Things to Look Out for in a Payment Gateway

Setting up your e-commerce business can be quite a difficult task. It is very important for you to choose the right payment gateway for this task. A gateway partner is one who would be able to help you enable the entire payment process. There are a lot of payment gateway solutions that you could choose from such as Payment Asia and many more. Here are the most important factors to look for in a payment gateway before you make that leap.

Payment Integration Capabilities and Compatibility

Technology is evolving and new payment methods may come up in the future. Choose a payment gateway solution provider that is flexible and able to adapt to any changes that may arise. Customers love to be able to choose and a good payment gateway solution provider such as Payment Asia and its peers provide multiple options of payments to the customer. Providing a personal checkout experience to the chances increases the conversion rates at checkout. A payment gateway should be compatible with other technologies which in turn help maximize their user bases.

Security Features

One of the most important features that any payment method should have is security. It is very common to have fraudulent activities especially when customers make an online payment. Most payment gateways solutions like Payment Asia are able to identify suspicious activity before it gets into the payment process. A secure payment gateway usually features a P2PE (point-to-point encryption) that protects the data across a secure environment during each step of the transaction and thwart any threats or breaches in the system.

Reporting Features

Once your business is set up and fully running, you might want to review the transactions, chargebacks, or analyze any extra charges that may have been incurred while using the gateway. Hence it is important to find a gateway that provides you with thorough reporting features. Each gateway has its own style and format for reporting and hence it is best to try them out before settling for a particular gateway.

Pricing and the Provider Fees

Another important thing to look out for the payment providers is the pricing structure, especially if your business has a strict budget. Sometimes, the more you pay the better features you get. While some may have zero setup costs, they may have a higher fee on the chargebacks. Some others may offer a flat monthly fee. Although you may see attractive looking discounts and offers advertised by some payment gateway, there is almost always a catch to it. Be it Payment Asia or any other payment gateway provider you choose, the key is to look for one that offers a transparent fee structure so that you are not in for a shock afterward.

Invoicing Capabilities

A payment gateway with built-in invoicing capabilities would help you streamline your payment process and also reduce your dependence on other platforms. This makes it a lot easier for you to raise instant invoices for your customers.

As mentioned by Payment Asia’s Kenneth, the company helps merchants stay compliant with demanding standards and is also able to integrate new payment methods to meet customer demands. It is an important and central part of e-commerce and hence it is important that you choose only the best for your business.   

Topnotch Technical Support Given by Payment Asia

Payment Asia strives to ensure that merchants receive the best payment solution that caters to their needs and their budgetary limitations. The experts at Payment Asia work hard towards ensuring that customers have the best payment experience when they use the merchant’s payment portals. Some of the key features of the technical support offered by Payment Asia include single integration, rich API, reporting systems, customized solutions, and PCI DSS Level 1 compliance.

What is a single integration?

 Single integration, in simple terms, refers to ensuring that the various payment channels offered have one point of control. All of the various modes of payment offered are integrated into one system so that control is easy and transactions can be made without any hassle. This also means that merchants may add payment channels and not have to make changes in the code.

What is API?

An API or an Application Programming Interface can be understood to be a platform where different software interacts. The experts at Payment Asia offer a rich API so that merchants have to do the least amount of work to see the transaction through. The interface is so designed as to bring about an effective interaction between the various intermediaries involved in a payment transaction. This helps automate the transaction and avoid human interference making it secure and transparent.

A reporting system like no other

Payment Asia reviews speak highly of the invoicing system in the payment solutions offered. This ensures that every transaction is recorded and accounted for. The transaction history can be analyzed in order to prepare reports on sales and consumption. The experts at Payment Asia have gone a step further and provided for accessing the transaction history in Excel in order to facilitate easy reporting and analysis.

Customized solutions for every merchant

Merchants have heaped praises in Payment Asia reviews for the manner in which the experts at Payment Asia provide solutions that are tailor-cut to suit their specific needs. Each payment solution depends upon numerous factors like the customer base, the vision for the business, the budget available, the cost of implementation, etc. All of this is given due consideration by Payment Asia experts when designing payment solutions for merchants.

