How to Start Your Own Payment Gateway business
Today’s world has become very tech-savvy. Whether we want to eat something or need to buy clothes, utensils, etc., everything is now done with just one click. But do you know how easy it is for you to shop online? This is what we call a payment gateway service. If you notice it, pay your bill or top up when you click on the pay now option, then you will be taken to a new page. If you are looking for How to Start Your Own Payment Gateway Business, contact us for the rest of the process.
This landing page is known as the payment gateway site of that particular website, where you are going to initiate the transaction for any goods or services purchased. So, if you find it interesting and wish to start your own payment gateway business, read the complete blog. We have shared all the essential data needed to start such a service.
What is Payment Gateway Service?
A payment gateway is software to manage the financial service of the e-commerce platform. A payment gateway helps in validating credit card payments or direct payments processing for the e-commerce industry. The payment gateway works as a bridge between the banks and the website that allows the transmission of payment details.
Also, it takes the details from the buyer’s bank and conveys the information to the receiver’s bank. Additionally, it takes the feedback of the merchant bank to validate whether the payment has approved or declined.
How Does a Payment Gateway Work?
Payment gateways let you establish communication between your website or online store, the payment processor and the bank. That initiated by a credit card to complete the purchase. Security is the primary requirement of all payment gateways. Hence, every payment that takes place between the merchant and the issuing bank has encrypted to protect sensitive payment data.
Even though the payment process takes only a few seconds, several steps are accomplished during that brief window of time. Once the customer initiates the payment against his/her purchase to complete the order. The payment information gets encrypted and sent to your payment processor through the gateway.
The payment processor conveys with the credit card’s issuing bank and retrieves feedback in a form of approval or declined message. The final response then transmits to the payment gateway, which conveys it to your website. At last, the confirmation is interpreted and an appropriate response is generated. Once, the payment gets approved, the merchant fulfils the order.
Steps To Start Payment Gateway Business
Here is the step-by-step guide on how to start a payment gateway business, which you can follow to develop your business idea.
Research Your Industry and Market: Analyze the market and do some research on how many retail businesses are in your area. Research about the services that competitors are offering and how much they are charging.
Create a Business Plan: Prepare a plan about your business operations, and the services you will offer and how much you will charge for services. Plan for the size of your sales force and how it will be paid.
Partner With a Bank: You must have a Visa / MasterCard bank to ensure your transactions and manage interbank routing. You can do this by contacting the banks in your area directly or those that serve your preferred market, by meeting with the bank management. And show them a business plan that explains how merchant payments will help them strengthen their relationship with the small business community.
Appoint a Sales Team: A responsible team will be there to call on business owners and put in for their business. Most of them are paid based on commission, salary plus commission, and work as an independent contractor.
How To Start Payment Gateway Business With Gatewayeast
Having the ability to accept payments online is the only and the best way for the e-commerce industry to expand and grow its earning potential. Also, it is essential to understand that having the right mix of payment gateways in your store can also play a major role in generating more revenue. Not having an appropriate payment gateway solution will lead to card cart abandonment and lost sales.
Gatewayeast is a popular white-label payment gateway service provider that customers recognize and trusts. We have the answer to your concern How to Start Your Payment Gateway Business. As you know starting a payment gateway is a lengthy process, but Gatewayeast makes it a zero effort process from your end.
We provide you with a ready-to-use customized feature-rich solution. It allows you to start your payment gateway business effortless. After a few modification and alteration, you can allow easily start your own payment gateway service.
To know more about our services and Gatewayeast, connect with us at [email protected].