Choosing the right payment gateway solution is a crucial decision for any online business. Whether it is an eCommerce company or a fintech company, a B2C company, or a B2B enterprise, choosing the right payment gateway can make digital wallet solutions or a business website robust, reliable, and secure.
In this blog, we will discuss the key factors to consider for selecting the right payment gateway for your online payment solution. But, before moving ahead, let’s quickly look at the types of transactions that payment gateways can execute.
- Payment Gateway and Types of Transactions
The payment gateway is a service for accepting and processing payments in online and brick-and-mortar stores. It serves as a bridge to facilitate the transaction between customers and merchants. Payment gateway ensures secure transactions by following security protocols and encryption techniques. Whether you have a business website or a dedicated enterprise app, the payment gateway transfers the data to payment processors or banks and vice versa.
The mobile wallet company can integrate the payment gateway into the mobile money solution for executing the following types of transactions seamlessly and swiftly-
Authorization : This type of transaction is based on checking whether the customer has enough funds to pay. During authorization, a merchant or vendor ensures that a credit or debit cardholder is capable of paying for the order. This type of transaction does not involve the actual money transfer, and it is useful for orders that take time because of shipping and manufacturing processes.
Capture : It is a fund processing type where the previously authorized payment is transferred to the merchant account.
Original Source: How to Find the Right Payment Gateway for Your Digital Wallet Solution
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