How Does Payment Gateway Serve for Small Businesses? 

 February 6, 2022

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Source: 3dsecure.asseco.com
Source: 3dsecure.asseco.com

Nowadays, everyday life is intertwined with the online way of life. Thus, shopping is often done online when shopping malls are replaced by online stores. Almost every well-known store, whether it specializes in clothing, furniture, books or something else, has its webshop. A frequently mentioned term related to payment in online stores is Payment Gateway. What is it? Payment Gateway is a merchant service that performs credit card payments for online stores. In other words, one could say that Payment Gateway is a virtual cash register that serves as an intermediary between the buyer and the merchant. In this way, the transaction is done securely and quickly.

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This payment method works very simply – when a customer selects the product or service they want, they are redirected to the payment page. It is necessary to enter personal data on that page, which includes bank card data (card number, expiration date, and CVV number). After the Payment Gateway checks the correctness of the card through the bank and accepts it as a means of payment, the funds are deducted from the account and the transaction is considered successful.

Source: worldfinancialreview.com
Source: worldfinancialreview.com

If we go back in time, we will see that trade took place differently – since there was no money, goods were exchanged. In the time of mercantilism, the only means of payment were coins, gold, and silver, so it is not surprising that at that time the number of precious metals was considered a measure of the wealth of a nation. Many believe that this type of trade is an effective way to achieve national goals – economic growth and development.

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The commercialization of the Internet and the development of the global economy have contributed to the creation of a new concept in business. The integration of a large number of information systems and networks has led to business through a global computer network.

In today’s globalized world, when countries compete with each other, the economic recovery does not occur spontaneously or automatically, but as a result of a well-thought-out, science-based, economic, and overall policy adapted to new circumstances. Economic policy, like any policy, has its goals. The goals of economic policies of all countries are to increase domestic production, employment, exports, and investment. The economic system and economic policy are built in accordance with these goals and in that order.

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Source: salmonforcongress.com
Source: salmonforcongress.com

This trend still exists today, only new goods have emerged – cryptocurrencies. Among the thousands of different ones, everyone can find something for themselves because there are over a thousand different ones. Even though you don’t know much about digital money, you’ve probably heard of one, and that is Bitcoin, which, despite the variation in value typical of cryptocurrencies, has remained on the throne since it was created in 2008. Although in most countries their status is not regulated because there is no Government or bank authority, many companies recognized its value and began to accept it as a means of payment. Today, with this virtual currency, it is possible to pay bills, dinner, and accommodation in a luxury hotel, vacation and airline tickets, and even tuition. If you are looking for more information about merchant payment services you should contact Centi.

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Merchant services relating to electronic payment. It provides companies and individuals with the tools so they can accept bank cards or any other form of electronic payment.

So, a merchant account is something that every company that offers a service or product should have. A merchant account is called a special payment service that allows users to transfer payments from Visa, MasterCard, American Express, etc. A merchant account is an opportunity to perform thousands of transactions per minute. The merchant is used to sell software, online games, movies, music files, contacts (for example, dating sites), services (for example, web design), forex transactions, and many other operations.

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Source: opencart.com
Source: opencart.com

Electronic money is a digital substitute for cash in electronic payments, the development of which is driven by the global spread of the Internet and the desire for more efficient and cheaper transactions, and the development of the Internet as a global information network and media that will handle most transactions requires special attention. on the security and reliability of the systems that allow such payments.

E-commerce has its advantages but also disadvantages. Deficiencies are easily addressed as many institutions have given priority to tackling e-commerce as a major driver of the economy in the future. E-commerce owes its exponential growth and great popularity to numerous benefits compared to traditional ways of trading, and the advantages are divided into advantages that are favorable for buyers and society and advantages for bidders and sellers. What benefits customers is a market without borders, the ability to buy 24 hours a day, security and control of purchases, as well as significantly lower business costs, which is the goal of every company.

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The aspiration and goal of every e-commerce are to be successful, competitive, and profitable in order to achieve these goals, current trends in the development of electronic commerce must be followed, and it must adapt its business to new trends from year to year. Trends are evolving Information technology changes on an annual basis, every business that takes place online must adapt to these trends.

Source: opencart.com
Source: opencart.com

The fact is that modern technology is advancing every day and companies need to keep up with it in order to continue to advance. In addition to the many opportunities offered by the Internet, there are many threats that can be encountered. There are ways to defend yourself from them. Methods of defense can be divided into two groups. One would be to take certain security measures before connecting to the Internet, and the other would be to take certain measures that must be taken when making an e-purchase. Only a small number is completely aware of all the threats found on the Internet, but it can be concluded that people have trust in online shopping and they are not afraid of violating privacy, it is very important to the variety, functionality, affordability, and only prices.

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