HONG KONG, June 13, 2017 —
The growing importance of eCommerce in global trade calls for payment methods which can handle customers using different currencies or preferred payment methods. This is why selecting the right payment gateway is one of the most important things businesses should consider when setting up a store.
What exact function and purpose do payment gateways have for eCommerce?
Essentially, they are a service which validate a customer’s credit card (or other source), make sure that there are enough funds available to make the purchase, and finally manage the transfer. They are an online equivalent of a card terminal in a physical store, although payment gateways frequently accommodate more than just cards.
Some of the notable gateways are Stripe, PayPal, G2A PAY or Authorize.net, but there are many more, some focusing on specialized sectors (e.g. entertainment), and others catering mostly to a specific region, like Russia or the United States.
Often, online payment gateways also offer a more complete service, which includes a dedicated merchant account. They may spare an aspiring merchant the trouble of dealing with banks, and thus expedite the overall preparation of an online store for customers.
Most payment service providers also offer help with payment gateway integration. The aforementioned PayPal, Authorize.net or G2A PAY have transparent and well-documented APIs and dedicated staff offering aid in integrating the solutions into customer’s stores.
In other words, a payment gateway is essential for businesses that want to give their customers the most convenient method of paying for the products and services they offer. Additionally, payment gateways provide faster access to money when compared to traditional bank transfers or COD (cash on delivery).