Payment Gateway - Essential Checklist Before Integrating

A payment gateway is essential for any business owner that needs to accept online payments from customers. Without a gateway application, securely requesting online payments from purchasers and clients will become impossible. The gateway performs certain functions like verifying the billing information of the customer, verifies the funds of the payment method of the customer and most importantly ensures that the payment owed to you reaches you safely. While the payment gateway application is necessary, there are certain points that you need to check out before integrating.


Typically there are two categories of payment gateway options you can choose from. There is the modern payment gateway option and the classic payment gateway option. Depending on your use and personal requirements, you can analysis the various benefits of both and opt for the one that suits your needs.

Modern Payment Gateway
In the recent past, in order for one to be able to accept credit card and debit card payments online, it was essential that he or she had a merchant bank account. Accepting payments without merchant bank accounts wasn’t possible. However, with the introduction of the modern payment gateway option, you no longer need to have a merchant bank account to accept payments. Credit card payments can be accepted with just a regular banking account. Further, modern payment gateways charge a payment fee that is larger in amount than the classic payment gateways. Customers will also be redirected to another page in order to make payments.

Classic Gateway Payment
The classic gateway payment method is the old school method of online payment acceptance. In this method having a merchant bank account is essential. Without the merchant bank account you will not be able to accept any online payments through debit and credit cards.

The payment fees charged for classic gateway payments is much more than that charged for modern payment gateways.

The Payment Trends in Future Payment Processing!

In the last few years the payment industry made rapid involving in the growth of digital payments. The system is changing constantly with try to change the way that we move money from one place to another around the world. E-wallets and increasing importance of card security reduce the happenings of fraud activities and cyber theft, shaping the payment industry in new dimension.  

Some Innovative Payment System that will mark the future of payment industry.

E-wallets and mobile payments  - one of the biggest and most secure type in transformation of online payments. It can be used by anyone owning a mobile phone. Gives best shopper experience in retail industry, as it offer valuable insight about customers transactions. The speed of mobile payments can also help increase foot traffic in stores, which in turn would generate more sales.

Digital Remittance - Emigrants sending money to their near and dear once since long decade in their home countries, the digital trend in Online payment processing made it more easier and faster than ever. In 2014, $583 billion were remitted across borders in 2014, and the World Bank expects that number to climb to $636 billion in 2017. BI Intelligence notes that digital accounted for 6% of all remittances in 2014.

Payments Security- Credit card frauds is the major problem in every country To mitigate this, card networks strongly encouraged merchants to upgrade to EMV security, which is the standard in other parts of the world. EMV cards have an embedded microchip for extra security.