A payment gateway is becoming a necessity for businesses that want to accept online payments. A payment gateway allows merchants to accept online payments. It securely processes, authorizes, authenticates, online payments. Payment gateway ensures the security of customer’s information and transaction information. Every merchant should make sure the payment gateway chosen is the best suited for the business. The payment gateway should be PCI DSS certified and follow the government’s guidelines on security.
Payment gateway minimizes the fraud, protects sensitive transaction information, and allows merchants to accept online payments with multiple methods. Most of the payment gateway offers multiple payment methods like credit/ debit cards, internet banking, UPI, mobile wallets, etc.
Payment gateways allow customers to shop and pay for the goods or services online and on the merchant’s website. A merchant can avoid the pop-ups and redirection to new pages. Most of the payment gateway providers offer extra add ons. One such add-on is customization, where a merchant can customize the payment/checkout page as per his/her liking and can use it for business benefits.
When the customer initiates the payment. He chooses a payment method and inputs the necessary information. This information is encrypted by the browser and sent to the SSL server securely. This information is then sent to the payment gateway. Payment gateway forwards the information to the payment processor and then to the acquiring bank. The information then gets sent to the issuing bank via the card network. After the authentication, authorization, and verification process, and essential checks are done on the transaction and cardholders’ information, the transaction is either accepted or declined. If accepted, the issuing bank transfers the funds to the acquiring bank. Though the process seems long, it only takes a couple of seconds for the entire process to take place.
The payment gateway offers a highly secure payment transfer. While choosing a payment gateway, a merchant should always confirm that the payment gateway is PCI DSS compliant and follows the protocols and data privacy regulations set up by RBI. All payment gateways in India have to follow these regulations to protect merchants from fraudulent transactions and customers from data theft.
Getting a payment gateway for your business improves the overall performance. A payment gateway offers a seamless checkout. Research shows that more customers cancel their purchase if the payment or checkout process is tedious on the other hand, if the checkout is swift, there could be a significant increase in the sales as the customer wouldn’t mind shopping again at the website. A merchant can customize the payment or checkout page giving customers a unique experience that can in turn increase customer loyalty. A payment gateway can integrate with a shopping cart and can accept multiple payment methods.
Lyra Payment Gateway offers a unique and seamless payment processing experience. It offers convenience for customers by offering a save card option and 1 click checkout. Merchants can accept EMI based payments, email, or SMS based payments. Lyra also offers risk and fraud management systems and chargeback minimization along with advanced refund management. Lyra offers quick merchant onboarding, zero setup fee, and assures the lowest requested quote making a tailor-made payment solution for your business.