Enabling credit card payment gateway help you grow business sales volume. Choosing a reliable Credit Card Processor yields many advantages for e-businesses. It could be complex for some business owners starting up their business and also for some who had been pursuing for a long time. Some industry aspects may still be twisted and would require attention.
Let’s find out some common ways of collecting payments by the business owners:
- Transaction through Credit/Debit Card by swiping or dipping.
- Transaction through the Payment Gateway over Website.
- Transaction through Virtual Terminal.
- Transaction through POS (Point of Sale) Terminal.
Credit and Debit cards are majorly present in the e-transactions. It contains 60%-80% of the processing population which inevitably demands to process the transactions under most optimized security with no data breach. The parties that are generally involved with the credit card payment gateway are Merchant Bank, Credit Card Processor, Card Network, and Card User’s Bank.
How is credit card payment gateway work?
If you are looking for a credit card payment gateway solution, below are the things that one must remember.
- Card User: The card user explores and finds out something worth purchasing in the Store. Now the card user can pay with his credit card through a payment gateway, by swiping, or by phone so the merchant can receive the payment information.
- Merchant: The Merchant allows and collects payment information. The merchant can either collect the Credit/Debit card payment physically through the POS machine which makes the transaction “card present” or the merchant can collect the Credit/Debit card payment virtually through the payment gateway.
- Processor: The processor’s responsibility is to send the payment information to the card network. They collect the information and route the data to different parties across which enables the communication among various entities.
- Card Networks: The card user will always operate from one of the card networks listed. (American Express, Diners Club, MasterCard, Visa, JCB and many more). The card network receives the payment information from the Payment Processors and they pass this information to the Card User’s Bank.
- Card User Bank: The card user’s bank receives a request of payment from the Card Network and immediately verifies if the consumer’s card has a sufficient amount of funds to fulfill the purchase.
Thus with a credit card payment gateway, you can find the desired transaction process. You can enhance your business with no disruption. Come to PayCly and get the effective services.
Credit card payment gateway is the efficient way to sort out your business transactions and also helps you to grow the business volumes.
Read our another blog post : High Risk Merchant Account
High Risk Payment Gateway 