The development of modern commercial transaction services has increased transaction volume while making the business more complex and diverse. When you have the right partner, setting up a payment gateway can be much easier than you think.
Payment channels are the most fundamental support for a business, and rapid and healthy growth necessitates the support of comprehensive payment channels. The payment gateway system can enhance funds transfer channels, provide more complex loan deduction services, and improve loan deduction timeliness and success rate.
When electronic payments are not yet widely accepted, merchants complete the payment process by connecting to a bank-provided system interface. With the payment industry’s ongoing development, merchants are no longer satisfied with only supporting one or two banks in the payment link.
At this time, the merchants’ payment system must support multiple banks at the same time, as well as deal with the many ramifications of this, such as reconciliation, clearing, and so on.
Third-party payment gateway institutions arose as a result. They came to develop and operate a system to realize the function of simultaneously connecting multiple banking systems and then providing payment gateway systems to merchants via a unified interface. At this point, the High-Risk Payment Gateway is the system of the third-party payment institution.
As a payment gateway and to ensure the security of merchants’ fund transactions, EmerchantPro has been providing products and operational support services to merchants both at home and abroad.
What is a payment gateway service?
The payment gateway is a set of servers connecting together with the bank’s private network and the internet. It is the interface that binds the financial private network and public network. It also acts as a security barrier for your financial network. A gateway is an essential tool for accepting electronic payments.
A payment gateway service is an online payments service that when integrated with the e-commerce platform becomes the channel to accept and receive payments.
A gateway is also responsible for authorizing the payments and making sure that the data entered is sufficient enough to complete the payment. It protects the sensitive information provided by the online customer by encrypting it. This process ensures the customer’s personal privacy details and is safely carried between the merchant and the customer.
These services happen in the background when the transactions are made on the real-time network. By providing the information between the website and payment processor, and sending the transaction details back to the website, the payment processor does its most essential job here and allows the e-commerce store to function properly.
If you are having a website and you are interested in accepting credit card payments online, then you require a payment gateway. It works actually as a bridge between your product sales and the customers.
How does the high-risk payment processing function?
Consumers all over the world are increasingly shopping and paying online through e-commerce channels. However, most people’s attention is drawn to the display screen. And the “behind-the-scenes” operation is rarely studied, so little is known about the online payment process.
However, merchants must be aware of this “ecosystem” in order to avoid being perplexed when selecting payment gateways and other payment solution providers. A typical transaction in a market or e-commerce store looks like this:
1) Customers purchase goods in your store using debit/credit cards or fintech.
2) Payment information obtained via a payment gateway;
3) Before sending the payment information to the payment processor, the payment gateway encrypts it.
4) The payment processor forwards the request to the customer’s bank.
5) The transaction is confirmed or rejected by the issuing bank.
6) The payment processor will notify you whether the transaction was approved or rejected.
7) The funds will be transferred to your merchant bank by the issuing bank.
8) The payment processor instructs the bank of your merchant to deposit funds into your account.
High-Risk Payment Solutions with EmerchantPro
EmerchantPro has always maintained product advantages and industry leadership by continuously developing its localized operation and technical support capabilities under global payment products:
• Worldwide support for global payment products, including credit cards and local payment products. The payment success rate can reach up to 95%.
• Assist domestic and foreign funds. We offer a multi-currency settlement that is both efficient and quick.
• Professional risk management, artificial intelligence, and big data to ensure data security and resist 99 percent of transaction risks.
• We provide customized full-scenario payment technology solutions for both online and offline physical stores.