Which Payment Gateway has the Best Value?
Payment gateways help you create seamless experiences by bringing all your payments together through one integration. The aim is to shape your solution to match business needs as easily as possible, One significant factor of a payment gateway is that it responds to change as it happens, therefore you are always ready for anything. Others advantages include gaining an edge with market-leading technology, creating experiences that customer will love and staying ahead of regulation, risk and fraud.
What is a payment gateway system?
It is important to note that payment gateway services are required for all online credit card processing. Hence, the main role of a payment gateway is to authorize transactions between the business and its customers. If there was no payment gateway system in place approving the transaction, the process would be unable to go forward and a business would not receive any money. Ultimately, a payment gateway is the final step of the sales process on an eCommerce website also. Without it, a business would not be able to securely charge any customers when they purchase products from the website.
Why are payment gateway systems useful?
Payment gateways are quite straightforward for customers. If they were to look at a business’ eCommerce simply select the items they want, add them to their cart, and then checkout. After entering their payment information and confirm their order, they can sit back and relax until the item(s) arrives at the doorstep.
The Process of a payment gateway system
- The customer places an order and enters their payment information. An online transaction will be processed as a “card-not-present” transaction. Again, this may result in a higher processing rate. Once this info has been submitted, it’s encrypted, and then sent on its way.
- The encrypted data is then sent to the merchant’s processor first, which is simply the company that will actually process said transaction.
- The processor routes the transaction data to the credit card association. Examples of credit card associations include Visa, MasterCard, Discover, or American Express. These card associations charge an interchange fee for each transaction.
- The next step is where the transaction is approved or denied. For the transaction to be approved the card will obviously need to be valid and have enough funds. The authorized user must also not have any holds or freezes and the transaction will be authorized. What many may not know is that these first four steps take place in a matter of seconds.
- The transaction then becomes authorized. After that, the issuing bank will then transmit the authorization back to the parties in the payment processing network.
- The authorization starts with the credit card association, then with the merchant’s business. Finally, back to the eCommerce site through the payment gateway.
- Although the transaction only takes seconds, it can take between 24 to 48 hours for the funds to be available in your account.
Irelands best value payment gateway
The best payment gateway in Ireland is undoubtedly PayPal Holdings, Inc. PayPal is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders. The company operates as a payment processor for online vendors, auction sites, and many other commercial users, for which it charges a fee in exchange for benefits such as one-click transactions and password memory. The service enables you to pay, send money, and accept payments without revealing your financial details.
PayPal was established in 1998 as Confinity and had its initial public offering in 2002. It became a wholly-owned subsidiary of eBay later that year, valued at $1.5 billion. The company ranked 204th on the 2019 Fortune 500 of the largest United States corporations by revenue. As of 2020, PayPal operates in 202 markets and has 305 million active, registered accounts. PayPal allows customers to send, receive, and hold funds in 25 currencies worldwide.
The reason why PayPal is Irelands best value gateway system is that its services allow people to make financial transactions online by granting the ability to transfer funds electronically between individuals and businesses. Through PayPal, users can send or receive payments for online auctions on websites like eBay, purchase or sell goods and services, or donate money or receive donations. One significant factor is that It is not necessary to have a PayPal account to use the company’s services. PayPal account users can set currency conversion option in account settings.
Three Reasons why PayPal is Irelands Best Value Gateway
- You will stay secure and protected
PayPal uses the latest in data encryption and anti-fraud technology to keep your information secure, reducing the risk of online fraud.
- You can pay with flexibility
Register your credit card or debit card with your PayPal account. You can pay by simply choosing PayPal at checkout, logging into your PayPal account, and confirming your payment. We complete the process for you, without sharing your financial details with merchants and sellers.
- It’s quick and easy
Simply choose PayPal when you select a payment option on this site, and you can quickly open a PayPal account and add your payment method to complete your purchase. You can use your PayPal account to shop safer with millions of merchants and sellers around the globe wherever you see the PayPal logo. Every day, 173 million people use PayPal in 202 countries and with 21 different currencies.
