Payment Gateway
- 2. About Payment Gateway • Payment Gateway is an ecommerce service that facilitates payment for e- businesses, online retailers, brick and click. • Payment gateway facilitate these transactions by transferring key information between payment portals such as web-enabled mobile devices/websites and the front end processor/bank
- 3. How Does Payment Gateway Work? 1.) Encryption 2.) Authorization Request 3.) Filling the order 4.) Clearing Transactions Steps
- 4. Top Payment Gateway In India 1.) CC Avenue 3.) Pay Ubiz 5.) Instamojo 2.) Citrus Pay 4.) EBS
- 5. Details about payment gateway CC Avenue • One of the oldest payment Gateway • It supports almost every bank and payment option out there • It’s one of the most reliable payment gateways in India • It also supports multiple currencies Citrus Pay • It’s new payment gateway • It’s well funded company and growing aggressively in India • Its documentation process is lengthy Pay Ubiz and PayUMoney • PayUbiz focus on enterprises e.g. Snap Deal. • PayUMoney is for consumer brand and provide wallet solution. • Signing up very easy and can document be directly on their site for verification
- 6. Details about payment gateway Instamojo • Super easy to setup • Don’t require any documentation to being trial account • Keep releasing new features • Best payment gateway for small business EBS • Owned by France based Ingenio group • It’s a reliable payment gateway.
- 7. Details about payment gateway
- 8. Most Trustable Survey Consumer consider CC Avenue as the most trustable brand (58.8%) followed by Citirus (20.9%). Then followed by Pay Ubiz, EBS, Instamojo
- 9. Best Practices of Payment Gateway Types of Payment Gateway Hosted Integrated Hosted payment gateways redirect the customer to the payment processor’s platform. The security and compliance requirements have to address by the provider. An integrated payment gateway connects directly to the eCommerce website via the API provided by the gateway. Integrated payment gateways provide a smooth and seamless payment experience to the customer since he/she do not have to leave the website at any given point in time. 1.) Gateway Choice
- 10. 2.) Platform Compatibility Best Practices of Payment Gateway • There are separate plug-ins or extensions for integrating payment gateways to the platforms. When choosing the gateway, eTailers need to ensure that it already has a plugin that can be applied to their technology platform and that the gateway integrates effortlessly with their shopping cart. • If it is not so, there is an additional time investment in identifying off-the-shelf plug-ins and extensions from the platform to integrate with the payment gateway.
- 11. 3.) Payment option and Billing support Best Practices of Payment Gateway There are a large number of online payment methods that are acceptable across the globe. Along with the established name such as Visa and Master Card, might be some new or niche payment options that might be very popular in a particular geography. • eTailers need to identify which payment method their target audience prefers and ensure that those payment methods are supported.
- 12. 4.) Fees and Contact Duration Best Practices of Payment Gateway When selecting a payment gateway it is vital to evaluate the gateway fees that have to be borne. Finding a gateway that has reasonable fees is essential as sometimes the payment gateways charge a fee per transactions, or monthly usage or both. • This aspect needs to be carefully evaluated since these small numbers can add up to a lot in the long run. For example, a per-transaction fee or 1% might seem marginal but can amount to lot in the case of luxury retail.
- 13. 5.) Security Best Practices of Payment Gateway Taking account of the security of a payment gateways is of foremost importance for any eCommerce website. The payment gateway provider should be Level 1 Complaint with the Payment Card Industry Data Security Standard (PCI DSS) and complaint with Payment Card Industry Data Security Standard (PCI DSS)and also offer built-in security such as tokenization. They should have proper encryption on all payment pages, have solid authentication procedure, use API’s to securely post data from the website etc.
- 14. Setup Fee FraudandChargebacks • As e-commerce expands opportunity for fraudulent, misuse of payment also increases. • Chargebacks, in addition to being costly, can damage business reputations Cross-boardertransactions • Cross-border payments can be slow, inefficient, and expensive, but they play an important role in global trade. Carddatasecurity • Payment Card Industry Data Security Standards (PCI DSS) certification is required for every merchant or business accepting credit or debit cards, online or off. Top 5 Challenges in Online Payments
- 15. Setup Fee Multi-currencypayment • Global ecommerce means accepting a variety of payment methods and currencies. They help online merchants compete in international markets by allowing their customers to pay in their native currencies. TechnicalIntegration • Online payment systems run the proprietary gamut across hardware and software platforms. Credit card-affiliated payment processors, while more secure, can be expensive for online retailers. Top 5 Challenges in Online Payments
- 16. Cost Determinants Setup Fee • This one-time fee is paid when you sign-up for a payment gateway initially. The fee is non-recurring in nature and is to be paid towards payment gateway integration within your e- commerce web portal. Annual/ Monthly Maintenance Fees • You will be required to pay a pre-designated sum of money or fee every month/yearly to the payment gateway provider towards maintenance charges. Discount Rates • This fee amount is charged by the payment gateway provider for every transaction your e-commerce processes.
