How to Add Payment Gateway into a Website
Are you all set to start your business online? Well, the good news is that the online mode of payment system is gaining immense popularity worldwide. Read to know about the necessities related to payment gateway processing and integrations.
Having credit cards is an added advantage to buy anything from anywhere all over the world. If you live in an area where online business seems to prosper, it will be easy for you to manage businesses with international clients. As businesses have become global, people are really enjoying and loving all aspects of it.
Online buyers’ viewpoint from all over the world from 2014 to 2019
By the year 2020, the increasing number of online payments will reach by $523 billion in the United States. Almost 70% of Americans love to do online shopping every month and 33% do so each week. Statistics show that there have been nearly 1.6 billion people who have conducted online purchase at least for once by 2016.
The online business is far from making higher profit and gaining popularity in the next ready. Are you planning to convert your business into a modern enterprise that can process financial transactions online?
Thinking that the answer will be positive, the next question you may have is: “How can you include payment gateway services into your website?”
How a standard checkout method goes online
- Online users are making payments continuously to get advanced functionality, premium membership and SaaS. Once they find what they actually need, they will pay for it.
- Users have to fill out particular payment information on the website. This will help them check out and then select their preferable method for payment from various options available.
- The gateway will collect the information related to payment option and then transfer it to the processing bank of authorization. The entire process should be done with secured encryption.
- The processing bank will request either through MasterCard’s or Visa’s payment network on the card being used.
- The card issuer will request for additional authorization or approve the transaction from the cardholder.
- The processing bank forwards the response by gateway to the merchant. After this, you need to finalize your online transaction.
- The merchant will deposit receipt with processing bank once the transaction is done successfully.
- The local payment gateway processor adds the money to the account of merchant and then passes the transaction to MasterCard for the settlement.
- The company that issues card pays processing bank and, at the same times take out the fund from the account of card issuer.
- The issuing bank adds online transaction to the cardholder’s account and then requests the payment via monthly statement.
Payment gateways have particularly been made to abide by the authorizations and outlines in order to ensure that both the parties have equal protection throughout online business dealings.Induji Technologies is one of the leading payment gateway integration services company to help you conduct your online business successfully.