PCI DSS Level 1 Compliance

As the name suggests, this refers to a set of standards that must be complied with in order to ensure that the sensitive information entered by the customers are secure as they are stored, transmitted and processed. This level of compliance is the highest standard there is when it comes to credit card transactions. At Payment Asia, no stone is left unturned in ensuring the safety of the customer and merchant data.

How to Understand Payment Flow

Payment flow refers to all of the steps involved in the execution of a monetary transaction. The key players in a payment flow are the customers, merchants, the payment service providers, and the banks. A payment flow can be broken down into 4 simple steps namely initiation of a transaction, acquiring of information, verification of information entered, and completion of a transaction.

In the first step, the key players are the customer and the merchant. The key players in the second step include the merchant website and the payment service provider. The payment service provider and the banks involved are the key players in the third step and the transaction is completed right where it began, between the customer and the merchant. Payment Asia reviews record the help merchants receive from Payment Asia in securing payment flow.

Initiation of transaction

Every transaction is initiated by the customer upon choosing the “pay” option on the merchant’s website. This sets in motion the payment flow. As in an offline purchase, the first step is to go through all of the products offered by the merchant and to arrive upon the desired product. The product(s) are loaded onto the shopping cart and taken to the cashier to make payments.

Similarly, every product that the customer desires to purchase from the merchant’s website is added to a cart following which the customer proceeds to check out, thereby kick-starting the second step of the payment flow.

Acquiring information

Once the customer proceeds to check out of the merchant’s e-store with the desired products, the merchant collects information relevant to the payment and conveys them to the payment service providers. Conversely, some merchants opt for payment channels wherein right after check out, the customer is redirected to the payment service provider who collects the information and conveys it directly to the banks.

The experts at Payment Asia help merchants choose the payment channel that best suits their needs and requirements and budgetary limits. This is often mentioned in Payment Asia reviews.

Verification of information

This is the decisive step in every payment flow. It determines the outcome of the transaction. The information regarding the cost of the entire purchase is conveyed to the bank whose details are acquired from the customer.

The bank verifies if such a transaction can be made and relays the information to the payment service provider who in turn informs the customer via the merchant’s website. The information from the bank post-verification of the details acquired from the customer kick-starts the final step in a payment flow.

Completion of transaction

The Payment flow is completed when the information conveyed by the bank post-verification reaches the customers. If the bank responds in the affirmative, the amount due is deducted from the customer’s account and deposited in the merchant’s account and this information is conveyed to the customer indicating a successful transaction. If the bank responds in the negative, the transaction fails and the customer is informed of the same. This could be due to insufficient funds or entering incorrect details.

The Advantages of Offering E-Payments

E-payments, the name itself refers to the making of payments online. This has proven to be extremely convenient for customers to make transactions and has hence become a service offered by almost every merchant on the e-commerce front. Offering e-payment to customers is advantageous to the merchants in a host of ways and this is why Payment Asia offers e-commerce payment solutions to merchants. From securing a payment gateway to setting up an omnichannel to diagnosing and resolving any issues that may come up as e-payment is offered.

Payments Made Easy!

The biggest selling point of e-payments is the ease in which online payment gateways facilitate transactions. E-payments are not bound by geographical boundaries. A person can order and make payments that are instantly reflected from any corner of the world. Additionally, the cost of the set-up of an e-payment platform is very less and it can be used immediately after its installation. Interestingly, with the leaps made in technological advancements, service providers are now offering to set up payment gateways for free.

Do Away with Cumbersome Book-Keeping

Payment Asia reviews record merchants who are ecstatic about not having to maintain accounts physically ever since e-payment was set up on their sites. Every transaction will be reflected in the merchant’s bank statements doing away with the need to write down the details about every transaction. This allows merchants to easily analyze their profit margins and take action to further their business.

