How do development teams choose payment gateways?

Payment is the final mile of e-commerce, and only after payment is completed successfully can real business value be generated. For merchants, the most secure payment functionality at the lowest cost and fastest speed must be provided to users.

Electronic payments are frequently implemented with the help of paymentsaas payment gateway gateways because they frequently need to support multiple bank card types and third-party payment types, as well as meet high security requirements and technical standards. However, due to the wide range of payment gateways available, their complex functions, varying security standards, and numerous integration methods, merchants are frequently perplexed when deciding which one to use.

Payment gateway functions

Payment gateway functions are classified as core functions and value-added functions. The core functions include end-user-oriented payment functions and merchant-oriented acquiring services; the value-added functions include a variety of support functions that are provided to support the entire business.

Payment Processing

The payment function is the payment gateway's heart. Payment functions include the types and numbers of banks, card institutions, third-party payments, and so on, as well as technical indicators like payment success rate, payment processing speed, and system stability. The larger the payment gateway, the broader its bank and third-party payment type coverage, the more reliable the technology, the higher the fees, and the limited support for small local banks.

Purchasing services

If a merchant needs to collect money through electronic payment, it must open a merchant account with an acquirer due to legal regulations and banking requirements. The payment gateway offers merchants acquiring services that significantly reduce the cost of negotiation, account application, and post-problem communication between merchants and banks.

Features that add value

Payment gateways differ in the types of value-added features they offer, such as pre-authorization, refunds, payment cancellation, batch payments, timed automatic payments, dynamic currency conversion, multi-currency pricing, reports, queries, and so on.

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