Payment gateway

[Singlebag]

Singlebag payment gateway:

A payment gateway is a service that helps websites and mobile apps process payments. Gateway encrypts data processed, and its goal is to let users authorize properly. A payment gateway provides communication between buyer and seller, while payment systems are responsible for receiving funds. But some payment systems are payment gateways as well, like PayPal, example. It ensures secure data transfer and provides a payment system.

Websites use it to let users make payments for the products they buy. The client orders a product on the eCommerce store created on the Singlebag website and proceeds to the payment page. The client inputs all payment card information on the payment system website, and the payment gateway transfers the information to the acquiring bank.

The integration process of the payment gateway is performed by the Singlebag software development team when creating a website or a mobile app. It is necessary to have specific skills to integrate a payment gateway, so you need to hire reliable software developers.

Singlebag provides 8+ easy payment gateways. We live in a digital world where most people use UPI or digital mode for financial transactions. It is easy to pay, easy to receive, and a quick financial transaction method for both sellers and buyers. Also, the digital mode of payment has become a boon for e-stores where sellers get instant payment even before the delivery of the product.

But with multiple payment options present in the market, sellers look for one single platform where the buyers can use any mode of payment and get their buying done without a glitch.

Singlebag offers a one-click payment facility for its registered users. Follow the steps to set up a payment method:

·       Go to Setting > Payment Options.

·       Here you can choose between manual payment and alternative payment.

·       Through Manual Payment, you can keep a tab on cash on delivery (COD).

·       Alternative meetings allow you to choose multiple payment gateways like Instamojo, Razorpay, PayPal, Stripe, Toyyibpay, Mollie, Paystack, and Marcado.

·       Installing an alternate payment is easy, but you must consider if your chosen payment gateway supports the currency.

Keep Supporting!

[Sona]

Hi Sabareesh,

Payment Gateways – These are the mediator between the sellers/service provider and the customers. The merchant account needs to be registered to receive the online payments with the payment gateways.

Integration of Payment Gateway – It is the process after getting registered with the payment gateway and after the merchant account is activated by them.

I would explain considering Singlebag as an example:

Have you checked out the Razorpay? It’s easy to use and the standard version is free.

A payment gateway helps you make money, but yes it does cost money. It’s important to choose a professional payment gateway provider for your online business.

On Singlebag, there are ready 8+ payment gateways available, which need to be integrated with the website. It is very easy to do so, you would require the API Encryption Key, Access key secret, and purpose and implement and install them.

This is the easy way out of integration, using the readily available option of the third-party payment gateway/aggregators.

Well, if one wishes to develop their own payment gateway and integrate and use it on the website then it is a complex procedure of developing everything from scratch.

So, websites use it as a checkout integration or even as an embedded payment button.

Let me know if you need any more suggestions.

[Ramkumar]

Choosing a payment gateway is without a doubt a key moment in the process of starting a business. Whether it’s a landing page or an international e-commerce site, a business can provide its services in full with maximum coverage only with the optimal choice of a payment gateway.

What to look for when choosing a payment gateway:

• Availability of payment methods. Depending on the region, customers have certain payment preferences: credit cards, online wallets, bank transfers, cash. There is no one universal method of payment. By providing users with different payment methods, you improve conversions, reduce bounce rates and increase the loyalty of your audience.
• Commission size. Payment providers charge a certain percentage for the ability to make secure payments. Also, this amount includes commissions of banks
•  involved in the transaction process. Besides, if the business belongs to the high-risk category, the merchants are charged an additional fee for each chargeback.
• Integration. Payment systems have various methods of integration into the site: API, server-to-server, hosted payment page, and plugins. Which integration option is better for you? The chosen payment provider will assist you during the process of integration and you can clarify all the questions.
• Availability of technical support. The company’s technical support should help in solving problems with held payments or refunds. Many payment platforms offer 24/7 support to their users. High-quality technical support has several communication channels: email, Skype, and live chat.
• Additional features. These may include mass payments, various payout options, invoicing, analytics, etc

[Ramkumar]

Also, I tried using the Singlebag Payment gateway. They’re really easy and free to use.

Choosing a payment gateway, a merchant should look carefully into the following parameters:

·       Payment methods: Singlebag provides 8+ best payment gateways integrated within it. All you have to do is select a payment gateway that offers the most suitable payment methods for the business. Singlebag payment gateways include credit and debit payment cards. And there are extra options like mobile wallets, local payment methods, Google Pay, Apple Pay, and more.

·       Currencies: Singlebag supports multiple currencies. It is very logical to choose a payment gateway that provides payment in those currencies where the business operates.

·       Countries: make sure a payment gateway provides services in a country where a company is registered.

·       Transaction fees: one of the first parameters to pay attention to. We recommend comparing the per-transaction fee, monthly or yearly charges, chargeback fee, and the complexity of charges.

·       Transaction location. The transaction location describes not the actual location on the map. It is about the location of the payment. Whether it happens on the merchant’s website or is redirected to another web page for conducting electronic payment.

·       Compliances: security and legality are out of discussion because Singlebag provides a secure transfer system.

 And obviously, to achieve all this the merchant needs to install Singlebag a selling platform to install a gateway on and to connect the payment processing to it.