In essence, a payment gateway is a service provided by an eCommerce software provider that authorizes payments. A payment processor is the one that transmits transaction payment details to the relevant authorities.
With the growing popularity of credit card payments and mobile wallets all over the world, ensuring that your eCommerce website is fully optimized for buyers is crucial.
2019 statistics claim that 34.4% of online payments in North America are made up of credit card transactions. As retail sales rise even higher, it’s best to take a closer look at your site’s payment process.
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The most popular method for eCommerce shoppers is a shopping cart, which allows customers to add items and services to a virtual cart. Once they’re ready, they check out and input their payment details using a credit card or debit card.
In order to keep this sensitive information secure, you should take steps to maximize your website security. This includes ensuring that your website is PCI compliant, checking whether it has data encryption, and using safe login screens.
To clarify the payment process from start to finish, the key elements involve included the following terms:
Now that we’ve clarified the terms, here’s a quick summary of how the credit card payment process works online:
At the end of the day, providing users with a safe and seamless shopping experience can help you boost your sales. When it comes to choosing a safe and reliable online payment processor, it’s best to do your research and look at the features and price points of each option.
For more guidance and recommendations, reach out to us at ProcessingCard today!
Florence Carpenter is passionate about ensuring that the process of opening merchant accounts is as straightforward as possible. She graduated from the University of Michigan with a bachelor’s degree in Marketing.
