What Is A Payment Gateway? Plus 5 Of The Best Payment Gateways Compared To 2020

What Is A Payment Gateway? Plus 5 Of The Best Payment Gateways Compared To 2020

Finance & Loan

Which payment gateway should you use for your Levitt electronics? Many people struggle with this issue. After all, payment gateways and online payments in general can be daunting, especially if it’s your first time around the block. With dozens of online payment options to choose from, the decision can be complicated. But this is where this guide comes in. Here, you are told what to look for in a quality online payment gateway and present five of the best solutions on the market.

A payment gateway supports authorizing payment and ensuring that the data entered is sufficient to finalize the payment. The gateway protects credit card details by encrypting all of the sensitive information it holds. This process ensures that confidential personal information is transmitted securely between the customer and the merchant. A payment gateway is part of the “magic” that happens in the background when a transaction takes place on the web. By sending information securely between the website and the high risk payment processor, and then sending the transaction details back to the website, this is a primary component that keeps ecommerce stores running. If you have a website (ecommerce) and want to accept credit card payments online, you will need a payment gateway. It is effectively the bridge between the sales of your products and the customer.

How Does A Payment Gateway Work?

The good news is that as the owner of an ecommerce store, you don’t have to understand how the payment gateway works. In practice, all you have to do is choosing a gateway, and then integrate it into your online store via a user-friendly configuration wizard. After that, it works and allows you to collect payments from customers. In practice, this means that the payment gateway is solely responsible for allowing the customer to communicate with the payment processor. The gateway corresponds exactly to what its name suggests – a “gateway” which transmits the customer’s personal information via a secure channel to the payment processor.

Aside from in-store payment gateways, almost all e-commerce platforms support PayPal, Amazon Pay, Authorize.Net, Stripe and Square. So you don’t have to worry if you want to use one or the other. The high end ecommerce platforms all work smoothly – I’m talking about platforms like Shopify, BigCommerce, WooCommerce, Magento.

ipaytotal has been working in the payment gateway industry for quite some time now. They offer clear fees and a model interchange-plus pricing advantage. If you mainly accept credit cards, this might be the best solution for you. In this model, you are billed based on the transaction fees associated with each card, plus the operator’s fees. That being said, you will need a separate merchant account to work with Payline, which makes the setup process more complex and perhaps less user-friendly if you start using a new e-commerce store.

iPaytotal is more than a convenient payment gateway, that is, it is up to you to define things such as recurring payments or other non-standard payment systems. In other words, implementing a specific solution can be more complicated and therefore more suitable for established businesses. Stripe has been one of the most popular payment gateways on the market in recent years. The clear fee structure, good integration with all major e-commerce systems and an easy-to-use interface were important factors that helped Stripe build a happy customer base. Stripe is probably the most developer-centric payment gateway. It may sound intimidating to some, but it actually means that you can adjust Stripe to serve your business exactly the way you want.