Money is much like a river – it should flow. Without intermediaries between merchants and buyers, this won’t happen on a large scale. So what is a payment gateway, and what do they do?
Payment gateways are simply technology that merchants use to accept debit or credit card purchases from customers. These transactions happen either via physical card machines and wallets like Apple Pay and Google Pay in brick-and-mortar stores or online stores. They help merchants initiate payments for various payment methods.
In other words, payment gateways are systems through which your customers transfer funds to you..
Let’s do the transaction tango
Much like a dance, a transaction follows certain steps once it’s initiated. When a customer enters their payment details, the payment gateway sends the customer’s information to the acquirer or payment processor, who sends the request to the issuing or customer’s bank. If the issuing bank approves the transaction, they debit the customer’s account and transfer the funds to the merchant’s (or acquiring) bank account. Simple isn’t it?😊
Different ecommerce payment options
Ecommerce stores can choose from a wide variety of online payment options, depending on what they need it for and how they plan to use it. Some merchants need to integrate the payment gateway into their own stores to process payments while others prefer Hosted Payment Pages that take care of the payment information and security.
Ways of integration
Truevo offers a wide variety of choices to integrate a payment gateway into your ecommerce store, from a Payment Widget to Hosted Payment Pages, and Direct APIs, as well as Extensions and Plugins for WooCommerce, Magento 2 and PrestaShop stores. Not sure which one is quite fit for your ecommerce needs? Here’s our guide.
Which integration method should I choose?
| Payment Widget | Hosted Payment Page | Direct APIs | Payment Plugins | |
|---|---|---|---|---|
|
I want to let my customers make payments with very little changes to my website. |
|
|
|
|
|
I want something that I can drop into my current website or e-commerce platform. |
|
|
|
|
|
I want Truevo to handle payment transactions, reducing the complexity of PCI-Compliance. |
|
|
|
|
|
I want to take control of every aspect of the payment process. |
|
|
|
|
|
I want to integrate payments into an automated back office system. |
|
|
|
|
It might all sound very complicated, but hopefully, our guide and this blog post will answer some of your questions. If you want to process payments fast, speak to us. We can’t wait to make money flow for you.
