Everyone looks for robustness & security for doing online transactions and this is possible with the appropriate payment gateways. Being an E-commerce merchant, whether new or experienced, it is important to integrate a secure payment gateway for safe payment. The payment gateway is the process in which payments are made using credit cards, debits cards, or other payment methods. Thus it is important to have Magento 2 Payment Gateway Integrations service from a reputed development agency. It is important that the details of the client you have shared are confidential and secure. So in simple terms, it acts as a mediator between the payer and payee, and its selection must be done in a wise manner.
What are the Payment Gateways?
You can consider the payment gateways as a merchant, who provides service to pay online, through credit card, debit card, or any other way of making payment. In this method of payment, the extension or the payment gateways works as the middleman to share the funds from customers to E-commerce accounts.
How does the Payment Gateway Work?
There are several steps involved, but all this occurs in a few seconds. Customers will reach your website managed by the Magento CMS development team and where they select a product they like to buy. After completing their shopping, they will be directed to the checkout step for payment. After confirming the item, they selected, they will indicate the payment form.
After paying, the data transaction will be forwarded to the payment gateway, they have selected. Using this service, the transaction will be sent to the bank’s processor.
Next the transaction will go through the card’s network, which will be sent to the bank.
After verification, the transaction goes through the same path that it has taken.
Once the transaction is done, it will inform the customer using Magento 2 based website. Then the data will be sent to the merchant.
How you can rate a Payment Gateway?
Being an E-commerce merchant, it is important to know if all the transactions are properly processing. Similarly, it’s also crucial for the customer to get a secure transaction environment, which means security must be on the priority.
2. Fast and Convenient
Another feature of the payment gateway that a customer looks at while paying online is its accuracy & the fast steps. In short, they are looking for a quick yet neat payment option.
It is important to check the cost of the process before investing in the payment extension. You can also hire Magento 2 developers for the payment integration work. Also, don’t forget to know the charges they are asking for monthly or annual transactions.
It is important to check the compatibility of the payment gateway. If it’s able to address your Magento stores requirements and the services it is offering.
Top 3 Payment gateways for Magento E-commerce Website
The reputed and most recommended online payment method PayPal has more than 250 million customers across the globe. It is a trusted online payment option integrated into the Magento online platform. You can get several benefits from it, as it serves payment services in more than 21 different currencies. It is fast and doesn’t require users to leave the page.
Stripe is an Australian payment gateway company that is used in more than 100 countries with support for multiple currencies. The gateway hosts several remarkable features like on-site availability. Apart from that, this payment gateway can accept all major credit cards, Apple Pay, and Android Pay. The best part is, they do not charge any additional fee for stripe integration and set up.
It is a popular payment gateway serving almost 400,000 users. The service is used in more than 140 countries with over 26 million transactions on a daily basis. The service introduces some other modes of payment like virtual terminal and Pay per Link. The other benefit of this payment gateway is extracted by Magento CMS in terms of its usage for the large size of business. The fraud detection system of this gateway makes it secure for online payments.
So, these are some of the popular Payment Gateways that can be used by the Magento CMS development team for the E-commerce website. You can consult the experts for the best payment gateway integration.
Payment Gateway is an important part of any E-commerce business as it helps in smooth & secure transactions. The data shared by the customers must be secure and the gateway has proper security parameters integrated. It is the responsibility of the store merchant to ensure smooth integration of the gateway for better customer service.