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Get To Know About Payment Gateway Provider - Basic Information You Can Discover

Thursday, 12 Aug, 2021

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The more you understand about modern payment methods, the more you experience payment gateway service. Cashless payment is evolving to make a breakthrough in human society. There are a variety of checkout ways that merchants accept in the market. Typically, we would see consumers purchase with credit/debit cards, ewallet, etc. via an online payment gateway provider. Let’s see how this writing can help you understand the current trends with payment gateway providers list and market insight.

Get To Know About Payment Gateway Provider - Basic Information You Can Discover

What is a payment gateway provider for ecommerce websites?

1. What is a payment gateway provider?

In general, a Payment Service Provider (PSP) offers a set of payment services including a payment gateway software or physical device. They are platforms with a checkout interface to enable shoppers to provide their payment card information or ewallet credentials and proceed their transactions.

The main role of a payment gateway provider is to authorize transactions which are submitted from customers and send the approval or rejection result to both merchants and clients. The service plays an essential part in modern payment activities. It continues to surpass cash payment, leading to the new propensity in the payment industry.

Beside the platform to collect card payments or ewallet payments, the payment gateway provider (PSP) also provides some relevant tools and services for merchants in terms of fund management, cash flow management and customer relationship management.

Payment gateway provider acts as an intermediate that connects buyers and merchants in payment. Payment gateways are distinct from payment processors, while the processors screen the payment information and verify to ensure the safety in checkout step, the payment gateways use customer information to collect payments on behalf of the merchant.

2. How many types of payment gateway providers?

When it comes to payment gateway services, we can categorize the services into 2 primary payment gateway providers regarding the types of business operation.

2.1. Online payment gateway providers

The online payment gateway providers help online businesses integrate payment software into their ecommerce websites or mobile applications as a channel to collect online payments. The procedure of receiving payments requires customers to fill in their credit/debit card details like card numbers, card holder’s name, expiry date and CVV or ewallet credentials. The whole process occurs on an online platform with an intuitive user interface.

2.2. Brick-and-mortar Point of Sale (POS)

In the physical stores, to accept card or ewallet payments at counters, merchants need to set up physical card-reading devices or payment processing portals as accepting terminals for physical cards or smart phones namely Apple pay, Google pay, Samsung pay, etc.

3. The operation of online payment gateway providers

The online payment gateway providers are in charge of settling online payments 24/7 internationally. When a customer visits an ecommerce website or on a mobile app, he or she chooses an item and proceeds to the checkout page. In the checkout payment page, the customer will go through a flow of card information checking and screening. You can learn as below steps:

3.1. Collect and transmit

  • Step 1: Customers visit your site, add items to their shopping cart, and then check out.
  • Step 2: Buyers fill the online form of credit/debit card details on the checkout platform. Payment details include Card number, holder name, expiry date, CVV, OTP 3D secure code.
  • Step 3: Payment gateway collects those payment information and transmits them to the Payment association. Those relative parties are processor, card scheme and financial institutions.
  • Step 4: To ensure safe and secure transmission, sensitive card data is encrypted before being processed. Here, Payment gateway will take over and forward the transaction details to the payment processor which is the acquiring bank.

3.2. Screen - verify - respond

  • Step 5: The acquiring bank verifies the customer data, then directs the transaction information to the customer's card association. Such as Visa, MasterCard, or Amex.
  • Step 6: After that, the card association routes the transaction to the cardholder’s issuing bank.
  • Step 7: The issuing bank receives the request and checks that the funds available to the customer can meet the amount requested.Then it sends a response that indicates whether the request is approved or declined.
  • Step 8: The response will be sent back to the payment processor. Then to the payment gateway, via the merchants’ site which in turn interprets it. Later on, pass it on both to the merchant and to the customer who is checking out.
  • Step 9: Finally, if the request is approved, the merchant will fulfill the order placed by the shopper. And the order is completed successfully. In contrast, if the request is declined, the merchant will receive a notification including the reason why.

The whole 9 steps happen in a few seconds that make transactions are accepted seamlessly and friction-free.

4. Online payment gateway providers list

Your ecommerce business can help you reduce extraordinarily operation cost compared to running a physical store, however the 2 types of business do not contradict each other, on the other hand, they back another up and contribute to the total revenue.

To meet the growing needs of online payment acquiring from shoppers, merchants should contact some reputable payment gateway providers to be assisted in integration and monitoring merchant accounts. Here is a list of payment gateway providers:

  • Adyen
  • Stripe
  • PayCEC
  • Braintree
  • Worldpay
  • Amazon Pay
  • Klarna
  • Skrill
  • Checkout.com
  • Wepay
  • 2Checkout
  • Square
  • BlueSnap
  • Payoneer
  • CardStream
  • SecurionPay
  • Worldpay
  • BitPay
  • BluePay
  • Payeezy

Every payment gateway provider has its own advantages and weaknesses. It depends on the specific need of each merchant to choose the most suitable partner for their businesses. There are still various payment service providers in the market that this writing is limited to mention here. You might learn more about the updated payment gateway provider list on fintech news or fintech forums.

