Know About Some of the Way of Securely Integrating Online Payments

 

Payment gateways are becoming the norm in ecommerce. A payment gateway, also known as payment gateway or online payment gateway, is a merchant service offered by an internet application service provider which authorizes an electronic transfer of credit card or electronic check payment for online merchants, e-businesses, web sites, or regular brick and mortar businesses. This payment gateway can be integrated with various ecommerce software systems to allow secure transactions between a customer's information and the business's financial system.

Various methods and modes of payment gateway integration have evolved over time. In the past, integration was limited to direct API. But today's software systems are capable of passing on secure and confidential information such as credit card numbers, debit cards, and social security numbers. Through API, one can also add payment processing features like card debiting, card paying, and item purchasing. In some cases, it may also be possible to add fintech payment processing features using third-party software systems that have their own internal payment processing API.

One way of integrating secure API is through a process called cardholder data encryption. Basically, this process involves digitally shredding sensitive and pertinent cardholder data like account number and the current billing address before sending the data to the payment gateway integration system. Encrypted and sensitive cardholder data should never leave the site in question. And even when they do leave, the transaction should be encrypted before being transmitted and converted to a digital format. With this method, even if a hacker manages to intercept the transaction, he would only be able to see its converted state, not the cardholder data that was originally sent.

Another way of securely integrating online payments is through electronic bank transfer. Through electronic bank transfers, a customer can make a secure online payment from his bank account to his ecommerce site. To make this possible, the ecommerce site would use a bank's online payment gateway integration services. Again, the system would encrypt and safeguard the transaction.

A third option that many business owners do is to accept electronic checks as payment for their products or services. While it is true that this may be inconvenient, it is much more convenient than having to accept credit cards. For businesses that sell physical products, such as food items, this option is most convenient since there are no monthly fees for accepting debit or credit cards. However, merchants need to ensure that their electronic check processing company has safe, secure server technologies in place to prevent security risks.

Merchants also have another option for payment gateway integration that involves getting a merchant account from a trusted financial institution. Through this arrangement, a bank would allow the merchant account holder to process credit and debit card transactions online. Of course, this arrangement does not provide the merchant with any other way of increasing sales. The bank charges additional fees for its service.

However, some banks may open their doors to more types of business. For example, some may open their doors to multi-currency businesses. Today, many international merchant accounts offer more than just credit and debit card payments. In fact, many banks and financial institutions are now offering their customers the ability to transact in multi-currency. This is through payment gateway integration.

Online businesses have an advantage over traditional businesses when it comes to combating fraud. This is because they can monitor all of the activity on their websites. When something is suspicious, the website owner can notify the customer service department immediately. If the transaction was fraudulent, the customer service representative can investigate the situation and contact the seller or manufacturer to stop the sale and refund the money. Payment gateway integration provides merchants with this advantage.