The COVID-19 pandemic accelerated the global shift to ecommerce and online payment transactions by five years. To recover, the two industries proved to be the most resilient among global industries, not only withstanding but also thriving in the face of the pandemic, while everything else around them fell.
Payment gateway software, unlike cash transactions, can facilitate transactions in the comfort and safety of one’s own home, away from the potentially fatal corona virus. Choosing the right payment gateway is obviously critical.
Sellers who want to accept and process customer payments online require a payment gateway system, which is a technology that accepts and authorizes electronic payments from customers. Choosing the right payment gateway is critical because it improves the customer and checkout experience, reducing purchase friction and abandoned carts. A payment gateway has an immediate impact on conversion rates and the bottom line.
Payment Gateway Phillipines is both quick and secure for retail processing
POS System Integration is Simple
Finding a trustworthy merchant services company that can provide the necessary service and equipment is difficult, but at PayCly, your business is our top priority. Our cutting-edge POS systems will seamlessly connect to a variety of retail payment gateways. All of our offered equipment supports EMV, including a variety of contactless device options, and our merchant account managers are available to assist you in getting started.
Reduce Processing Costs
Look no further than PayCly if you’re looking for a low-cost merchant processing provider. With our low and convenient processing rates, you can spend more time focusing on growing your business and increasing revenue. There will never be any surprises when reviewing your month-end processing statement with PayCly, and we strive to never lose a merchant over price.
Major Debit and Credit Cards are accepted
PayCly gives merchants the ability to accept all major debit and credit cards, providing your customers with convenience and peace of mind. Visa, MasterCard, Discover, American Express, JCB, and international payment options such as Alipay and WeChat are all accepted payment methods for your retail business.
What exactly is a Payment Gateway Phillipines?
An online payment gateway is a technology that manages electronic payment methods. It serves the same purpose as a physical point-of-sale (POS) device in that it authorizes a customer transaction.
Payment gateways offer additional services in addition to accepting and processing online payments.
- Temporary payment data storage– Customers’ payment data is temporarily stored in a secure manner before being routed to banks.
- Services for Encryption– Payment gateways encrypt sensitive data while it is being transmitted between payment processors and banks.
- Reports on reconciliation- It is difficult to match settled funds to transactions. Payment gateways provide reports to help with reconciliation and identifying discrepancies.
- Capability for virtual terminals– To avoid the need for a traditional credit card terminal, process transactions offline and settle with the online batch.
- Integration and API Modern payment gateways– It provides a robust and flexible API as well as strong integration with financial, accounting, tax, and eCommerce platforms.
Payment Gateways vs. Payment Processors
A payment processor (also known as a payment service provider) acts as a middleman between the seller’s and the customer’s banks. Sellers can receive money from their customers using an online payment processor. When an eCommerce company contracts with a payment processor, the processor establishes a merchant account to hold pending transactions until they are finalised and transferred to the company’s bank account.
A payment gateway is software that secures payment processing. Its mission is to encrypt data, simplify the checkout process, and enhance the customer experience. For debit or credit card transactions, a payment processor is required, and the payment gateway acts as a conduit between the website and the payment processor.
A gateway, as opposed to a processor, typically accepts a variety of payment methods, integrates with eCommerce platforms, and manages multiple payment systems. It also has the ability to connect to ERP, tax management, and accounting software.
Payment processors frequently provide gateway services. This simplifies payment management and creates a positive customer experience.
The following are the steps taken by the payment processor and payment gateway to process a transaction:
- The customer places an order through the merchant’s website.
- The payment gateway encrypts data before transmitting it to the payment processor.
- The payment processor confirms that the customer information is correct.
- The payment processor sends the information to the customer’s bank, which approves or denies the transaction.
- If the authorization is successful, the processor requests the transfer of funds.
- The payment processor responds to the payment gateway.
- The payment gateway transmits transaction information to the merchant’s website.
- The funds are settled by the payment processor (usually at the end of the day).
How PayCly can help you get the best Payment Gateway Philippines?
PayCly was founded as an alternative online payment solution for small and medium-sized businesses. Customers can use its gateway to buy goods or services online and pay for them with cash or check at physical payment counters, ATMs, mobile wallets, or online bank debit. Because credit card penetration is very low in developing countries such as the Philippines, PayCly’s offerings provide a viable payment option for ecommerce sites in the Philippines. Hundreds of online merchants currently use the PayCly platform for retail, travel, daily deals, and online stores.
PayCly allow online shoppers to use online banking systems to make purchases from ecommerce sites.
Summary
Greater efficiency, improved customer experiences, and increased conversions – the right payment gateway is the key to business success. Take the time to learn how different gateways can help your company. Your solution should provide an ideal balance of capabilities, cost, and ease of implementation.
Before settling for the first international payment gateway system that appears to check all the boxes, take a step back and evaluate how it integrates with your eCommerce platform, how it affects productivity, how it affects the customer experience, and how it affects your dynamic eCommerce pricing strategy. PayCly integrates with a variety of payment gateways, allowing you to maximise internal efficiency while providing customers with truly seamless purchasing experiences.
