International payment gateways play a significant role in business stability, and every merchant must know about it altogether. Everything is essential, from required formalities for integration to the actual technical process behind it. Are you a merchant? If yes, the information below in this blog will be beneficial for you. Knowing the integration process helps a merchant find a suitable payment gateway.
Mostly the merchants know nothing about the technicalities of international payment gateway integration. But knowledge is the root of business success, and business owners should know everything about payment processing. After all, that is essential to get paid for their services and products and grow in the right direction.
Documents Required To Integrate An International Payment Gateway
The first part of integration is the formality part, without which it is not possible to start receiving payments.
- Certification of incorporation
- Commercial license of the company
- Verified address proof of company office
- Memorandum of association with the payment gateway (Agreement of contract in simple words)
- Bank statements of a functional commercial bank account
Varied Parties Included In Payment Gateway Integration
A payment gateway integration happens through a network that joins varied ends. Before you know how things work in a payment integration, you should know the varied ends included in the payment processing. After all, a payment cannot reach a merchant without these ends.
- Merchant website
- Payment gateway
- Merchant account bank
- Credit/debit card network
- Cardholder issuing bank
Actual Technicalities Behind International Payment Gateway Integration
The payment gateway for international payments works in a highly proficient manner. Many technical processes go behind the payment processing that looks simpler to the world. Let us get a bit deep into how things work in the payment processing network. This network makes integration possible and then operational for a merchant.
The customer initiates the payment after giving an order on the website. He presses the ‘pay now’ option or enters his card details to initiate payment.
The customer’s web browser sends the payment data to the merchant’s web server, which is done through encryption. This information travels through a payment gateway. If the merchant gives consent, the payment gateway can directly send the customer details to its (payment gateway) platform bypassing the merchant’s browser. This facility lessens the merchant’s responsibility on the part of PCI-DSS compliance.
If the customer data is sent to the merchant, then the merchant’s browser sends the data to the payment gateway. After this, the transaction information is sent to the card association, for example, Visa/Master card.
The card association then acts as an issuing bank and responds to the payment gateway on the transaction, whether it is approved or declined. After this, the merchant authorizes from his side to authenticate the payment. Without this, the amount cannot reach the completion stage.
After receiving the authorization from the merchant, the issuing bank gives the clearance for the final settlement of the payment. This clearance is sent to the merchant’s acquiring bank through the payment gateway. After this stage, the money travels through the network and reaches the merchant’s account.
Challenges Of International Payment Gateway Integration
An international online payment gateway goes through many challenges during integration. However, a merchant can handle them easily through relatable solutions. Have a look –
High Customer Expectations
The biggest challenge for a merchant because we know the competition is cruel, and customers have many options. If your customers visit the website to make a purchase and feel dissatisfied due to low speed, you may lose customers. But thanks to the artificial intelligence and automation that ensure speedy transactions and keep the customers happy.
Regional Challenges In Multi-Currency Payments
An international online payment gateway must prepare to facilitate payments in native currencies for its merchant client. Regional laws and regulations in every country are different, and the payment service provider has to keep proper knowledge of all of them. The good thing is that today international payment gateways are already more innovative and have all the required arrangements. They facilitate easy payments in every currency and in every country.
Complications Arise With Multiple Payment Gateways
The merchants who need multiple payment gateways have to struggle with the integration part. Many contracts, multiple set-up arrangements, and whatnot cause obstacles. He also needs a merchant account for all these payment gateways. But many payment gateways connect you to the merchant account providers. Besides this, nowadays, some merchants choose one payment solution provider company that provides all types of services, including payment gateway and merchant account. Eskaypay payment solution provider does the same through its extensive network of merchant accounts worldwide.
Long-Term Benefits Of Payment Gateway Integration
A merchant has many benefits of payment gateway integration besides just receiving payments. Have a look at some of the significant advantages.
Hassle-free transactions are the most significant advantage of payment gateway integration. For a merchant, a payment service provider handles all types of complexities. Whether it is about the speed of transactions or the related legalities, everything can be handled by the gateway company.
Increased customer trust attained through proper payment processing helps a business create goodwill in the market. By providing a smooth payment experience, a merchant earns name and profit, which helps sustain success.
Business expansion – Of course, when a business gives a speedy and convenient payment platform to its customers, it can become popular globally. It can reach the customers in new countries. Integration helps in getting payments in multiple currencies and from various countries. Business expansion becomes simpler when a merchant knows he can get paid from the new place quickly.
A global payment gateway integration goes through many stages to ensure the security of the customer’s money of a merchant. For a merchant, it is essential to understand how things work because ignorance keeps them a slave to assistance for every minor issue. A payment gateway supports enlightening its merchant clients about technicalities. It helps get complete cooperation from the merchant. When the businesses know the technicalities of something, it becomes simpler for a payment gateway to work mutually.
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