Magento Payment Gateways 101: Getting Started

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IntelligentHQ
Magento Payment Gateways 101: Getting Started

Want to learn more on the uses of payment gateways for Magento sites? We’ll show you how in this guide.

What Are Payment Gateways?

A payment gateway is used to process the credit card data between the merchant and the customer, and also with the payment processor and the merchant. Think about the payment gateway as a middleman between the sponsoring bank and the merchant.

Payment Gateways is an application that authorizes the attempts for purchases for your e-commerce business. Like a sword and shield, payment gateways are used to protect the customers from identity theft by encrypting the customer’s credit card numbers.

If you own an e-store and you want to utilize your business and your customers, you will be convinced that signing up with a Magento payment gateway isn’t just logical, but there’s a right way to conduct business.

With Magento’s payment gateway, you and your customers can view the history of completed orders. Improved customer satisfaction can bring profits to your business.

Benefits of Using Magento Payment Gateways For Your Business

Magento is the best reviewed or popular e-commerce website for mid to large size enterprises. Keep these advantages in mind:

  • With its complex capabilities and features such as making and creating a list of multiple products, offer discounts, and assign custom prices.
  • One good feature of Magento is its ability to make an order call center, which helps in making new customers and obtaining data from your site’s existing customers. Because this feature lets you check out shopping carts and see what items the customers are trying to buy, your customers can become notified when the special offers are available.
  • The RSS and notification feed features are great tools for marketing. Registered customers can obtain new product announcements while RSS feeds can find new orders from the customers.

Types of Payment Gateways

There is a multitude of payment gateways that you can use on your Magento site. This table list the most common ones that you can choose from!

Payment Gateway Type and their explanation :

  • Paypal: PayPal is a convenient and ubiquitous payment gateway that’s used by millions of individuals, business firms, individuals, and companies. It allows users to pay for products without disclosing their personal information. Start with PayPal if you’re a beginner or you want to make your first merchant site easier to receive payments.  
  • Pay Simple: Pay Simple is a payment processing system that’s easy to use. It lets merchants accept payments from customers, handle invoicing and automated billing. With this payment processor, you’ll get additional features such as data import/export, electronic check processing, cash disbursement, and customized reporting. 
  • 2 Checkout: 2 Check out acts as a global payment processor, which helps vendors receive online and mobile payments from buyers placed in different geographical locations. This payment option has a myriad of features such as a recurring billing, a handy app, custom checkout, etc.  
  • SecurePay.com: With SecurePay.com, you can start accepting online payments from your customers. This system’s main advantage is that it can be integrated with other online shopping carts, which helps customers make more purchases with trusted vendors.

Conclusion

In the end, the best payment gateway for magento depends on you and your business needs. When selecting one, make sure that its accessible to your customers and easy for you to use. Ultimately, once you find the best payment gateway for your magento site, you won’t have any difficulty keeping your customers hooked on your products!

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