A merchant payment gateway enables you to accept and deliver
online payments for a variety of processing methods. A merchant gateway system provides one of the most comprehensive e-commerce payment systems available in several critical ways.
When you need funds quickly, a
payment gateway gives you access to the
secure instant funding networks of Visa and MasterCard, allowing you to transfer money with minimal risk.
Credit and Debit Card Payments Are Widely Accepted
Customers' preferred payment methods are increasingly credit and debit cards. According to a 2019 survey conducted by the Federal
Reserve Bank of San Francisco, credit cards (23 percent) and debit cards (23 percent) were used by customers to make more than half of
all payments (28 percent).
Similarly, the Federal Reserve Bank of Atlanta's 2018 study found that the top consumer choices for all payments were debit
(34 percent) and credit cards (23 percent).
As a result, your company must accept credit and debit card payments. A payment gateway securely and safely connects a merchant
account to the leading credit card networks. It helps with a quick transaction process without compromising security.
Payment Processing Fees and Their Impact on Your Business
As a merchant, you're usually responsible for covering the
costs of everyone else in the credit card processing chain. Because interchange rates are non-negotiable, the payment processor you
choose will have a significant impact on how much you pay for each credit card transaction. To make the best decision for maximizing your
revenue, it's critical to understand how your processor charges fees. A reputable payment processor should always be upfront about what
fees are charged and when they are charged. Keep an eye out for hidden fees tacked on as monthly costs, such as customer service fees,
or network access fees.
Processors with a bad reputation frequently try to hide fees.
By incorporating them into a tiered or bundled pricing model, that establishes specific criteria for different levels of transactions
and charges different prices accordingly. These practices can reduce your revenue unfairly and make it difficult to make decisions based
on your processing requirements.
Open a merchant account with a payment processing firm such
as PayCly. Start the process by issuing a Payment Gateway Singapore
that will help you unconditionally get the required growth for your business.
Simplifying Payment Processing and How It Functions
The mechanics of payment processing may be complicated, but
with the right technology solutions in place, the steps involved are quite simple.
Open a Merchant Account With a Payment
A payment processing partner starts the process by issuing a
merchant account. It connects the point of sale to both the customer's credit issuer or bank and the merchant's bank via a merchant
gateway portal. Many processors require high-risk businesses to keep a reserve or pay higher fees to guard against potential fraud or
The Customer Hands Over the Payment
The customer pays for goods or services in-person or online
by presenting a credit card, debit card, or check. No processing is required in the case of cash.
Financial Data Is Encrypted and Sent For Authorization
The merchant gateway encrypts all transaction details, including
the credit/debit card number, scanned eCheck, and sale amount, and sends them to the credit card issuer or bank for authorization. This
procedure takes only a few seconds and is used to detect fraud.
The Sale Is either Approved or Rejected
The sale will be approved or declined once the transaction
details are received by the credit card issuer or bank. If the credit card company suspects fraudulent activity or is unwilling to credit
the purchase, the funds will not be released. Banks typically make the process easier by simply verifying that the requested funds are
The Funds Are Transferred to the Merchant
When the Credit Card Company or bank authorizes the transaction.
Funds are released and sent to the merchant's bank via the merchant gateway. This process can take several days at times, but once completed,
the merchant has complete access to the funds.
We at PayCly provide you with plenty of ways to take payments
faster and grow your business, whether by providing Payment Gateway Singapore
or installing the easy-to-use platform on your merchant website. Take payment services solutions from PayCly to thrive harder for
Payment Gateway Malaysia,
Credit Card Processing Singapore,
International Payment Gateway,
Payment Gateway Philippines