How does Payment Gateway Integration work?
- A payment gateway program can integrate into your transaction and sale system in your store.
- Usually, there are multi-currency payment gateway providers for storefronts as well, and they are certainly used for online stores as well.
- When you check out a website for online shopping, you are always able to select a payment method. Then you can pay accordingly.
When you are paying online for items to be delivered, you are using a payment gateway system, and it is important for the company that uses the payment gateway to choose the appropriate payment gateway provider for their company. Their merchant account enables you to make online payments.
Steps For Payment Gateway Integration
Step 1: Consumer Experience For Payment Gateway Integration
The consumer needs to be able to use your online store and feel that they are getting service and care from a reputable company. A part of ensuring that your customer can build loyalty with your brand is why also offering payment methods that are compatible with the consumers’ preferences is optimal. Not to mention, you are going to want to ensure that you get a payment gateway provider that the consumer is going to be comfortable using, if you use a small-scale service provider, the consumer may struggle to have complete confidence in the work and services that you provide.
Step 2: Billing and Privacy For Integration
- A payment gateway integration is an important part of the entire payment gateway process.
- This is when you can collect payment and have financial records of sales. But all sensitive information, such as credit card numbers and addresses, is protected through encryption.
- This portion of the payment gateway integration is vital for consumer and merchant account security.
- Not to mention, it will ensure that there is an accurate yet secure record of sales.
- This will also provide a digital record of all of the completed sales, which will ensure that there are not any human errors along the way.
Step 3: Settlement For Payment Gateway Integration
- The payment that the consumer puts through will either be approved or accepted.
- The payment settlement is going to be conducted between the bank or credit card company along with the payment gateway provider.
- The merchant account will not have this responsibility.
- Instead, the merchant is going to be able to look at the records and transactions that are completed for the company.
- This will ensure that the settlement is secure and that it is beneficial for everyone that is involved.
Step 4: Reporting For Payment Gateway Integration
The integration of a payment gateway system is going to ensure that you get accurate and complete documents and reports about the sales that are done.
- All of the sale reports and other transaction documents are going to be provided to the merchant regularly.
- Also, this is going to ensure that the merchant has accurate records of the sales that are being done.
- This means that the merchant will be able to accurately file taxes. This also means that all of the financial accounts are going to be properly aligned and accurate.
One-Stop Solution For Payment Gateway Integration
Our main goal is to provide you with the best solution for payment gateway integration as well as reliability. To get in touch with 5 Star Processing, you can Contact us at +1 888-253-9692. We also provide high-risk merchant account services, if you need you can call directly.