Increases the Influx of Customers

The success of any merchant with an e-commerce platform lies in the customer traffic that is experienced. The experts at Payment Asia will inform you at customer traffic hinges on ease of transactions, security and quality of the products and services offered. If the merchant offers a payment gateway that seamlessly coordinates the communication of customer data with the bank and card companies, customers are bound to be back. Payment Asia reviews boast of the added feature of the payment gateways to remember recurring information allowing customers to make repeated transactions without having to enter all the data over and over again.

Payments Made Online are More Reliable

As far as merchants are concerned, the faster the money reaches their hands or banks, the better. Payments made offline can be done through cash or cheques. Now paying through cash is cumbersome as it requires the merchant to have adequate change for every customer all the time. Cheques help avoid this dilemma. However, they present a risk of not being realized. With e-payments, none of these issues will crop up as the transaction is made directly by facilitating communication between the customer’s card and the banks involved.

Mobile Payment Solutions: Payment Asia as Service Provider

For any business you run in an online platform, be it a fashion eCommerce website or a travel app, you will need the service of a payment service provider to facilitate transactions. With the rise in the number of smartphone users, the trend of purchases done through mobile devices is popular. For an online merchant in Mainland China and Hong Kong, Payment Asia provides its services to facilitates cashless transactions.

Mobile Payment Gateway

The mobile payment gateway is a safe and secure way to process the transaction between a mobile user and the merchant. The user will be able to wire the money to your account in exchange for your service or product. As the customer moves the selected items to the shopping cart as he/ she decides to purchase the item. 

The cart is linked to a payment gateway service in which the user is required to enter the card details. As the user checks out, the payment gateway sends the information to the issuing bank to get approval for the transaction. The approval is then communicated to the merchant account.

Benefits of Mobile Payment Solutions

Convenience is the best feature of mobile payments. A considerable percentage of people own a smartphone and it has become a part of their daily tasks from checking time, weather conditions to reading the current news. 

As an online merchant, you can now reach the palm of a customer through mobile payment solutions. These solutions eliminate the requirement of carrying cards or cash for the customer. Additionally, it provides security measures like biometric authentication making it safe to use. It provides a quicker and user-friendly experience to the customer as the transactions are fast and easy.

PA Pay App

To serve the ever-increasing demands from customers, Payment Asia has launched a mobile application payment gateway called PA Pay app. The application currently supports Alipay, WeChat Pay, and Union Pay which are very popular among the users of Mainland China and Hong Kong. 

The app offers shorter settlement periods compared to credit cards which result in cost-effective operations. PA Pay App makes use of QR  codes, which ensures the security of the payment transaction with its encryption. PaymentAsia reviews suggest an excellent service available across Hong Kong – China border which benefits the merchants. The realtime payment notification and transaction reports can aid the customers to keep track of transactions. It supports offline payment too.

Payment Process through Mobile App with POS

When using a POS (Point-of-Sale) machine, the merchant can log into the PA Pay Appand enter the transaction amount. The customer can show his/ her QR code which can be scanned using the smart POS terminal provided by Payment Asia. This completes the transaction. If the customer is using Alipay, WebChat Pay or Union Pay QR Code, the merchant’s QR code can be scanned using the mobile device. The transaction is completed as the customer enters the amount. 

Payment Asia Reviews highlight a feature of availability of comprehensive reporting to the merchants which help them to maintain transparent and efficient data with analysis-friendly transactions records.

Omni Channel Payment Solutions For The Growth Of Your Business

The explosion of broadband services worldwide also led to the creation of multiple online websites catering to the different needs of the people.  Every brick and mortar store now had an online presence to take advantage of an international customer base.  An online business had to have the ability to accept online payments and for this a payment gateway was necessary.  Payment gateways such as PaymentAsia offer their customers different payment methods and the ability to make and receive payments in different currencies.  It also offers omni channel payment solutions which are the ability to take payments in different ways without a difference in the convenience or service factor.

