Online payment acceptance is becoming a necessity for all types of businesses regardless of type or size, and so is a payment gateway.
The payment gateway transfers the information regarding the payment and processes the payment.
It authorizes, verifies, and accepts/declines the payment on behalf of the merchant. It acts as a link between payment acceptance between merchants and customers.
A payment gateway is an important tool that helps merchants accept online payments with or without the presence of the cardholder/customer.
It ensures that all the details of the cardholder and the transaction are safe and make the transaction legitimate.
How does a payment gateway work?
- After the customer initiates the payment by choosing the payment method or entering the necessary information.
- Payment gateway accepts all the customer details and transaction details encrypt them and forward them to the payment processor.
- The payment processor forwards the details to the acquirer bank.
- Acquirer bank sends the authorization request for the payment processing to the card association.
- The card association sends the verification request to the issuing bank. After the essential checks, the transaction status (accept or decline) to the payment processor and then transfers the funds to the acquirer bank.
Choosing a payment gateway that will suit your business can be a little bit tricky.
The merchant should research the payment gateway specifications, the services they provide, and which payment gateway package would be suitable for the business model.
Some points to consider while choosing a payment gateway are,
Security – Customers entrust their information for making online payments, so it is the duty of the merchant to ensure that their details are safe and secure.
The payment gateway should be PCI-DSS compliant, follow SSL protocol and rules and regulations of data privacy set by the government and RBI.
Onboarding – In today’s world everyone is in the race and time is of utmost value, a payment gateway should offer quick merchant onboarding and should allow merchants to start accepting payments as soon as possible. The onboarding process should be simple.
Payment Options – There are different payment options available, and customers seem to prefer the payment option they are comfortable with.
A payment gateway should provide multiple payment options for the customers to choose from.
International Payment Acceptance – As the internet is bringing the world closer, businesses are trying to expand on the global level making international currency payment acceptance is one of the important features to consider while choosing a payment gateway.
Customer Experience – A payment gateway should be able to offer a smooth and easy experience for customers.
Customers often ignore the tedious payment process, so the merchant needs to make sure that the payment/checkout page should ask for the minimum information from customers and is able to guide customers through the payment process.
Lyra Payment Gateway makes an online payment path uniform for the customers. With a high level of security, it provides a unique and innovative platform.
It offers hassle-free, convenient, and secure payment acceptance and smooth payment transactions.
With zero setup fees and easy integration, Lyra’s Payment Gateway offers a quick onboarding.
Merchant gets a powerful back-office system and 100+ payment options. With the customized study of your business, Lyra offers a tailor-made payment gateway solution for your business.