The apparent growth of E-commerce over time infused the growth of payment landscapes throughout the world. People are now looking for seamless and efficient payment methods that they can access at all times and wherever they are in the world.
For this reason, developers had to come up with more modern solutions and adapt the technology to the rising needs of numerous customers. Since the E-commerce global sales account for approximately 16% of all sales in retail and are likely to hit an astounding $4.2 billion, the shop owners in E-commerce have to meet all the responsibilities and accustom their pace with the fast-rising industry of E-commerce.
Since this industry has set the bar so high, making a wrong decision can have catastrophic consequences for a business that makes it. As many transactions are involved, choosing the right payment provider plays an essential role in the world of E-commerce.
For example, with sumup.ie, you can get a contactless payment provider. If you’re wondering why a payment provider is necessary if you’re in any way connected to the E-commerce industry, we’ve got just the list that will wash all dilemmas away.
Reasons why you should always opt for a payment provider
A payment provider gateway in E-commerce is a software application that works to secure your credit card information from a particular website to the payment method of a credit card involved in your payment processing in E-commerce.
These online transactions are fast and straightforward to the naked eye, but a complex group of processes works together to enable such easy fund movings. Establishing the connection from the seller to the buyer looks like a walk in the park, but the technologies behind that connection are filled with elaborate processes.
What makes that connection possible is the payment provider gateway. The payment provider you choose will approve all funds you want to send to the seller and carry it out securely and safely so that nobody can abuse your info and financial transactions. If you’re now wondering how these payment processes work through the payment provider, we can explain it to you in a couple of easy steps.
- Step – the customer first places an order on a website and fills in the credit card info;
- Step – the web browser next encodes this data;
- Step – the payment provider gateway sends transaction data to the designated payment processor;
- Step -The payment processor then connects to the affiliation of the card and sends the transaction data;
- Step – The bank of the issued credit card approves or denies this transaction;
- Step – The processor sends the approval or denial to the payment provider gateway;
- Step – The gateway processes the payment if it is approved;
- Step – The transaction is “cleared” after completion.
By now, you should have concluded that the E-commerce industry couldn’t work without payment provider gateways. They establish an easy connection between the seller and the buyer and are the best solution to making payments fast in the world of E-commerce.