The eCommerce industry has discarded the boundaries and limitations of global shopping. Hence, someone living in another corner of the world can purchase something from another country. Yet, to simplify international payment processing solutions, a global payment gateway is mandatory.
A global payment gateway that delivers credit card processing enables you to take payments from international customers. Basically, global payment gateways function individually from merchant accounts.
Yet, modern techniques have enabled international merchant account credit card processing solutions to be implemented with numerous platforms as all-in-one solutions. So, in this blog, we will describe all the factors of a global payment gateway platform, and how it advantages your global business.
What is a Global Payment Gateway?
A global payment gateway acts as a mediator between merchants and customers, approving and enabling international payments. The payment gateway assures the protection of customer details, such as credit and debit card data.
In this digital era, most successful merchants have associated with payment gateway platforms for effortless payment processing. As it has numerous benefits excluding more extended customer access.
What are the primary advantages of Global Payment Processing?
Acquiring a global payment gateway at your business’s payment platform is extremely beneficial. Specifically, if you deeply concentrate on your customer’s happiness and like to deliver the best feasible payment services.
These are some main benefits of integrating a global payment gateway in your eCommerce system:
Secure & fast payment processing
Insecure payment processing does not only bring a risk of your customer lacking their credit card details but also identity theft. Do you know, as per the 2014 details, 15 million people in the US have their card or identity details used incorrectly every year? That suffers a loss of 50 billion dollars.
However, the situation has brought much promise in the previous years. But customers are still hesitant to submit their credit or debit card details online if they are not completely specific about the merchant’s security standing.
Hence, by acquiring a global payment processing gateway, you can assure secure transactions for your customers and enhance their trust in your business.
Extended Customer Base
If you were before only delivering your payment services in your native country. Then you can now extend it to a global reach. With an international payments credit card processing solution, you can allow customers from every part of the world to reach your store. Ant this can also lead to increased business revenue.
Fast and smooth payment processing
Customers are subject to quitting the checkout platform if the payment process is a slow procedure. Yet, if you are manually processing online payments, it will be available at the price of slower functions and quitted carts.
Concurrently, a global payment gateway boosts the payment processing speed and enables your customers to conduct payments without the need to wait for a long time.
Multiple Shopping Cart Integration
Most payment gateways also have shopping carts in their payment processing platforms. Hence, your customers can select a product, add it to the cart, and make a payment at checkout. The shopping cart performs everything from assessing the sales tax to shipping charges.
So, you do not require a person to be available to execute the purchase. Customers can easily purchase from your online store effortlessly, regardless of the time of the day or their geographic locations.
Numerous Payment Methods
Most online merchants lose customers because they can only take primary credit cards. Yet, with a qualified payment gateway, you can deliver your customers a complete range of credit card methods, encouraging them to conduct their purchases.
How Does a Global Payment Gateway Function?
A global payment gateway enables safe, quick, and effortless payments. Let’s go through the complete procedure of its function:
- A customer presses “Buy Now” and then sends the product to their shopping cart.
- When they click the checkout methods, the system brings them to a payment gateway platform.
- Then the customer submits their credit card details here.
- The payment gateway will transfer the customers to a secure platform to approve the payment. In most situations, this is a one-time verification pin transmitted to the customer via their bank.
- After that when the payment gateway has authorized the transaction. The customer’s bank verifies their account details to specify if the payment was certainly successful or not.
- If it was authorized, the payment gateways transmit a message to the customer notifying them their payment was successful.
- If it was unsuccessful, the payment gateway transmits a message to the customer notifying them their transaction was declined.
- In the case of a successful payment, the payment is settled between the bank and the payment gateway solution.
- Finally, the transaction is settled between the merchant and the payment gateway platform.
Furthermore, all of this happens in just a few minutes. The customer instantly accepts an email or text message verifying their order has been confirmed. Relying on the merchant, customers are assigned an order ID and tracking details also.
How to find a Reliable Global Payment Gateway?
When it arrives to preferring a global payment processing solution, you must maintain your budget, customership, and industry in reference.
WebPays is an expert-qualified global payment processing platform provider that allows you to take and process all the global payments on your business’s website. And also advantaging the current industry trends to access a more significant customer collection.
You can personalize your global payment processing solutions according to your business requirements. WebPays serves numerous industries, comprising but not restricted to eCommerce, travel and hotel bookings, offshore training and education, games and software, online content, and global flights.