We all know that payment is the critical moment in every transaction, all the more so in digital business. It's much less common for customers to change their mind about their shopping at the checkout of a physical store, but abandoning the sales basket is very frequent in electronic commerce. Today we're going to explain what a payment gateway in eCommerce is and the key aspects for ensuring that the customer feels secure at the point of paying for digital transactions.
It is precisely the security on offer that is one of the essential factors in establishing an online payment gateway. Digital transactions are very sensitive moments when users can feel highly exposed, given that they're going to share their bank details with an external actor. All the security in the world feels inadequate.
What is a payment gateway in eCommerce?
The best way to understand a payment gateway for an eCommerce site is to switch to a physical retailer we're all familiar with. It turns out that in reality it's nothing more than the online version of the typical point-of-sale terminals, where we pay for the cost of the product or service we have chosen.
It's a tool that has a decisive bearing on the most sensitive point of the customer's shopping experience. In short, a payment gateway for an online store is the software that enables the retailer to collect payment, establishing a connection between the bank doing the paying (the customer's) and the one receiving the transaction (the retailer's).
There is a wide variety of online payment gateways, and there's a key factor that must be present in all of them: security. All eCommerce sites have to assure themselves that the gateway they choose includes the necessary encrypted anti-fraud mechanisms and complies with the PCI DSS v3.2 standard, which applies to all retailers and companies that store, process or transmit credit card data.
How do payment gateways work?
Having found out what a payment gateway is, the time has now come to delve into how they work. It involves a complex operation that nonetheless with the help of software is resolved straightforwardly in a matter of seconds. Let's take a brief look at the steps of the process.
The customers choose the products or service they want to buy by placing them in the eCommerce shopping basket.
They fill in the shopping form, which is where they include their bank details.
The user's details are encrypted and sent securely to the payment gateway.
At this juncture the online payment gateway communicates with the bank and provides all the details offered by the customer.
The bank checks the details and accepts or rejects the transaction.
SeQura: How do our payment gateways work?
Everything that we know about payment gateways acquires new, much simpler and security-packed dimensions with SeQura. Because if you choose SeQuraeverything is much easier and secure.
With SeQura customers are going to shop differently, because they aren't going to pay until they've received the product and checked that it meets their requirements. Moreover, there's the possibility of splitting their payment into three, opting for a split payment or choosing to pay in instalments to have the ability to manage their spending over months, in which unavoidable expenditure builds up
And this flexibility with the payment method goes hand-in-hand with the ease of management. Earlier we mentioned that digital businesses that have the typical payment gateway require customers to fill in a form with all their personal and bank details. With SeQura, all these processes are much easier. We offer three different solutions that function as a payment gateway for eCommerce.
Pay later. This service allows your customers to pay nothing until seven days after having made their purchase. And in the simplest way possible. A single click is enough to activate the online payment gateway. And, best of all, it won't represent any extra cost for the consumer. There's no better formula for enhancing your business's conversion rate.
Split payment. A unique solution for improving the user's shopping experience. It allows payment to be spread over several months interest-free, which lends an undoubted competitive advantage to your eCommerce site. Without logins, without hold-ups and in real time.
Split into three. SeQura also offers this formula, which enables payment to be made in three convenient instalments.. A flexible alternative to traditional financing that will serve to attract new customers and cement the loyalty of those who have already trusted your business.
Now that you know all the payment gateways, if you have an eCommerce site and you need advice or have any kind of query, don't hesitate to contact usand we'll advise you in a personalised way. At SeQura we offer eCommerce sites a wide range of payment methods for retailersto make it easier for customers to pay for their purchases. Increase the sales of your eCommerce site now!