5. Unique points of PayCEC payment gateway provider

5.1. Fast set up and integrate with peace of mind

At PayCEC, the onboarding process is organized in a convenient manner with just 4 simple steps to register a merchant management account and integrate payment gateway into merchant’s ecommerce website. Learn more about how to register with PayCEC:

  • Step 1: Fill out the online information form.
  • Step 2: Submit company documents. The supporting documents consist of your company website, business incorporation certificate, and business activities.
  • Step 3: Relationship manager will contact you and assist in the integration procedure.
  • Step 4: Test your new set up and ready to go live.

5.2. Multiple currency acceptance

The ability to accept several major currencies is one of the most significant benefits of having a merchant account. It means that the retailers can contact their target clients by borderless transactions and accepting payments in their local currency. It also enhances the payment experiences of online retailers and customers, as well as mitigating the likelihood of cart abandon.

5.3. Accept a variety of payment options

Going global means your business approaches the international markets, foreign customers from worldwide, therefore being flexible in accepting different types of payment options facilitates you to connect with more customers. PayCEC is an international payment gateway provider that can process a wide range of payment methods like Visa card, Mastercard, American Express card both physical payment card or virtual cards.

5.4. 3D Secure and PCI DSS compliance available

PayCEC processes payment transmissions by encryption with tokenization that ensures high security and prevents fraud attacks. Online shoppers will feel confident when making purchases due to 3D secure and strong customer authentication. This means online merchants can earn trust from customers and motivate them to buy back.

Every ecommerce website is required to meet the Payment Card Industry Data Security Standard (PCI DSS) to operate online business. Now retailers and merchants will not worry any more because PayCEC has already met all above mandatory compliance requirements and your ecommerce website does not need to equip them.

5.5. Comprehensively manage payment matrix

Not only customers experience the checkout interface on web browsers, mobile phones and tablets but also our merchants too. Online businesses can manage all activities from sales history, categories of payment method, chargeback report, refund status, etc. on any devices like customers.

Because of the agility of the payment gateway dashboard, entrepreneurs can cross check, manage their businesses any time, anywhere even on the holidays. This feature enables merchants to automatically collect payments every time shoppers purchase items. Merchants also spend less time on monitoring as a result, business owners have more time on caring for other investments.

6. PayCEC online payment gateway provider goes the extra miles

6.1 24/7 Hotline - Live chat- Personal Relationship Manager

The unique selling point of PayCEC in the payment gateway segment is that the team is always ready to assist our clients. Being approachable is really hard to find in other competitors while they have the only one contact method - Email. Especially when it comes to handling technical issues, chargeback or refunds which take time to handle and you have no resource to deal with problems while the business has tons of tasks that need to be prioritized. Email response can take from 2 to 4 days at least and you may lose your patient on these headache stuff.

6.2 Have no ecommerce website? Don’t worry to much

For merchants who have limitations in building a website due to many reasons, they can accept payment from customers by using a payment link from PayCEC. You can send to your clients the PayCEC payment link to collect customer checkout. This link is a url direct to PayCEC checkout page, and you can customise the page with your company logo and edit the background color to help clients recognise your brand identity.

In addition, PayCEC owns a rich ecosystem that provides merchants an all-in-one solution. Online business will get consultancy in international ecommerce, our team is expertise in overseas incorporation, banking account, tax, accounting and audit, logo and brand copyright, etc. That is not all we have. PayCEC can also help you approach global customers with ecommerce marketplace from our partners to facilitate your SMEs and Startups leverage a smooth condition in the first bricks.

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About us

PayCEC was established in response to the growing need of businesses to accept online payments more quickly and easily. In the new media era, our payment flow has evolved to work seamlessly and effectively across all platforms and devices. We pride ourselves on combining superior technology with first-class customer service.

PayCEC is a truly global payments platform that not only allows customers to get paid but also withdraws funds to their Business accounts in various currencies.

We have created an open and secure payments ecosystem that people and businesses choose to securely transact with each other online and on mobile devices.

PayCEC Team

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We are honored to serve as your reliable business partner and financial service provider in the industry and other business-related services. With the help of our professional staff, to help merchants to achieve their goals for the development and expansion of the international business market.

Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment.

PayCEC is a fully worldwide payment network that not only allows merchants to be paid immediately and securely, but also allows them to withdraw money in multiple currencies to their company accounts.

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