If you want to start an online store then you must understand the payment gateway. A payment gateway works like soul in the body. Because a shopping site without payment gateway is not more than a digital product catalog. Therefore, you should know about an eCommerce payment gateway system. Let us start with the basics. First of all you need to understand what payment gateway is and how payment gateway works.
eCommerce Payment Gateway System
Payment gateway or e-commerce payment gateway system works as a bridge between your bank and website. Today you need a payment gateway especially when you want customers to pay via debit card, credit card or internet banking. There are many companies available in the market that offer different payment gateway charges. Most of the time this commission percentage depends on the sales volume.
How payment gateway works
Working of payment gateway starts when your customer is trying to make online payment for any product or service. Payment gateway keeps customer information to complete the transaction. First of all payment gateways redirect customers to the bank website and then bring him back to the merchant website. Redirection to a bank website is important because banks use better security to perform transactions. Payment gateway security is good. Therefore you can believe that that transaction is done with safety.
How it works in different countries
Any website accepting online payments comes under the e-commerce website category. Most of the ecommerce websites use payment gateways to accept payments. But in the end it depends on where you do business. There are some global companies that provide services in multiple currencies. PayPal is a good example that offers wide coverage of a list of currencies. You can check our list of payment gateway companies to know more. This will also give you an insight about how compatible the payment gateway company is when it comes to different technologies.
Payment gateway for startups
No single payment gateway can hold the crown of being the best payment gateway. It completely depends on what we are expecting from the eCommerce payment solutions provider. For example: PayPal charges are more and Heartland does not have enough payment options. There are a few options that have amazing support. If you want to start an online store, you must do enough research about these things. For this you need to be clear about what exactly you need and in addition these companies take their own sweet time to approve payment gateway system for an ecommerce website.