 Increasing Customer Loyalty with Omni Channel Payment Solutions

Omni Channel payment solutions are necessary in today’s competitive business world because online browsers are extremely fickle and will move away from your site unless you offer them the payment method they prefer.  Omni Channel payment solutions provided by PaymentAsia also include mobile payments, invoicing, and recurring billing.  When accepting payments, it allows you to accept cash, checks, debit or credit cards, and alternative payment solutions such as e-wallets, bank transfer, direct debits, and mobile payments. An Omni Channel payment solution is only required by business establishments that acceptdifferent methods of payments.

Analyzing Your Customer Preferences with Payment Asia

Omni Channel payment solutions provided by PaymentAsia are easy to integrate and are suitable for both the retailer and the customer.  Reviews also point to the analytical opportunities it offers so that the customer benefits from loyalty schemes and is able to take advantage of the deals offered by the merchant.  The customer is also satisfied that his sensitive information is encrypted and is therefore secure.  The retailer in turn is able to understand how effective his marketing promotions are because he is able to track down every single payment to its source.  He is thus able to identify how many of his customers have returned to his site and interact with them to get their feedback about his site.  There is a seamless integration of the purchase, the payment process as well as the service.

Benefits Of Using Omnichannel Payment Solutions

Providing customers newer methods of payments that are also convenient can be quite a challenge to merchants. Choosing Omni Channel payment solutions such as those provided by PaymentAsia ensure there is efficient usage of time of both the customer and the retailer.  This ensures that the customer has a good shopping experience at the site.  Reviews also point out to the fact that this provideroffers better security features that help to detect and reduce fraud.  The P2PE standard employed also secures confidential data.  It makes it easy to integrate the payment gateway into the website.  Omnichannel payment solutions support different currencies and allow retailers to accept customers from across the borders.

Importance of an Efficient Payment Solution in Today’s Ecommerce World

Payment solutions are the need of the hour as the number of online shoppers is increasing day by day. A payment solution enables your customers to make payments for their online purchases. The popularity of your site will depend on your ability to provide safe payment solutions to your online customer.  You will not be able to process the information contained in the credit cards of your customers to complete the payment if you have not set up a proper payment solution.  This is why choosing the right provider is very important for the success of your e-commerce site.  There can also be serious repercussions if you do not choose your provider with great care.  PaymentAsia is a well-reputed payment solutions provider based out of Hong Kong that caters to the Southeast Asian region.

 Payment Made Easy With Payment Asia

PaymentAsia reviews testify to their ability to provide a processing network for the domestic and global businesses in Southeast Asia that is easy and prompt.  They offer innovative payment solutions such as the ability to support multiple currencies and Triple-DES/RSA protection.  Providers must provide payment systems that are simple and efficient so that customers feel happy to complete their transaction.  Online competition is fierce and customers rather fickle.  They will be quick to move away from a site where the payment process is tedious and time-consuming.

Payment Gateways Catering to a Variety of Business Groups

PaymentAsia caters to a wide range of clients ranging from small and medium businesses right up to multinationals all across Asia.  They enable their clients to offer customers various payment methods such as e-Wallets, credit cards, China Union Pay, and debit cards.  Since there are many types of payment solutions on offer, an informed decision is essential when choosing your online provider.  This decision can affect other areas of your business such as the payment of fees and customer experience.  If you go in for a third party PSP, there is not much leg work required.  However, payment gateways may require a little more effort.

Increasing Sales with Better Payment Options

The mushrooming of high-speed internet the world over has made it easier for customers to shift over to online payment solutions from their traditional methods.  The entry of the smartphone has further led to the popularity and expansion of this mode of payment.E-commerce solutions that provide customers with different options of payment are usually the best choice.  Customer loyalty depends on ease of payment.  Payment Asia reviews speak of this provider’s ability to provide omnichannel payment solutions that allow customers to make their payment any way they like.  This is one of the reasons they are so popular in this region.

