A payment gateway is not just a bridge between the customer and the merchant, but it solves many other purposes for a business. The role is more prominent when it comes to an international payment gateway. Are you a business owner taking payment gateway services? If yes, you can easily understand how versatile the role of a payment solution provider company is.
In the past few years, online payments have increased considerably, and that is where we need a gateway for smoother transactions. The sellers and the buyers need a predictable atmosphere and infrastructure to make the money travel safely from one end to the other end.
There is no doubt that an international payment gateway company simplifies daily transactions and helps in many other ways. It is essential to understand all those ways and aspects where such a company satisfies the commercial world.
An International Payment Gateway is a Bridge Between Merchant, Customer, and Merchant Account Provider
Yes, that can be considered the most crucial role of a payment gateway service provider because it is difficult even to imagine a business without this. In the global market, companies have to face many challenges, and when the customers are worldwide, the biggest issue is the safety of their money. Before a merchant gets paid for its services or products, it needs to have a safe payment system through which money can travel safely.
The international payment providers create a safe route for daily transactions. When a customer makes a payment, the payment data first comes to the payment gateway company. The company then transfers it to the bank/credit card processors; the money is released once the transaction is approved. The released cash goes to the merchant account finally. The whole process does not take much time due to the strong support of gateway companies.
It Provides Security through High PCI-Dss Parameters
The biggest reason behind all the arrangements for daily transactions is security. Any business can receive payment from its customers, but the issues of fraud and chargeback are always there. These problems can cause a financial loss to the company and the customers and can also affect the goodwill of a business. A merchant cannot play with his excellent image in the market, so he is always possessive about the safety of his customer’s money.
It is already a rule for every merchant and a payment gateway to follow PCI-DSS regulations. The abbreviation stands for payment card industry data security standards. The payment gateway companies ensure an uncompromised safety for their merchant clients. Neither the merchant nor the payment gateway provider can perform their daily operations without following these security standards. Safety standards should secure anything related to transactions between the merchant and customer. Any compromise in security can immediately spoil a business and may even close it soon.
A payment gateway for international business gives your multiple payment methods
As a merchant, you can understand how important it is to get access to varied payment methods. Businesses with an international presence have to install multiple payment platforms for their customers because buyers will not compromise on their comfort. If they are happy with mobile payments, they will do that; the attitude is unchangeable if they prefer credit card payments. All this can happen only with the help of a payment gateway.
Credit or debit card payments, buy now, pay later, crypto payments, e-wallets, bank transfers, or any other online payment mode is possible. If an efficient payment gateway solution provider works for you, you can easily reach new customers. To make a broader reach to the new parts of the world, businesses today depend on online payments and varied methods.
International Payment Gateways help get an Offshore Merchant Account to a High-Risk Business
High-risk businesses always struggle to get a safer system to process their transactions. They are prone to chargebacks, financial fraud, data theft, and customer identity theft. Due to such threats, they need to have an offshore high-risk business merchant account, but it can be tricky for a merchant to qualify for a merchant account. The banks that provide these accounts are stringent about their approval policies because they deal with high-risk businesses. These banks are called acquirers and they are situated in other countries.
Somewhere their network and other customers may get into the threat. Imagine a hacker uses a virus to hack an account of a casino customer. The virus enters the system of its merchant account provider bank; you know how much harm it can cause. It is why acquiring banks approve only those merchants with a lower chargeback and lesser or no threat of fraud.
The payment gateway providers suggest the best ways to lower the chargeback ratio to their merchant clients. Also, they tell them how to improve the website content and ask them not to mention anything issue creating, such as fake commitments. It keeps the merchants away from the eyes of the legal institutions. Also, some payment gateway companies provide merchant accounts through their network of acquirers. Eskaypay merchant account is a suitable example of it. The gateway completes all the formalities for the merchant to apply to an acquiring bank for a merchant account. Isn’t that an immense comfort? Indeed, it is.
Conclusion
You agree that the above points sufficiently explain the importance of an international payment gateway for global businesses. In the atmosphere of uncertainty in the international economy, every business is already insecure about its future. In such circumstances, the role of payment gateways becomes more critical to ensure safer transactions between sellers and buyers.
Thanks to the FinTech trends that always offer advanced ways to simplify financial services and transactions. With a more predictable atmosphere, the customers also make payments confidently, which gives the benefit of customer loyalty to the businesses. Today, many payment solutions providers like Eskaypay, Braintree, Paypal, and many more. You should always choose your gateway that precisely satisfies your business needs.
High Risk Merchant Accounts 