Payment Gateway & Processing Software Development – Experts’ Insights
If you have an e-commerce store or service website, you need to provide an option to your consumers to make payments directly to your bank account. For an online business to be successful, it needs to have various payment options, ranging from bank transfer to cards and wallets. A payment gateway is a tool that facilitates these functions.
This article talks about the benefits and implications of payment gateway software, along with their requirements and develop solutions.
What is a Payment Gateway?
A payment gateway is a software application that acts as a channel between the website of an e-commerce vendor and the bank with which the payment is processed using methods such as credit cards, debit cards, wallets, eCheck. The primary purpose of a payment gateway is to securely transfer the card/wallet/bank details of the buyer to the entities involved in the transactions. In a nutshell, payment gateways send transaction information to the bank and get replies from the issuing bank regarding the status of the payment. All in all, payment gateways assist communication between two banks: the buyers’ and the receivers’.
Payment Gateway Features
Here is a quick look into the basic features and capability of a payment gateway.
1. It processes multiple types of debit and credit cards
2. It processes eChecks and ACH Payments
3. Secure payment processing
4. Multi-currency support
5. PCI compliance
6. Third-party integrations
7. Payment analytics and reporting
8. Storage of customer information
Some payment gateways offer advanced features as well, including:
2. Fraud prevention
3. POS system
4. Buyer authentication
5. Recurring subscriptions and billing
Payment Gateway Benefits
Here are some of the critical benefits of payment gateway software.
Secure transactions: Payment gateways use high standards of encryption to protect sensitive data, these securing both buyers and merchants.
Broader customer base: Since gateways enable transactions from various payments methods, currencies, and countries, it helps you expand your customer base,
Integration with shopping cart: Payment gateways bundle with shopping carts, so when customers add products to cart, they get a clear, one-click call to action to complete the purchase.
Faster transactions: Payment gateways are faster than manual processing, which allows customers to make a purchase without waiting for too long.
Enhanced convenience: Payment gateways are open 24/7; thus, your customers can shop from any at any point in time.
Requirements of people for Payment Processing Software Development
Here are a few essential requirements of people for payment processing software development.
Payment Processing Solutions
Payment gateway requires a third-party service that processes, verifies, accepts, and/or declines transactions from the merchant’s site via secure internet connections.
Some e-commerce vendors prefer having their own custom applications for processing transactions. If you want this feature to be added, you will need custom application development services.
Payment gateway development
Payment gateway, as discussed before, is a software program that establishes a secure connection between the bank accounts of the merchant and buyer.
EMV development services
Europay, Mastercard, and Visa (EMV) is a necessary aspect of every payment gateway as it enables your customers to use all kinds of credit and debit cards to make payments.
Payment Processing Fraud Protection
A payment gateway requires a lockout mechanism to detect fraudsters that use automatic card numbers and generator programs.
Payment Processing Security
Payment processing security is a system you will need to ensure that all the payments are being monitored and verified.
Multi-Currency Processing (MCP)
If you are trying to sell globally, you will need multi-currency processing to allow customers to pay in their local currency irrespective of where your business is located.
Esferasoft Payments Software Development Solutions
Here is a quick go-through to the extensive range of payment software development solutions EsferaSoft provides.
Custom ACH Payment Processing & Check 21 Software Services
We set up and customize your ACH payment processing and Check21 to integrate eCheck functionality with verification systems. We offer system integration, check to process, and deposit capture development services.
Custom Billing Software Development
EsferaSoft provides smart billing solutions by analyzing your billing requirements and developing a solution that embodies all the required functionalities and features. We offer various smart billing services, including online invoice, custom billing, billing portal development, billing & process integration, and mobile billing solutions.
Clover POS Solutions
We develop highly functional and compatible POS solutions that include modules for accounting, inventory management, analytics, and CRM. Our POS platforms support e-commerce integrations with Shopify, Magento, WooCommerce, thereby offering cross-channel functionality.
Custom EMV Software Solutions
Our EMV software solutions range from programming to implement solutions that deliver data securely in sensitive environments. Our EMV solutions include EMV software development, EMV integrations, payment interfaces, and programming services.
Equinox Payment Terminal Development
First Data Integration Services
We help you grow and multiply your business with custom first data integration services. Our solutions include API integration, payment integration, and POS terminal integration. Our in-depth knowledge of the payment and processing industry enables us to offer you the highest standards of First Data services.
Custom Fraud Protection Software Services
Online business has tons of benefits, but a few drawbacks as well, one of the major ones of them being frauds and security concerns. Our fraud protection services ensure you suffer less revenue loss and chargebacks. Our fraud detection software development is bundled with e-commerce integrations and complex security management.
Ingenico Terminal Development Services
EsferaSoft offers end-to-end Ingenico Terminal services for financial institutions, merchant providers, retailers, ISVs, and ISOs. We offer POS implementation, Telium Tetra OS programming, omnichannel solutions, and payment solutions to help you stay top of traditional check out aisles.
Mobile Payment Software Solutions
We develop compatible, flexible, and scalable mobile payment solutions that ensure secure data collection and payment transfers. We offer mobile payment systems, wallet development, integration, and payment processing solutions to provide your customers with an on-demand, easy platform to make online purchases.
Custom Online Payment Solutions
Our custom online payment solutions enable you to personalize your online payment processing by developing and deploying secure and reliable online payment solutions. The products we develop are easy to use, feature multi-currency, and also support multilingual system connections.
Payment Gateway & Processing Software Development
EsferaSoft’s payment gateway and processing software development services ensure you facilitate quick payments and comply with all the payment security standards at the same time.
Point-Of-Sale (POS) Software Development
Our POS development services assure best-in-class POS solutions to help your brand take care of all consumer requirements.
Worldpay Integrated Payment Solutions
Our Worldpay Integrated Payment solutions include enterprise e-commerce, regular e-commerce. Payment processing and POS.
Verifone POS Integration
We provide a wide range of Verifone POS Integration services, such as Verifone Software Development, Verifone Installation, Verifone Customization, Verifone Customization, Verifone Terminal Application Development, and Verifone POS Solutions.
Esferasoft: Your One-Stop Payment Gateway Solution Provider
For any online business, providing multiple, secure payment options is crucial. Having a robust payment gateway enables you to expand your reach globally by offering fast, secure, and convenient means of transactions.
If you are contemplating launching an e-commerce store or online business, setting up a payment gateway is one of the first things to do. Get in touch with EsferaSoft for the best-quality, affordable payment gateway solutions.
WE ENSURE YOUR Compliance WITH PCI & EMV