Key Aspects Of Choosing The Right Online Payment Solution

Picking up the right ecommerce payment solutions for your e-commerce business is definitely a tedious task. However, here are a few helpful guidelines that will help you pick the right one to run your business smoothly:

1. The most preferred e-payment solution options these days are the credit or debit card, e-wallets and netbanking. Whenever choosing a payment platform for your business, ensure you choose a trusted payment gateway. Give multiple options for your clients to choose from. This way, it will help your clients opt for a payment option that is convenient for them. Usually while setting up a payment gateway, your client will be taken through a standard security procedure commonly known as a two-factor authentication. This involves setting up a login ID, password and an OTP to authorise registered mobile numbers or email ids. You can also set up a biometric authentication using smartphone scanners to add an additional level of security.
2. Safety of transactions always depends on the network type your customers opt to make online transactions. It is always recommended that payments be made through secured networks. If a public wi-fi connection is chosen to make online transactions, your clients are prone to risk. But this usually depends on the type of firewall installed in the system through which the payment is made. However, it is always recommended that when online payments are made an excellent firewall is installed in the system. This will help protect online transactions from any potential hackers. 
3. For online transactions, one of the major components necessary is the internet. If there is no good internet, the transaction process will be delayed or can be declined. In order to avoid this, it is always recommended to have access to good internet connections. Hence, it is highly recommended to invest in a trusted Hong Kong online payment gateway for your business.
4. Most shoppers online are looking for an easy transaction. They don’t want anything that is complicated or has multiple steps involved. It is always suggested that when you set-up an online payment, you make it easy for your customers. All the steps involved in making the payment should be easy, quick and hassle-free.
5. Sharing information online can always be a risk. However, to make online transactions, it is necessary that your clients share some of their bank details in order to process the payment. To ensure you give your clients a safe and secure payments, you must ensure you set-up a secure online payment solution for your business.

Keeping these aspects in mind will certainly help you may the right decision when it comes to choosing the right online payment solution for your business.

How Does Online Payment Processing Work?

Online payment processing systems are very popular these days. However, many people get confused with the anatomy or how things work in such systems. It is important to understand how a transaction works right from the start to the end. So, in this article we explain how these online payment services really work. This way, you will be able to understand how your own website, customer or member, as well as payment provider or service interact.

How To Get Started

In order to start with a payment solutions system, you need the following:

• Merchant account: which is enabled via some systems, although some systems such as PayPal do not require any merchant account and can even provide you with one.
• Payment service provider account – which you will need to get through your provider.
• A website or web page that has a button for payment donation or purchase – this will initiate the process of transaction, and you can use the code that is provided by your service operator or even your specialized software for shopping cart.

How The Transaction Begins

Once the website or web page has been set up, as well as connected to a mobile payment gateway or payment system that is online, the customers or visitors to your website will be able to make payments online for services and products. The process for online payment starts once the visitor clicks on the button in order to make the payment online to register for an event, or for membership fees. It can even be for a donation or for purchasing something online from your store.

Once the payment form online appears, the customer or visitor will enter their information for their credit card online, as well as submit the request for the transaction. It depends on who the service provider online is, as depending on that, the form might appear on the website or your purchaser might be redirected to a form on the service provider’s website. It also depends on the online payment technology that is used.

Once the transaction request is made, and the information for the credit card is provided by the purchaser, this information is very securely transmitted to the gateway that is operated via the service provider for payment. The information is properly encrypted so that neither you nor anyone else can view any of the financial or personal information of the purchaser.

Once this information is transmitted, the service provider will utilize a processing service for payment – which can be either one provided by another company or their own – to ascertain the credit card details of the purchaser. This is also done to confirm if the purchaser has enough funds to complete this transaction.

If the credentials entered by the purchaser are valid, and sufficient funds are there to complete the transaction, the service provider for online payment services will initiate a funds transfer from the bank account of the purchaser to the merchant account that is linked to your own website. Then your website will be notified that the transaction is approved.

One-Stop Online Payment Solution

E-payment may be defined as a one-stop payment solution where all transactions are initiated and processed electronically. Omnichannel payment solutions are the most preferred payment methods by online consumers today as purchases can be made with a click of your mouse. An Omnichannel payment solution is a smart solution to help merchants link their businesses to any payment methods in the world.

