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Foreseeable Future of Payment & Gateway Processing
Sep-11, 2021

Foreseeable Future of Payment & Gateway Processing

by admin

The most recent trends of payment technologies are merchant services’ future path. It encompasses security, usability, and automation. Technological businesses that are new to the payment sphere are the driving forces. This had bridged the gap between payment and tech companies. Merchants and consumers now have grown an interest in fast and secure payment options for improving the experience.

According to anticipations, the trends are going to change the overall payment technology, including the development of payment and gateway software. In this article, let’s learn how the future of payment and gateway processing will reshape the demands and necessities in this industry.

Mobile payments

According to the payment gateway services, the future has credit cards in store for customers to use them. But what’s going to change in the form of contactless payments such as mobile wallets, while NFC technology will stay. Enhanced security is going to enable you to eliminate the use of physical credit cards.

With the growing interest in secure, convenient, and simple payment methods, businesses and consumers will see it adding fuel to mobile payments processes. In the future, the implementation of custom payment and mPOS technology will be seen. The gateway solutions are anticipated to expand. Mobile Mobile Payment Software Solutions and App Development, thus, become crucial to the company's success.

Artificial Intelligence

Digital commerce has been transformed right when assistants of artificial intelligence got introduced into the experience of shopping. Now, you may grab a chance to make the purchases with a few commands. AI enables the customer to pay without picking up the device.

The advancements in digital methods and AI’s sophistication can enable customers to instruct the device and place an order. The AI assistants’ reliance becomes a superb trend that changes merchants' concepts concerning online stores and businesses. It happens to be a part of the overall digital payment method that enables secure storage via cloud technology.

Biometric Authentication

Various individuals around the globe are incorporating biometric technology. It’s possible via the integration of mobile devices. You now do not require remembering the pin or any password to access the devices. The same goes logical about the payment authentication too. According to payment gateway providers, the biometric identifier will be simpler and faster than pins or passwords.

For any payment transaction, the approval of the transaction method between customer and merchant will be done seamlessly and safely through the use of biometric authentication. It has a vital role to play in online transaction methods. Additionally, it authorizes the transactions between customers and merchants.

Other significant payment and gateway trends include cryptocurrency, blockchain technology, voice commerce, EMV, cross-border, IoT or Internet of Things, and more.GrezPay can help you in experience a smooth and hassle-free payment gateway.

 

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Know a Few Keynotes to Consider the Right Payment Gateway for Your Online Business
Aug-12, 2021

Know a Few Keynotes to Consider the Right Payment Gateway for Your Online Business

by admin

There is no doubt the stance of e-commerce business is ever-increasing, and a considerable amount of profit is earned from it. This also gives you enough reason to delve deep into the technicalities of online business to enhance it more. There are various aspects of online business; however, knowing about the right payment gateway is essential to bolster the entire stance. Hence before jumping to the conclusion, you might need to know a few facts about it.

The booming digitization

No matter in which you take your merry wink at, you will see the conquest of digitization. Thus, you will need to know well about the hustle and bustle of it to stay up in the largely saturated market. Moreover, the global digital landscape is evolving at an incredible speed, so if you are up to an online business, you will need to be prim and proper with every knowledge about selecting the right payment gateway. This is because online payment is the foundation of the ecommerce business; this also gives you the reason enough to hire proper payment gateway services for a better market. You will also need to know about a few factors to select an appropriate online payment service.

The security

You will need to know that when dealing with an e-commerce business, you are dealing with sensitive financial information like CVV and account number. Then comes the time when you need to be quite responsible enough with all the data. The topmost payment gateway services provide the utmost security; they also invest in fraud detection technology.

The on boarding processes

If you are considering establishing e-commerce, you will have to hire qualified online payment services. It is ideal for any business that has set up an online payment mode. With the advancement of technology, the merchant on boarding process is a bygone era. Much of your surprise, with an online payment gateway service, anyone can become a merchant with, of course, a reliable service.

Customer care

Running an online business means you are letting the sale go for a clock service; however, these do come with many issues. Thus, availing of the service from quailed payment gateway providers will be imperative as you will get a well-established customer care service. You will need to know that this will integrate the service more to bolster the e-commerce business.

 

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Wondering What Payment Gateway Services Are?
Jul-15, 2021

Wondering What Payment Gateway Services Are?

by admin

With the advent of digitization and modern virtual technologies, the entire stance of the e-commerce business has effectively shifted to a whole new dimension. However, although it is a recent trend, many more people started using online transactions.

