adopted by the payment gateway providers:

  • Data Encryption: Data encryption is an essential security measure. When you enter your data, it is encrypted with a public key that can only be decrypted with the payment gateway’s private key. If this sounds tough to understand, refer to this example: When you are buying a product from an e-commerce website when you are directed to a payment page and you add your details for making the payment, your details are saved with the website to speed up the payment process for next time, but only you can view your details and no one else. This is called encryption. Also, the payment gateway providers will not be able to see your details in the backend as it appears decipherable to them, this is known as decryption. Even in an attempt of hacking they still will appear decipherable to the hacker thus securing your credentials.
  • Security Socket Layer (SSL): When it comes to online business, an essential component is a secure payment gateway that creates a trustworthy environment for your potential customers. SSL builds up trust by achieving a secure connection. SSL is a standard security technology that helps in achieving an encryption link between a server and a client. In simple terms, you enter your information on the browser and the information is taken to the server, this is done by SSL. SSL is also used to authenticate the visitor that visits a website and also protect sensitive information like the card details of your customers. All the major e-commerce websites use SSL making them secure for customers to make an online purchases. The same cannot be guaranteed for websites without SSL. So it is not recommended to make online payments from such websites to avoid any online fraud. Websites with SSL can be easily identified, check for ‘https’ before the website address.
  • Tokenization: Tokenization is the process of replacing sensitive information like card details or passwords with non-sensitive information also known as a token. A token is an identity that maps sensitive data through a tokenization system. For example, sensitive data can be replaced with random numbers. When a token replaces live data in the system it prevents sensitive data to be accessed by unauthorized users thus reducing the risk of accidental exposure. The sensitive information like Credit/Debit card details is replaced by a token. It secures the details of customers in the server and provider them with a unique token that can be used for one-click payment when they revisit the website for purchasing any product.

All of these are the security measure that payment gateways have adopted to ensure safe online transactions. If you are looking for payment gateway solutions for your e-commerce website visit Digital Payment Guru for top payment gateways at the best market rates.

To know what is PCI DSS compliance click here.

 

Digital Payment Gateway for Successful E-Commerce Business

When you pay a business using an electronic medium, it’s called an online digital payment gateway and the application that carries out this process is termed digital payment gateway integration.

The increasing use of Internet-based banking and shopping has seen the growth of multiple e-commerce payment systems and technology has evolved to enhance, improve and provide secure and safe e-payment transactions.

Paperless e-commerce digital payments have revolutionized payment processing by reducing paperwork, transaction costs, and personnel cost. Also, there are many options available in the market offering companies a cheap payment gateway. These digital payment systems are user-friendly and utilize less time than manual processing and assist businesses to extend their market reach.

The best Digital Payment Methods of e-commerce in use today are:

Credit Card

The most famous and common method of payment for e-commerce transactions is through credit cards. It is very easy to use and the customer has to simply enter their credit card number and expiry date mentioned, on a small plastic card with a unique number attached to an account, in the appropriate field on the merchant’s website. To increase the security system, improved security measures, such as the use of a card verification number (CVN), have been included in online credit card payments. The CVN method helps identify fraud or cheating by matching the CVN number with the credit card holder’s details. When a shopper purchases a product or service via credit card, the credit card issuer bank pays on behalf of the buyer and the shopper has a certain time period after which he can pay the credit card bill which usually has a monthly payment cycle.

Debit Card

Debit cards are the second-highest e-commerce payment method in India. Shoppers who want to pay online within their budgetary limits prefer to pay using their Debit cards. A debit card, just like a credit card, is a small plastic card with a unique number linked with the bank account number.

With the debit card, consumers can only pay for obtained goods with the money that is already there in their bank account as opposed to the credit card where the outlay that the buyer spends is charged to him and payments are done at the end of the billing time. This is the principal difference between debit and credit cards is that the amount gets deducted from the card’s bank account directly and there should be adequate balance in the bank account for the transaction to get completed; whereas, in the case of a credit card purchase, there is no such requirement.

Smart Card

It is a plastic card fixed with a microprocessor that has the consumer’s personal details saved in it and can be loaded with funds to perform online transactions and instant payment of bills. The funds that are loaded in the smart card decrease as per the usage by the shopper and should be reloaded from his bank account. The smart card is again similar to a credit card or a debit card in looks, but it has a tiny microprocessor chip installed in it. It has the capacity to save a customer’s work and personal details. It is best when traveling to foreign countries for leisure or business trips. They are accessed using a PIN that every customer is assigned. Smart cards are secure, as they store data in an encrypted form and are less expensive. Smart cards can only be Smart cards are secure, as they store information in an encrypted format and are less expensive/provides faster processing.

To know how to choose the right payment solution for E-commerce click here.