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In the century where the technology is taking over, digital dependency and its influence for personal and commercial purpose can be witnessed. The retail industry, tourism industry, academic sector and many others to list, are well versed with the advantages of incorporating the new innovations in their business. Payment gateway software is one such technology that is in demand.
Payment gateway software helps you in handling money when dealing with the customers online. To get a payment gateway for the e-commerce business, you need to invest in the money transfer website development.
Read this article to get familiar with the payment gateway, payment gateway scripts, their advantage and the market.
Table of Contents
What Is A Payment Gateway?
Gateways are the software or hardware that are used to connect two networks. The gateway acts as a linking node between networks. This feature makes them essential in the business of e-commerce or e-retailing.
Payment gateways are used to link the e-commerce website to a bank account or merchants account. They facilitate the transfer of money from the customer’s account to the owner’s or merchant’s account. The merchant needs to provide a platform to the customer for transferring money that is safe and securely carries sensitive information. The payment gateway serves this purpose. A payment gateway script is required to develop gateway software for your business.
You need to know how the payment gateways work. The concept is vital to build reliability towards the software and to increase your awareness of the need for payment gateway software development for the business. Continue reading the article to get familiar with the concept of money transfer software.
The function of the payment gateway is simple and easy to understand. It acts as a mediator between the e-commerce website and the bank. Depending on the merchant’s preference, the process of money transfer can be done by many methods. However, the widely used methods (three) are described below-
The first method includes filling up the form on the merchant’s website. The form filled containing the essential but confidential information initiates the process and redirects it through a payment gateway for the money transfer.
This method is not as secure as the others; however, it is widely used with appropriate security measures as it ensures smooth processing.
The second approach includes toggling between pages. In this type of gateway system, the customer is redirected to a new page (Payment gateway vendor’s website) outside the merchant’s website. The customer then fills the required information, and the processing is done.
It is the most secure method and used by the merchants where security is the top-most priority; however, it is not in common practice as redirecting the customer outside the merchant’s website disrupts the smooth processing.
The third method is all about featuring the payment gateway page that is powered by the vendor on the merchant’s website. The page is connected to the vendor’s gateway system hence making it simple to carry the transaction without taking the customers off the merchant’s website.
This method is likely to be more secure than the first method as the customer is not redirected outside the merchant’s website; however, the necessary additions should be involved for the security of sensitive information.
>>>Read More: Payment Gateway Development: Cost, Features, and Challenges<<<
With the three above mentioned methods, it is totally up to the merchant on which way to choose. The developer company will help you and suggest the method appropriate for your business and budget.
The essential features that are must-have in any payment gateway service are mentioned below. However, some features offer further customization but come with a cost. You can analyze what all functions can be included in your payment gateway service for an enhanced experience.
Mode of payment: You need to offer multiple payment options to the customers. Users should be able to transact with a variety of debit and credit cards as per the availability.
ACH and eChecks: Automated clearing house and processing eChecks should be facilitated. ACH processing involves one step or direct payment deductions from the customers account to the merchant’s banks, making it convenient and essential.
Also, the gateway should be able to process eChecks. Incorporating these two elements will make your money transfer software versatile. Their options promote faster payments and cost-effective solutions for both customers as well as the merchant.
>>>Read More: Top 8 Payment Gateways that Gain a Competitive Edge in 2021<<<
Secure processing: For the payment gateway service to succeed, the platform needs to be reliable to prevent leakage of the sensitive data.
Payment Reporting: The gateway vendor should be able to get the payment analytics and reports as this helps to improve the quality of service and also promote strategic improvisation.
Multi-currency: The more types of currency will be accepted, higher will be the traffic benefitting from the money transfer gateway service that you provide.
Information storage: The payment gateway software should support storing customers information as it will enhance the speed of checkout.
Approaching the right money transfer software developer will help you to effectively include all these basic features mentioned above in your gateway service platform.
BR Softech is a leading company with a team of more than 250 developers experts in website/app/software development and can assist in your project.
Popular payment gateway scripts
There are many established payment gateway scripts in the market. Using these scripts will be a cost-effective solution for catering your requirement and also for flawless functioning. Let us talk about some popular script-
1. PayPal Advanced Payment Terminal – PHP Script
It is one of the best payment gateway scripts that operate on the platform of PayPal standard. The script also allows you to provide custom invoice and set recurring payments at predefined intervals.
2. PayMoney – Secure Online Payment Gateway
PayMoney supports different types of currencies, making it a versatile script and promotes quick transactions. It allows you to set a fixed charge on every purchase or deduct a specified percentage on the transaction amount.
3. Wallet King – Online Payment Gateway with API
Unlike other payment gateways, Wallet King lets you optimize various features on your gateway platform. Also, it allows multiple users and advanced website modifications.
4. WalletPRO – Dynamic Payment Gateway
Get enhanced control on the payment network with this advanced payment gateway script. It allows you to accept or reject the transactions, manage essential information about the customer and keep a check on the operations on the network. Also, you can easily manage and design the background image, portfolio and logo of the page.
5. eWallet – Online Payment Gateway Script
eWallet is the solution for a responsive and SEO friendly gateway script. The script gives the advantage of blocking the user in case of any suspicious activity. It offers various controls for the admin and promotes optimization.
Role of payment gateway script firms in the prevention of coronavirus
The epidemic spreading all over the world, named COVID-19 or the coronavirus is chaos for the human species. With the adoption of social distancing by people as the only measure to keep a check on its spread, the lockdown has been imposed in nations affected by epidemic on the planet.
The outbreak of coronavirus has severely affected the commercial sector. However, the supply of essentials has been maintained for the survival of the people. In this crucial time, the government has also suggested cutting down the use of fiat currency for the transaction in the form of cash and on the other side, promoting a digital mode of transactions.
To facilitate the online transactions, the payment gateway script development firms have actively taken charge to provide a secure platform to the customers for online transactions.
You can also approach the money transfer software developers and set your own network to provide this facility and promote the cause of social distancing. Not only will it serve as a check on the spread of the deadly virus but also generate you revenue on every transaction that takes place through your network.
Also, you can strategize the imposition of an additional monthly charge along with charging on every transaction. This is the right time to invest in this business and experience its growth in the future.
The blog covers all the crucial aspects of the payment gateway services. Introducing you to the concept of these services and making you familiar with the functions and features that a primary payment gateway software supports you must have got a fair idea about the potential that this industry currently has and also in the future.
The monetary regulatory institutions can also be seen promoting the concept of the online transaction at this crucial time of social distancing on the outbreak of the coronavirus. Online transaction means a no-contact solution of exchange of money digitally is an effective measure to avoid contamination of objects and humans.
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