When making an online payment, several components contribute to the success of that payment. Out of these components, payment gateways and payment processors are among the most important for every e-commerce transaction.
A payment gateway Vs a Payment processor
A payment gateway is a bridge that links the payment processor, and the account of the merchant to the debit card or credit cards companies such as American Express or Visa. In essence, this is a means that connects the financial accounts of your customer to a seller’s account to move funds seamlessly when a purchase is made. Without the gateway, it would be a herculean task for merchants to receive funds from their customers when a sale is made online.
On the other hand, a payment processor is a third-party company that handles your customer’s fiancés when they shop at your online shop. This means that this company relays information from the credit or debit cards of your customers to your bank, and also to the bank where your customers operate an account.
A transaction is cleared to proceed if there is enough money in the source of funds that the customer has provided. If there are not enough funds, that information is relayed to the customers and they will either choose another payment method or take other appropriate actions.
Other Important Components for a Complete and Safe Online Payment Processing
If you are selling lines regularly, you will also need a Secure Socket Layer, which is popularly referred to as SSL. This is a digital certificate that helps to create a secure connection between your customer’s browsers and your website. This is an important safety requirement because it helps to prevent the perpetration of fraud, which makes more people trust your online shop and do more business with you.
Modern all in one payment solutions
These days, payment gateways have been designed to meet the needs of the changing landscapes. A vast majority of the available choices can now handle payments across varied channels, as well as devices and this helps to deliver an incredible Omni channel experience that was not the case some years down the line.
These may include such things as card-present payments that need to be swiped or tapped on a credit card reader, or integration with a third-party system such as accounting and other ERP systems.
Complete All-in-One Merchant Solution that is available in Australia
Selling online in Australia is easy, thanks to the availability of all-in-one merchant solutions. One of them is SecurePay, which is a superior online payment system that has been trusted by more than 90,000 merchants. Some years back, many sellers preferred global payment processors such as PayPal, but more options are now available. You can choose to use it as a payment gateway or as a complete payment solution; it all depends on what your business needs.