Globalization has paved the way for many organizations to expand their reach to other countries. It has brought many opportunities for businesses to operate in a different geography with their set of products. But businesses face a daunting task, how to initiate a solution that can rationalize payment transfer? Or in other words how people sitting in a different country can pay without any hassle for the products they purchase. International Payment Gateway is the answer to this problem.
These payment gateways are practical solution for the customers to make the payments using the power of their account. Your international payment credit card let’s you to make all payments directly into the account of the vendor or seller hence they don’t have to pay a visit to the customers or process the money manually. All the transfers are completed online.
But these international payment gateways are required to be secure if they stand a chance. By security, we mean the process of money transfer should be seamless, devoid of any fear from hackers or phishing attacks. Since these vendors offer International Merchant Services, hence they charge nominal fees in lieu of their services.
It has been seen that mostly e-commerce firms who also operate with international customers typically make use of international merchant services. They have such a vast network of customers that they can’t operate without an international merchant account. Moreover, the system reduces stress of handling large payments from customers and facilitates payments directly into their account which further reduces their operational costs thus; a cost cutting system is readily accepted in most companies either by corporate or small scale firms.
There are many high risk merchant industries like adult entertainment, online gaming, and pharmaceuticals etc, where high risk payment gateway is required with layers of security features. These industries require a separate high risk merchant account therefore you require different payment gateways for different territories of businesses, so you would need a separate online gaming merchant account high risk and separate merchant account for online casino for example. You should confirm from a reputable company about what is requirement of your industry.
There are two types of international payment gateways, first is swipe system where a person simply swipes his card through a dedicated machine and payment is made directly made into the account while the other type is what most businesses opt for especially when they have a client base situated in a foreign land. The system thus requires an encrypted interface through a dedicated ‘POS’ terminal. The encryption secures the payments. Most websites having an e-pay facility make use of second payment system.
It is now amply clear that there are diverse payment processing solutions present in the market but as per your requirements, a leading and reputed company is what you should go for. The company first analyzes your customer base, their location and the kind of payment gateway solution you require. Accordingly if you are in gaming industry, it will set up your international payment gateway for online gaming. It is thus basically a contract between you and the company offering its services. The choice of the company can lift you above your competition while a wrong choice can leave you on the edge where you might see your competitors gaining revenue and momentum.