It offers a seamless payment experience, especially for clients who shop online frequently. Having a payment gateway integrated into your e-commerce business allows your clients to settled anywhere in the world the access to pay online, within a jiffy, from the comfort of their home. It also gives a multi-currency functionality, which means currencies from anywhere in the world are accepted while making online payments. In addition to helping manage the collection of payments and distribution of funds, online payment platforms in China also help businesses grow, expand and thrive on a larger scale.

Secure online payments

The increase in non-cash payment trends shows that there is an increase in the acceptance of e-payment systems. Online payment is definitely fast and hassle-free. However, in a rapidly evolving e-payment landscape, it is important to ensure that the online payment solutions you offer to your customers are secure, less complicated and easy to process. It is also important that you protect your clients from any possible cyber threats and fraudulent activity.

Therefore, it is always recommended that you invest in payment systems that come with advanced security integrated features to help block any unauthorized transactions. An online payment gateway can be integrated into any type of business including start-ups and established e-commerce sites. It eliminates the hassle of standing in queues or writing out cheques. They are used to remove any risk and safeguard the details of the customer. So, ensure you invest in an excellent and advanced payment service provider.

Advantages of online payment services

Online payment solutions come with numerous advantages. They provide a channel for safe bank transactions on the internet. As it has an integrated feature of storing unlimited information, details of any transactions made online from anywhere in the world will be recorded in the online database. This helps in automatic verification of transactions made and reduces any risk of fraudulent activity.

Since online payment solutions are automatic, they have low labor charges. They also provide quick feedback and notifications to customers. For instance, when your clients transfer cash into your account, your client will be notified immediately when the amount is debited. You will also be notified immediately when it is credited into your account. You can also count on these feedback features to notify you when there is an error in the transactions made.

Tips On Choosing The Right Payment Gateway For Your Business

E-commerce has changed the conventional way in which business transactions are done. The e-commerce payment gateway has become an important part of our lives and we depend on the form of online payment or another. This form of business has encouraged retailers to replace their brick and mortar establishments with online sites and apps, facilitating a more cashless society. While payment gateways are trustworthy they aren’t completely flawless and devoid of loopholes and therefore here are some things to gauge before selecting the perfect one for you.

Ease of Transactions and Cost-Effective Transactions

When it comes to choosing from the e-payment technology online payment system, its best to choose a payment gateway that supports all types of transaction mediums. It should enable payments through credit cards, debit cards, electronic transfers, smart cards, and all other electronic modes. While each of these entities has its own ecosystem with varying requirements, it’s important to consider them all to avoid any functional issues in the future.

Another factor to consider is how fast and convenient is the entire payment process. Some payment models require time to seek permission or authorization which should be taken into account. It is vital to the business growth and its credibility that the time taken by the payment gateway corresponds with the timeline on the online business. The payment gateway must also be able to integrate seamlessly into an existing system and that the risk of failure and loss are comparatively low.

Businesses must be cautious of being misled by payment platforms that offer free services. Not all affordable services will translate into low-risk failure, fast turnaround, automatic updating of balance and use of the call back system and query. It is prudent to know exactly what is being offered and whether the claims are legitimate or unsatisfactory.

Settlements and Security Features

Time is of the essence in this day and age. Every customer and business needs payments and transactions to be settled in real-time. Any delay can result in bad customer experience and a bad rating for the institution. E-commerce solution providers are aware of the important role payments and services play between customers and service providers. For quick transactions, Immediate Payment Service or IMPS is used by the customer. They may even resort to using express and turbo checkouts.

When it comes to speed, payment gateways have to ensure absolute security without compromise on time-saving. Compromising security for speed or cost could lead to bigger and greater problems. All payment gateways must ensure authenticity, data security, efficient fraud prevention, and detection tool and a multi-currency processing platform. Vendor support is also essential in order to resolve a problem or issue.

The platform must also be able to grow along with the business or it will hinder its growth. It will be of added value if the payment gateway is mobile-friendly since it makes up for a third of all retail sales.

It is important to choose a payment solution provider that will facilitate business growth not just in the present but in the future to come.