The online business owners proceed with their sales and an overall business procedure. Hence it can be blithely conceded that online transaction is the foundation of e-commerce business, but how many of you know about online payment gateway? Well! It is the very online operation that you deal with while receiving or paying money. 

An idea of payment gateway services 

You have been pursuing a payment gateway to make or receive money without even knowing what it is. Hence it will be imperative to know about online merchant payment gateway before delving into further details. First, you need to know that this is a way to make payments used to pay or receive money, especially when purchasing from an online store.

The mechanism is quite intuitive; the performance mechanism is a testimony to modern software development and programming. An example may help you to understand better. When the customers place an order, they need to provide card details to pay; once the payment is made, the data gets automatically deleted, so it involves no risk and can be conceded as a true marvel. 

A few significances of payment gateway services

You must know that it is not for nothing; even small to medium-sized business bodies use payment gateway services. It is reliable and easy to use; hence its benefits it can never be denied. A few of the significances of the payment gateway services are discussed below. 

  • Payment gateway services use industry-standard encryption when one proceeds the transaction; hence, you can expect the topmost security when paying or receiving money.
  • With the development of online payment gateway services, several possibilities have come up, which means customers worldwide can use this portal to pay or receive. 
  • There is a shadow of a doubt that payment gateway has made online shopping easier like never before. That is why most e-commerce businesses make a tie-up with digital transaction modes to cope with the growing demand. 
  • A payment gateway is a much faster way to make or receive payments compared to online transactions. 
  • Moreover, in manual transactions where you need to line up in a queue, the payment gateway is much faster and can do them justice in no time. 

If you are an individual looking for a payment gateway solution, knowing about GrezPay will be imperative. This new payment service has created quite an uproar in India for its intuitive service; you can visit http://grezpay.com/ for more information. 

 

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How to Choose the Best Payment Gateway for Your Business?
Jun-10, 2021

How to Choose the Best Payment Gateway for Your Business?

by admin

The business has virtually no boundaries thanks to modern technology. Even a small business can grow and go global, but it must have a website and the ability to accept payments online.

There are numerous online payment gateway service providers on the market. Each has something unique to offer. Our payment gateway selection should be based on our business needs, the risks we are willing to take, and our growth strategy. Here are some things to think about:

Ease of Use

Since our goal is to have a hassle-free gateway that would be compatible with our business model, we will select a payment gateway that will enable us to create a payment scenario for our products or services that is extremely simple, quick, and user-friendly.

No one enjoys filling out lengthy forms that ask for less-than-essential information. Almost 70% of the time, any inconvenience during the transaction will result in cart abandonment. As a result, payment forms that are secure, simple to use, quick to fill out, and provide effective messaging are essential.

PCI compliance

We should investigate whether or not our gateway accepts, processes, stores, or transmits credit card information in a secure environment.

The PCI Security Standards Council (SSC) defines ‘cardholder data' as full Primary Account Number (PAN) or the full PAN plus any one of the following elements:

  • Name of the cardholder
  • Expiration date
  • Service code

Gateway Type

Classic Gateways: A classic gateway requires the Merchant Account to be directly linked to the bank. As a result, the transaction is completed quickly. Furthermore, the transaction fee is significantly lower when compared to the Modern Type of Gateways. This type of gateway is best suited for large enterprises with a high volume of daily transactions.

However, it can be difficult for small businesses. Classic Gateway takes a long time to set up, has limited API integration flexibility, and requires a merchant account.

Modern Gateways: These gateways do not require us to have a merchant account. It is simpler to set up than the Classical Type. However, transaction fees are higher than in the Classical Type. Customers are redirected to the payment site by this type of gateway. And if the redirect takes too long, it may cost us a conversion.

Protection against Fraud/Security

In addition to ensuring a secure payment gateway, we should ensure that all data encryption, VeriSign SSL certificates, CVV2 verification, and any other relevant encryption algorithms are current with our service provider. We should also ensure that the service provider offers fraud protection and a chargeback management system that is active.

Get In Touch

Grezpay is the best internet payment gateway solution in India, allowing businesses to accept and process payments based on the product's specifications.

You will be provided with access to all major credit cards, debit cards, Net-banking, UPI, and almost all popular wallets. Contact today!

 

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