Many businesses have a misconception about payment gateway and their primary functions. Many merchants believe that owning a payment gateway is just like having a mobile application, meaning that it should work as soon as they acquire it. In most cases, businesses don’t know that a payment technology only facilitates a payment transaction between the merchant, or point-of-sale, and the merchant’s bank (the acquirer. Therefore, it must be connected to their bank to function.
But each payment solution is more than just a software platform that processes credit cards at online and offline stores. In fact, it transfers essential information between websites/mobile devices and payment processors/acquiring and keeps it secure.
Before adding payment software to a website, licensing a complete payment system, or starting to develop one from scratch, it’s vital to understand payment gateways in great detail.
So, if you’re a merchant willing to integrate a payment platform into your website, and make the customer’s payment experience quick and seamless, think of the gateway as a tool to process payment transactions online.
To help you better imagine what a payment system is and how it works, we’ve created our latest video. With this video, we will guide you through the payment gateway concept in great detail.
Once you have finished watching this video, check out others from our instructive video series about payments and payment gateway features. In doing so, you will gain a thorough understanding of Merchant Onboarding, Tokenization, Batch Processing, Recurring Payments, Payment Card Decline Recycling, and other features that every reliable payment platform should possess.