Everything you need to know about online payments. From payment gateways, to terms and recommendations for your online business.
Here’s everything you need to know about accepting online payments.
Online payments are often done via a payment processing getaway as a large amount of work goes on ‘behind the scenes to ensure transactions go through.
You may have heard of Online payment gateway, payment processors and payment gateway. All similar, but here’s the 101 of a Payment gateway.
A payment gateway is an application that processes the transaction between the customer and the merchant. The customer is protected by the encryption of an online payment gateway, and the merchant is safe in the knowledge that the customer is able to pay for the item or service. As the payment has been authorised by the customer’s bank. Payment gateways are most commonly seen on e-commerce websites to facilitate smooth transactions.
Any online business which accepts online payments. It doesn’t matter on the size, worth or frequency of sales. The rule of thumb is that consumers want to be able to buy your items/services easily and securely. If you have not got an online payment gateway, keep reading as this will prove beneficial for your business.
Read our previous blog on the top three payment gateways here, by clicking here.
In short, Roqqett is recommended by various businesses, sign up to the E-checkout waitlist to experience the following benefits:
Alternative Payment Methods (AMPs): mobile payments, e-wallets, ‘buy now and pay later’, bank transfers and financing. Any payment that isn’t by cash or a credit card scheme.
Chargeback: A chargeback or reversal happens when a consumer disputes a transaction. Saying that it is fraudulent or made without their knowledge. In this case the customer is refunded and the merchant loses funds.
Cross-Border Payments: Payments made between customers and merchants in a country other than the one they are in. For example if Roqqett (Bath, UK) made a payment to Apple Inc (California, US).
Gateway: The middle man between merchant and customer connecting, authorising and protecting payments.
Interchange fees: A sum paid by the merchant for the bank processing a payment.
Micropayment: A payment under £20.00
A Payment Service provider (PSP): A third party payment system that allows a merchant to accept payments electronically. Connecting the card and financial insulation to the company that issued the card.
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