- 17. Factor affecting selection of Payment Gateway 1. Check out the transition fees associated with a payment gateway. Make sure that it falls within budget. 2.Evaluate whether the payment gateway require you to go through a sing-up process. If yes, then it’s better to avoid such payment gateways. 3.Look out for payment gateway comes with multi-currency support, especially when you want to expand your online business globally. 4. Check out whether your payment gateway accept credit card, debit card and PayPal payments. 5. Make sure that the payment gateway does not require your users to fill up unnecessary fields and so on.
- 18. Top Payment Gateway in U.S Setup Fee Authorize.net • Founded in 1996, Authorize.Net has come a long way to being known as one of the most sought-after payment gateways. PayPal • Though, PayPal was incepted in December 1998, but it was developed and launched in 1999. It’s one of the most widely-used payment gateways that accepts both credit card or debit card payments. SecurePay.com • This payment gateway began operating in August 1997. SecurePay.com offers online shopping cart, electronic check services (called as SecurePay), accepts mobile payments, and so on.
- 19. Top Payment Gateway in U.S Setup Fee 2Checkout.com,Inc • 2Checkout.com has been in business for 15 years, and was founded in 1999. It offer services in 196 countries and accept payments in the form of: credit cards, PayPal, and debit cards. FirstData Corporation • This is one of the oldest payment gateways having 30 years of payments industry experience globally. It was initially incepted in 1969, but started providing its transaction processing services in 1998 in US and markets worldwide. BluePay ProcessingLLC • Although, BluePay Processing is a new payment gateway and started operating in 2002, but within a short span of time has earned good reputation among merchants.
- 20. Top Payment Gateway in U.S Setup Fee PaySimple • Accepting all major credit cards and e- checks payments on your iPhone or iPad, PaySimple can rightly be called the new-age payment gateway. It’s basic plan starts from $34.95/mo. According to experts, PaySimple is a great payment gateway for small-and mid-size online stores. FastCharge.com • If you’re a start-up firm and have a tight budget, then Fastcharge.com is the perfect payment gateway for you. It doesn’t require any setup fee, and only requires you to pay a nominal fee of $10 as monthly gateway fee. Paynova • Paynova is a Swedish payment processing service, offering e-retailers with 21 payment options. However, you’ll have to sign-up to access its services. It best suits the need of small-size online businesses.
- 21. Payment Processing Error and its type
- 22. Reason for payment Failure Technology Failure • Due to technological to ‘Session Expiry’ or ‘Timeouts’ and the transaction is forced to be cancelled. Down Time Scheduled or unscheduled down time of the issuer, acquirer, payment gateway or the merchant leads to payment failure. Invalid Data Entry Online payments require a lot of manual entry which is not only time consuming but also increases chances of wrong inputs leading to failures.
- 23. Payment failure and Payment Gateway • When the customer’s transaction fails due to reasons like wrong card details, incorrect payment option selected, downtime etc. going through the entire process of filling the payment details can be tedious and time consuming. • With our smart retry system, these steps can be avoided and instead the customer is redirected to an intermediary page showing the reason of the failure. He gets up to three attempts to use the same payment option or choose an alternate payment option to complete the purchase successfully. • Retry option helps number of abandoned transactions and boosts success rate more than 15%
- 24. Payment failure and Payment Gateway • Customer transactions can fail due to various reasons such as expired cards, insufficient balance, wrong password etc. refilling the payment details once again can be a time consuming job. • With Retry option, a customer will be directed to an intermediary page, where he can either choose to continue using the same payment mode or alternate payment mode to complete the purchase successfully. • Retry option helps in arresting abandoned transactions and further boosting the success rate by 10-12%.
- 25. Mode of Payment and Preference of COD
- 26. Tips to Prevent Online Credit Card Fraud Beware of expedited shipping when billing and shipping addresses differ Make sure IP location and credit card address match up Watch out for suspicious email accounts. Do some research on that suspect address. Keep a log of credit card numbers. Consider using a fraud profiling service. Restrict the number of declined transactions. Always require the Security Code. Ship your orders using tracking numbers and require signatures. Strengthen your website security measures.
- 27. How to make payment process easy Provide a Number of Payment Methods Allow Payments without Requiring an Account Deliver a Seamless Design Don’t Redirect PeopleMake Errors Easy to Fix Ask for Essential Information Only Provide Reassurances on Security and Privacy Keep Distractions to a Minimum Have Clear Calls to Action
- 29. Thank you