Have you ever wondered how websites automatically process payments? Well, this is the blog for you.
We’re going to look at the tech behind eCommerce businesses and share some tips for when you’re setting up an eCommerce business.
Processing card payments in a bricks and mortar store is pretty straightforward. A customer hands over their card and you use a POS terminal to process the payment.
However, since eCommerce transactions are completed over the internet, there’s no way a customer can physically present their card.
To process payments, websites need the digital equivalent of a POS terminal, which is called a payment gateway.
A payment gateway is a bit of tech that serves as a secure link between a company’s website, a customer’s card issuer and the seller’s merchant account. Sounds simple, right?
Unfortunately, when it comes to financial technologies, things are rarely simple and payment gateways are no different.
In the rest of this blog, we’ll look at how payment gateways work, data security concerns, platform integration, typical costs and much much more. Let’s get started!