Best Payment Gateways Software
A Payment Gateway is a software application that payment providers typically use to process payments and purchases online. Simply put, Payment Gateways is software that helps you accept payments online. Originating on the merchant website, it acts as an interface between the merchant’s website and a bank that is processing the payment. Generally, Gateways can be used for many types of payment methods. In online business, Payment Gateway Software performs the function of automating payment operations between a shopper and a merchant. In this case, the Payment Gateway guarantees security of all your payment operations.
What is payment gateways
This kind of software helps you to accept payment in your online store or point of sales. Also, they can be called the payment processing software, billing system, etc. All this software has one goal - to automate the payment process in your business. After purchase money gets into your virtual account and later you can transfer it on your credit card or bank account.
In most cases, payment gateways earn money getting a commission from each transaction. All vendors have a different percentage of the commission. For example, customer pays 100$ in your online store but you will get 95$.
Online processing software is integrated with your website or other accounting software where you can manage the entire customer base. Often, eCommerce platforms make "native" integration with payment gateway. On your online store, you can implement a payment button and after click, the customer will see a checkout page.
Payment Gateway features
Accepting payments on your website
It is a key feature that allows you to get payments in your online shop.
You can create a button and implement it on your website via HTML. Also, you can change the text of the call to action and color of the button. This feature allows you to get payments without complex integration with CMS.
Ability to manage payments in different currencies worldwide. You have an account in US dollars, a customer pays in Euro. System converts this transaction into your currency automatically.
Recurring payment and subscription
The ability to charge money every month or year automatically. A customer subscribes to your product and automatic renewal subscription. The systems can be different and more flexible. For example, in the first month, the system can charge one amount and the second month another amount.
Ability to send invoices on email. Customers can open this email, that is decorated in the corporate style of the store, and make payments by credit card.
If you have a marketplace you have to pay for your merchants. This feature allows you to do it automatically.
Flexible API is one of the most important things in gateway payments. At first sight, all the systems are similar, but developers see it differently.
All the systems have their own reporting, Who pays? How much? How often? etc. All the data help you to maintain a data-driven business.