How to set up a payment gateway and what are the benefits ?
In a fast growing digital world most of the peoples purchase in online and want to pay securely through online to seller. So online payment become crucial in the world of buyers and sellers. Now every eCommerce business should be provide a secure payment experience to their buyers to gain the trust of their buyers to retain them for repeated transactions.
Now it is the time for you to learn more about the payment gateway. Payment gateway is nothing but a technology that allows to receives payment from your customer in online. It connects customer, merchant bank and eCommerce website or mobile application and transfer the payment securely from customer account to merchant account.
In the below article we are going to see the steps to setup a payment gateway to your eCommerce business and what are the benefits of integrating payment gateway to your business.
Integrating payment gateway
To seamlessly integrate the preferred payment gateway into your eCommerce operation, carefully follow the steps outlined below. By carefully following these instructions, you will be able to successfully integrate the desired gateway into your business and ensure that your online transactions run smoothly.
Step 1 : Select the gateway provider
Selecting the payment gateway provider who matches your needs and goals is an important part of integrating payment gateway into your business. Check your budget, the target audience’s convenience, other important elements and then choose the payment gateway provider. To know more about how to select a payment gateway provider, check out this article: https://jaldi.store/blogs/top-10-aspects-to-consider-when-selecting-payment-gateway/.
Step 2 : Create current account in bank
Create a merchant account or current account in a bank based on the gateway provider you selected once the provider has been finalised. Because some providers use your personal account, while others request that you open a current account in your business name and with your data.
Step 3 : Create account in gateway provider official site
To sign up, you can visit the official website of the payment gateway provider. Once there, you will need to register by providing your account details.
Step 4 : Get API keys
Once you’ve successfully created your account on the payment gateway provider’s official website, you’ll be able to obtain the necessary API key, which will give you access to their system and allow for seamless integration with your own platform.
Step 4 : Integrate into your online platform.
It is dependent on the payment provider you picked and the eCommerce website where you set up your web store. You can get help from gateway provider and web store provider to integrate payment gateway with your web store.
Step 5 : Test with test entries
After you’ve successfully integrated the payment gateway with your web store, you should run test transactions to thoroughly examine and verify the functionality of the entire payment process, from beginning to end, to ensure that everything is running smoothly and efficiently.
Step 6 : Implement it into live
Once you’ve tried it out on your own and are sure it’s working as expected, roll it out live. Then, your customers will be able to make payments after they’ve made an online purchase using your integrated payment gateway.
Advantages of integrating payment gateway
Having a reliable payment gateway in place is critical for your business because it provides numerous benefits that can significantly contribute to your business.
Secure transaction
Payment gateways play an important role in providing a secure environment for buyers and sellers to conduct money transfers. These gateways use advanced fraud prevention tools, ensuring that each transaction is safe and secure.
Worldwide accessibility
Payment gateways can provide a variety of payment methods, including the ability to process transactions in multiple currencies, making them extremely convenient for buyers. This means that no matter where they are in the world, they will be able to make purchases without having to worry about currency conversion.
Simple process
This payment gateway’s user interface (UI) is designed to be simple and efficient, providing customers with a seamless and hassle-free experience. By reducing the number of steps required to complete a payment transaction, it simplifies the process while maintaining functionality.
Easy to onboard
The process of integrating a payment gateway and your eCommerce web store typically takes 2 to 3 days. Fortunately, several gateway providers and eCommerce websites provide assistance with the integration process. In addition to their assistance, you will have access to helpful documentation that provides step-by-step instructions on how to integrate the payment gateway with your website.
Quick payment
Most customers love to make their purchases and payments online because it saves them time. Buyers can easily and quickly make payments using a payment gateway, allowing for a more smooth process when compared to traditional in-store shopping.