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Redefine your e-transactions with Magento Payment Gateways

  • July 10th 2012

If you own an e-business and are yet confused as to which payment gateway to choose for your business, then this write up may give you enough insight in choosing the right mode and boosting your profit. A ‘Payment Gateway’ is an essential tool for making the transaction procedure efficient and effortless.  It authorizes financial transactions over the internet and is used to facilitate transaction between the business, the customer and the business’s bank.

Electronic transaction increases the chance of closing the sales and getting quickly paid. Today, Magento powered payment gateways have emerged as the most popular and a trusted mode of online transactions. Its striking features can persuade the visitors to visit your online store frequently.  It helps in building the trust of your consumers by providing them a secured payment gateway. Today, Magento supports more than 50 payment gateways including Authorize.net, Paypal, Google Checkout and Check Money Orders.

Magento Payment gateways enable immediate processing of transactions, allowing the customers to make payments using any method including: Credit cards, E-checks/online checks, Phone billing and SMS-billing.

How does it function?

A payment gateway takes advantage of the Internet to send and receive information. Over the years, it has emerged as an excellent tool to check against counterfeiting, thereby minimizing business risks.  It gives you full control over your e-business by managing your transaction smoothly and easily. From merchandising to promotions, one can rely on Magento for almost everything related to online transactions. All these features have made Magento the coveted e-commerce software applications used widely across the world.

Magento Payment Gateways

Let us take a sneak peak at the major gateways developed on the Magento Platform for safe and secure online transactions:

  • PayPal-> Founded in the year 1998, PayPal is one of the global leaders in online payment solutions with more than 164 million accounts worldwide. It enables global ecommerce by making payments possible across different locations, currencies, and languages of the world. It allows customers to send, receive, and hold funds in 25 currencies worldwide .It is a safer means to get paid online as it allows making payments without sharing any financial details. It was officially acquired by eBay in 2002.
  • Authorize.net-> The Authorize.Net Payment Gateway is one of trusted online payment solution providers which provide the complex infrastructure and security necessary to ensure fast, reliable and secure transmission of transaction data. Available round the clock for processing transactions, Autrhorise.net offers a number of value-added services to assist merchants in managing their businesses protecting themselves from fraud. Moreover, one can add to the freely available Authorize.Net Verified Merchant Seal to one’s Web site in order to build consumer confidence.
  • eWay-> eWay is one of the successful and fastest payment gateway developed on the Magento Platform, that allows to receive instant payment verifications as well as transfers directly to the bank account in a secured way.  Some of the advantages of eWay includes:
  •   Real-time payments
  •   Stored payment for processing later
  •   Credit card payments
  •   Managed customers
  •   Detection as well as rejection of all fraudulent transactions
  •   3D security
  •   Process in 9 different currencies
  •  Accept payments through eBay
  •  Credit card verification
  •  Uploads batch/bulk payments in a mouse click
  • 2 Checkout -> 2Checkout is yet another popular online payment processing service powered by Magento. Its international currencies, multiple languages, and easy integration with dozens of online shopping carts, have made it the largest payment processors in the world.  This payment mode may prove to be fruitful for Startups and small to mid-sized businesses from across the globe that are looking for a simple online payment processor.

Security of Online Payment gateway

On line money transfer is one of the essential and inseparable parts of e-commerce. Integration of online money transfer has now made it easier for customers to shop from home. However, the most important aspect in a payment gateway is security. Before choosing your gateway, it is always better to do a bit of research. In order to ensure security, one must always use the online gateway that offers digital signature. Digital Signature is one of the safest ways to ensure security of your transaction. Another feature to ensure payment security online is the Dynamic IP protection that allows complete security as the system checks and verifies the same IP used in the previous successful session for any further online money transfer request. 128-bit security with SSL ensures that all transactions are automatically encrypted from the users’ browser with an encryption key length of 128-bits which is used extensively all over the Internet and is one of the highest browser encryption presently available.

Conclusion

No doubt, providing a wide range of Payment gateways to your customers will help immensely to grow your online business, but ability to accept payments in secure manner over the Internet and adhere to the PCI Standards should be the prime concern of the business owners, as it may save them from recurring losses in their business. Thus, giving access to all major payment methods that are safe and secure will help in opening up your business up to millions of customers at home and abroad.