Every year, the number of shoppers who want to shop online at online stores increases. Any modern business, to grow and develop, must be set up to accept online payments. The installation of a payment gateway will help to ensure a secure and high-quality payment system on the web. Especially when it comes to accepting cryptocurrency payments.
With an integrated cryptocurrency gateway, your customers can transfer payments directly in digital currency at a fixed rate, and you can receive money instantly without reporting to banks.
This article details what a payment gateway is and why you need a payment gateway, and how to choose the right one, as e-commerce services are growing in proportion to the demand for these services.
If you own an online shop, you probably want to set up online payments, namely the function of paying for goods via online payment systems by bank card or in cryptocurrency. This is the easiest option for accepting payments on the website, which will be convenient for your customers.
In order to make transfers, you need to set up a payment gateway, which processes sales transactions and transmits customer payment data to the acquiring bank while not interacting directly with the money. This is the main difference between gateways and standard payment systems.
The installation of payment processes allows you to set up your website to accept payments quickly and securely. A company does not have to order special software to accept payments, and the entire installation process takes only a short time. The gateway is suitable for use on a developing website, online shop, or social networks.
Let's take a look at the gateway features and the benefits of this technology.
As we have already found out, payment acceptance can be done through payment gateways. This is a type of e-commerce that modern companies use. The functioning of online payment services has a number of peculiarities.
So what goes into the operation of the system:
Encryption of customers' personal information. This includes the security of the transaction at every stage while payments are being made. According to the security standard, no information regarding cards, sales, and payment details is shared with third parties;
Round-the-clock availability. Your customers will be able to pay for their orders at any time, even at night. This will increase customer loyalty to your online shop;
Fraud protection. The money will be protected by special systems against fraudsters. These systems will monitor and analyze possible risks from the perspective of both the seller and the buyer.
Fast transactions with no unnecessary waiting time. Payments are made with minimal time so that products for the buyer are paid almost instantly;
Fast integration with the website (Internet shop). Any company can effortlessly connect e-payments to its website.
As you can see, installing payment gateways not only simplifies online money transactions but also ensures their security and saves users' time.
How gateways are useful for your site:
You can customize your payment system to suit your particular business;
You can save significantly on software due to automated operations;
Transfers are protected at all stages;
Buyer data security is ensured.
The last point is discussed in more detail below.
Encryption of the personal details of the client is mandatory for any payment gateway. In the case of regular bank transfers, this includes the digits on the front of the bank card, the CVV code, and so on. In the case of crypto payments, all transactions are protected by crypto-encryption.
There are several levels of security in place:
When making a payment, the customer enters both payment and personal details, which are protected by HTTPS and PCI DSS Level 1;
The next step is to confirm consent to make the payment. The request is confirmed with a one-time code, which comes via SMS;
As another security measure, sometimes the IP servers from which the request for money transactions comes are searched and identified.
Before incorporating a payment system into your website, the company should familiarize itself with all the possible characteristics of the gateway and choose the best option.
There are several varieties:
Traditional ones, which have a merchant account;
Modern ones that have commercial account features added;
Cryptocurrency accounts, which conduct transactions in cryptocurrency.
With the traditional type, direct cash management is not available. In addition, all payments coming into the account are delayed due to the bank's verification procedure. This delay can range from a few minutes to a couple of days.
Despite the disadvantages, the traditional type would be a good solution for large businesses where a huge number of transactions are made. There will be savings on fees, but the traditional type is the hardest to integrate. It will require a commercial account to be set up.
The modern type is easy enough to install and set up. All you need to connect is a business owner's bank account. It has a simple menu and is good for beginners and small businesses. However, you will have to pay a higher fee here.
The cryptocurrency type is a modern solution for those who keep up with the times and want to set up payments in any cryptocurrency for their customers.
Next, let's talk about the categories of requirements for gateways.
For easy and secure payments and for convenient payment without high fees, it is essential to choose the right system service.
There are several groups of requirements for gateways:
The principle of security. Any payment service must meet international encryption standards. The presence of a "digital signature" function also reinforces the security of the transaction. Additional functions include: verification by SMS, verification of personal address;
Personal information encryption. Both the security of the transaction and the security of customer information depend on quality encryption. A business with a good reputation is required to provide encryption. It is good if, in addition to encryption, the information is deleted in a timely manner;
The legal aspect. The service should be allowed to be used in the country where the customer's business is located, and the goods sold are allowed to be sold;
Speed of operation. The higher the speed of information processing, the faster the transaction will go through, and the customer will receive confirmation of payment for their purchase. Ideally, this process should only take a few seconds per page. A longer delay will alert or even scare the customer.
In addition, it is worth considering at once which payment methods you want to set up. The choice should depend on the target audience of your customers and how they feel most comfortable paying. Do a CA analysis, and based on the results, decide on the appropriate system. By the way, support for multiple currencies will always be appropriate. You can install such support on any service. Note that there will be a fee for international transfers.
Also, it is worth considering the necessary elements of reporting and analysis. Some will be suitable for large businesses, others for small ones. Choose the right analytics method to suit your needs.
If you run a high-risk business, choose gateways that have additional checks against fraudsters:
Additional identity verification;
Limitation on the number of incorrect access attempts and so on.
The system by which a payment service operates consists of several stages. In order to imagine in which order the payments are made, it is necessary to get acquainted with their sequence.
The order of the stages of the transaction is presented below:
The buyer places an order on the website and chooses the "Payment in cryptocurrency" option. From the list of offered cryptocurrencies, he chooses the one in which he wants to make the payment;
Receives the details of the payment account to which the amount is to be transferred. This information is transmitted to the gateway;
Confirmation of authorization takes place through one-time passwords;
The amount to be paid is deducted from the buyer's account, and the exchange rate is determined at the time of the transaction, which protects the finances from volatility swings;
At the end of a successful transaction, the coins are deposited into the business owner's account.
The cryptocurrency payment gateway does not require the use of a credit card or any other bank card.
We have understood the principles of operation, and now it's time to figure out how to choose the right service and how to connect it to your website.
If your company is looking for a reliable and fast cryptocurrency payment gateway, look no further than MEEG. To install the MEEG gateway, you will need to go through the registration process, sign an agreement, and set up an API. From there, you will only need to monitor the API adjustments. Please note that agreements with acquirers are made on an individual basis.
You can always contact our support team on the website for help in setting up the gateway. Choose MEEG and enjoy the benefits of crypto payments!