Payment gateways are a merchant service that processes credit card purchases for online businesses as well as brick and mortar retail shops. Some of the most popular and well known payment gateways include PayPal, Square and Stripe.
Another way of describing a payment gateway is that it’s very much like a cash register that processes electronic transactions. Like physical cash registers, payment gateways have to be both secure and convenient.
Some of the ways payment gateways ensure this is explained in the following steps. First, when a purchase made, the payment gateway will encrypt or encode the customer’s data for use only between the seller and the buyer. Next, when the payment processor gets approval from the credit card company or financial institution to proceed with the transaction, there is an authorization request. Finally, once the payment gateway has received this authorization, it gives permission to the website to move forward with the next action. This is known as the fulfillment.
In this time-starved society, customers are looking for quick solutions that will enable them to purchase goods and services in a convenient and efficient way. That is why the check out area of a merchant’s site must provide this type of experience each and every time. It must be smooth, uninterrupted, and error free.
If customers do not experience this at the online check-out portion of the website, that transaction will fail. If this continues to be the customer’s experience, the merchant can lose this customer and potentially, many others for good. This translates into a loss in sales now and in the future. High-risk payment gateways like those offered by eMerchantBroker.com (EMB) ensures that the check out process is flawless.
All merchants are required to comply with the PCI (Payment Card Industry) Data Security Standard (DDS) rules. It was started by a host of international credit card brands like JCB, Visa, MasterCard, American Express, and Discover to their card members’ data and transactions remain secure.
Online businesses that have little to no face-to-face transaction and rely heavily on credit and debit transactions will need a high-risk payment gateway. EMB offers customized payment solutions by allowing merchants to choose their preferred payment processors.
Before choosing a payment gateway, merchants must carefully look at processing fees, the countries that the gateway accepts, and the ability to accept and process mobile payments.
Unfortunately, choosing the wrong gateway can mean a loss of revenues and customers. When in doubt, contact the experts at EMB, they will be more than happy to help you sort this out.
Another big advantage of working with EMB is its ability to accept multiple types of currency. This allows merchants to save on time as merchants don’t have to waste a minute translating currency values.
For easy access and use, high-risk payment gateways also come equipped with a modern web portal interface and reports. In addition, merchants also have application-programing interface (API) access to both the gateway and report data. This allows merchants to have full control as to who can access certain resources.
The process to apply for a payment gateway with EMB is easy. It all begins by filling out an online application. Even though it offers no guarantees for approval, EMB does promise that the process will be open and honest. Merchants will know if they are approved within 24 hours. The accounts come with ample and effective fraud protection tools, PCI compliant, and top notch customer service. Get your payment gateway with EMB today.