Today, many people who are even slightly connected with business and sales are asking the main question. Which ecommerce payment gateway is better to use? After all, among the multitude of payment services, it’s really difficult to decide. Payment gateways and online payment gateway for small businesses can be daunting, especially if this is their first experience.
Let’s try to figure it out?
Payment Gateway Concept: What Is What?
Authorization and processing of payments by bank cards or online accounts are carried out using the ecommerce payment gateway services as a part of a PSP, both for traditional offline merchants and for online sellers. The technology of payment gateways facilitates the smooth flow of money by encrypting data and transferring it between a website and a PSP.
Once a customer enters their billing information and details on the site, payment gateways ensure that this information and money are securely sent to the processor.
Although the transaction process with eWallet only takes a few seconds, during this short time, a certain number of steps are performed at the same time.
- The client places an order and fills in the necessary data. Said data for the transaction is encrypted and sent to the payment processor.
- The payment processor contacts the issuing bank and receives feedback in the form of confirming or rejecting the transaction.
- The response is sent to the payment gateway, which transmits it to the site, where a corresponding response is generated. If the deal was approved, the seller fulfills the order.
Benefits of Using
And so, when choosing the right service, you need to focus on the platform with which the online store works. And here we recommend turning your attention to Genome which offers personal, business, and merchant account opening. Genome is responsible for the data and money transfer online security between the seller and the buyer.
Main advantages:
- all information is encrypted and not available to third parties;
- operating mode – around the clock, all year round and in Europe and other counties, which allows you to work with different currencies (USD, EUR, GBP);
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