payment gateway services

Understanding Payment Gateway Services: An Essential Guide 

Payment Gateway services play a pivotal role in modern e-commerce. These services act as intermediaries between merchants and customers. They facilitate secure online transactions by encrypting sensitive information. Consequently, businesses can offer various payment methods to their clients. This convenience helps in boosting sales and customer satisfaction. Furthermore, it enhances the overall shopping experience. 

How Payment Gateway Services Work 

The functioning of Payment Gateway services is straightforward yet crucial. Initially, the customer chooses a product and proceeds to checkout. Next, the payment gateway encrypts the payment details. It then sends this data to the acquiring bank for authorization. Once approved, the transaction is processed, and the funds are transferred. This entire process happens within seconds, ensuring a smooth transaction. 

Benefits of Using Payment Gateway Services 

Payment Gateway services offer numerous advantages to businesses and customers alike. For businesses, they reduce the risk of fraud by providing secure transaction channels. Moreover, they support multiple currencies, enabling global sales. For customers, they offer a seamless and secure checkout experience. This trust encourages repeat purchases and brand loyalty. Therefore, integrating a reliable payment gateway is essential for any online business. 

Choosing the Right Payment Gateway Service 

Selecting the right Payment Gateway service is vital for business success. Start by considering the security features offered. Look for services that comply with Payment Card Industry- Data Security Standard PCI-DSS. Additionally, evaluate the transaction fees and other costs involved. It’s also important to ensure compatibility with your website platform. By doing so, you can ensure smooth integration and operation. 

Major trends in Payment Gateway Services 

Several key trends are currently shaping the landscape of Payment Gateway services. One of them is biometric authentication which includes fingerprint scanning, facial recognition, and voice recognition. Another is the integration of artificial intelligence and machine learning. These technologies help in detecting and preventing fraudulent activities in real-time.

Additionally, the adoption of cryptocurrencies as a payment option is gaining momentum. This offers customers more flexibility and businesses the potential to tap into new markets. Emerging technologies like blockchain and AI are shaping the future of online payments. These innovations promise even greater security and efficiency and newer technologies can provide businesses a significant edge. 

Adapting to a Mobile-First World 

The shift towards mobile-first strategies is another significant milestone in Payment Gateway services. With the increasing use of smartphones for online shopping, payment gateways are optimizing their platforms for mobile users. Features like one-click payments and mobile wallets are becoming standard. Furthermore, the development of progressive web apps (PWAs) offers a seamless and app-like experience on mobile browsers. As a result, businesses can cater to the growing number of mobile shoppers. This adaptability is crucial for maintaining a competitive edge in the market.  

Payment Gateway services provide the security and convenience necessary for successful online transactions. By understanding how they work and their benefits, businesses can make informed choices. Selecting the right service and staying updated on trends is crucial. Ultimately, a robust payment gateway can significantly enhance business growth and customer satisfaction. 

payment gateway

How Does Payment Gateway Charge?

 

If you are having an online business or planning to start an online business, a payment gateway is something that you will definitely need for accepting online payments. But when it comes to the payment gateway or any service integration, one question that comes to our mind is ‘What are the FEES?’.

Well, no service comes for free nor does payment gateway, so how do they actually charge?

When you choose a payment gateway service provider from a payment processor like Paypal or Paytm, the payment gateway is provided free of cost, which means that the code for the payment gateway is provided for free and the code needs to be blended into your website. These payment gateway processors do not provide integration service, you need to get the payment gateway blended into your website with the help of your website developer.

Usually, Payment Gateway has its own set of fees,

Setup Fee:

It is a one-time fee charged by the provider for setting up the payment gateway account and integrating the payment gateway with your website.

Annual Fees:

The payment gateway can charge you annually for the plugins, features, and support that it offers.

Transaction cost:

The payment gateway can charge you for every transaction that your customer makes. The charges are a certain percentage of every transaction plus a fixed amount.

Some payment processors do provide integration service at a cost, If you are looking for a payment gateway, You must have come across the term “One-time setup cost” which in simple words means payment gateway integration charge, wherein the payment processor does not just provides you with payment gateway but also blends it with your websites making it ready for payment acceptance.

If it is for free then how do payment gateway providers get paid?

So once the payment gateway integration into your website is completed and your website is ready to accept online payment, this is when the payment gateway providers start getting paid. Payment gateway charges you a certain percentage (1.5%-3.5%)  on every transaction that your customer makes. The charges differ for a mode of payment like Debit/Credit card, UPI or NetBanking, and more. Following are some charges from reputed payment gateways.

PayPal – 2.5%* + Fixed fee (INR 3)

Paytm–  1.75% + GST

Instamojo–  2% + Rs 3 fixed

PayU–  2% + GST

How is Digital Payment Guru different from others?

Digital Payment Guru is a payment Gateway integrator providing integration services for different types of businesses that want to start accepting payments online. What makes

Discounted  Rates:

Digital payment guru provides the payment gateway service at the cheapest rates compared to that available in the market.

Variety of Payment Gateway:

 Find different payment gateways in one place, compare the rates, and select the one that suits your business.

Customized Payment Gateways:

We provide a customized payment gateway that can be tailored according to your website and need.

Consultation:

 Our team of experts having years of experience with payment gateway integration can help you choose the best payment gateway which is suitable for your business.

Integration service:

Unlike other payment gateway service providers, Digital payment guru offers the integration service at the best rates which is a one-time cost with customer support.

Website Audit:

We conduct an entire website audit for you to ensure that the payment gateway works properly and also to find any errors in existing functionalities that can be resolved.