Payment Gateway Concept
In a nutshell, here’s what happens. It allows customers to pay for online purchases using their existing internet banking facility. First of all, it cost you money, you have to actually pay for this service but that isn’t necessarily anymore expensive than if you used your bank as a payment gateway, for example. WebMoney WebMoney is an eWallet service that allows customers to pay for online goods and services in real time without disclosing their financial details to the merchant. Over 500,000 online merchants from retail, gaming, travel, digital media and other sectors have already integrated this solution. I’ve seen this happened and it can be extremely frustrating. Neteller The NETELLER eWallet is a free online payment account that customers can use to make deposits and pay for goods on thousands of sites. GiroPay GiroPay is a popular German real-time online bank transfer service which provides customers with an easy, secure and reliable method for making internet payments. China Union Pay China Unionpay (CUP) is a Chinese shareholding financial service provider owned by over 80 Chinese financial institutions and approved by the State Council and the People’s Bank of China as a bankcard network operator for processing interbank and international bankcard transactions. The gateway verifies the payment, sends the money to you, and then you send the product to the customer. There are many reasons why they may not trust it and you have to be aware of that. It’s your job to ensure that doesn’t happen. Customers can also use their eWallet to accept payments from other sites or individuals. It is currently the world’s biggest card scheme. Thinking through how you’re going to take payments from your clients without compromising their security is a vital step in planning your ecommerce site. If you don’t have a credit card, you can’t use any of these services and because of that, you’re automatically excluding a portion of society from purchasing your product.
Payment Gateway Concept
For customers, iDEAL uses the same environment as their banks’ online banking sites. The customer’s then sent to the payment gateway and provides the payment information to the payment gateway. Again, the only way to get around that is to accept other types of payments. The first thing that happens is the buyer initiates a purchase. Customers must be registered for online banking via their bank to authenticate and approve transactions using their internet banking credentials. iDEAL offers merchants a real-time payment method (publicized as low-cost and virtually risk-free) to accept internet payments. I have run into people who don’t ever want to pay anything to PayPal or to Google Wallet or anything else. iDeal iDEAL is an e-commerce payment system used in the Netherlands, based on online banking. Which option is right for you, depends on your circumstance and other factors which will become more apparent in the next movie.
Gateway to International Trade Local and International Payment Types Alternative Payment Methods Global Overview of Payment Methods Alternative Payment Methods MasterCard Payment Gateway Services processes a wide range of Alternative Payment Methods. This bank-endorsed scheme allows customers to pay for online purchases using their existing internet banking facility. AliPay Alipay (part of Alibaba group) is China’s leading e-wallet provider, offering a simple, secure and speedy way for millions of individuals and businesses to make and receive payments on the internet. MasterPass™ Wallet can be white-labelled by any partner who wishes to become a ‘MasterPass™ Wallet Distributor’ PayPal PayPal, a global leader in online payments and eWallet providers, has 157 million active account holders worldwide and is now one of the most common online payment methods. Introduced in 2005, this payment method allows customers to buy securely on the Internet using direct online transfers from their bank account. The customer makes a purchase on your website and the website asks for a payment information. MasterPass™ MasterPass™ Wallet digitally stores all consumer payment information (including MasterCard and other brands of cards) along with shipping addresses, in one convenient and highly secure place – making shopping safe, simple, and smart wherever MasterPass™ Online is accepted.
Payment Gateway Concept
Your bank or credit card details, in every shop. Sofort Sofortüberweisung/SofortBanking is an easy to use direct bank transfer system based on the high security standards of online banking. Once they fill in that information they need to select a form of payment. Let’s look at that in the little more detail. It offers any customer with an email address a quick, easy and convenient method to pay for goods, using stored PayPal payment information and the PayPal Express Checkout facility. Welcome to the next generation of online payments. Skrill The Skrill Digital Wallet offers the safety and convenience of online payments with only an email address and password. The other problem with payment gateways is that, occasionally they’ll hold payments back. The only difference is you’re handing off the responsibility because payment gateways are independently insured. So, if you use a payment gateway you might want to consider offering another option as a payment option if people don’t trust it. Once that payment has been verified, the payment gateway sends this customer back to your site and tells the customer that the purchase has been completed. ClickandBuy Thanks to ClickandBuy you customers longer have to disclose their confidential data, e.g. Think about it, when you take payments online, the customer has to send you personal information as well as credit card or other bank information, and there are plenty of people out there on the web that will do whatever it takes to steal that information. International credit/debit cards like Visa or MasterCard are not accepted. This is all done in the secure servers of the payment gateway and is done away from your site so you are no longer responsible for the security of this transaction. As you can see, using a payment gateway, you hand the responsibility of handling credit card information or other bank information over to a third party who specializes in securing that kind of data and that third party is responsible for communicating with the credit card agencies and other financial entities and ensuring that the payment takes place. That would be their own information and also the shipping information and whatever else information you choose to collect about your customers. Once registered, free of charge, they can complete their safe and simple payment transaction at over 16,000 merchant stores by entering their user name and password. Once the information is sent to the payment gateway, the payment gateway handles the transaction and sends the information to whatever payment portal is necessary. The payment gateway then, collects the credit card information or whatever other payment information that’s necessary. There is another issue. Between 2004 and 2010, CUP’s acceptance outside China grew by more than 500%. But other types of payments have other issues that come with them. Its innovative product technology, unique concept and large user base make Alipay one of the most popular payment platforms in Asia. One way to solve this is by using a payment gateway, but it has its drawbacks as you’ve seen. But these things have to be considered carefully for your store to be successful and for you not to run into trouble. This is great because it hands over a lot of the responsibility to a third party but it also has some drawbacks.
Payment Gateway Concept
Some people inherently don’t trust payment gateways. The e-wallet can be funded via bank transfer, cash deposit at a regulated outlet or a pre-paid card. If you’ve ever bought something online, you probably interacted with the payment gateway like PayPal or Google Wallet and they all work pretty much the same way. One way of handing that responsibility, or at least part of it, over to a third party is to use payment gateways. Once they select a payment option, they are sent to the payment gateway. And the last problem, which isn’t really a problem with payment gateways as much as it is a problem with online payments in general is that, not everyone has a credit card. Customers must be registered for online banking via their bank and authenticate and approve transactions using their internet banking credentials. They’ll say that they’re not sure that what you were doing was right or that the customer made a mistake or something like that and they can hold your payments back for a very long time. China UnionPay’s has also developed its own online payment processing platform called CUPSecure. So, if something goes wrong, they are responsible for handling it, not you. The key to taking payments online is to have a secure system that doesn’t compromise your customers’ personal information. So, they put products in their shopping cart and click the pay now button. Now your site takes them to a page where they can put in their personal information. Fees may apply depending on the method used to fund a purse. Payment gateways explained One of the challenges of setting up an online store is sorting out how to receive payments. You’d think it should be easy, what with all the payment options available: credit cards, online payment systems, PayPal, and so on, and so on.