Payment Gateway Provider UK for Real-Time and Efficient Payment Transactions
The adoption of digital modes of payment has grown significantly in tandem with the increase in digitization. Increased digital payment adoption is not limited to developed economies such as the United States and the United Kingdom.
Countries like India and China have also embraced digital payments in a big way. The tech-savvy generation in these countries prefers digital payments, which contributes to the overall market’s growth.
With the advent of Smartphone’s and other connected devices, the demand for quick payments has skyrocketed. Indeed, this trend has prompted governments to implement real-time transactions by establishing an immediate national and regional payment system.
Because network payment services enable real-time transactions via Smartphone’s, they facilitate instant payment services. A payment gateway is a web-based service that authorizes and processes payments for online merchants.
When you delve a little deeper, you’ll discover that completing an online transaction consists of two steps.
We at EskayPay provide you with a global acceptance method. We have more than 55+ currency options and will process payments in over 200 markets. The merchant will be able to accept payment with credit cards, debit cards, and PayPal payments, among others. You can create pricing plans, flexible billing schedules, automated payments, and more with the best UK online payment gateway.
The three Essential components Merchant, Customer and Payment Gateway
A payment gateway is a web-based service that authorizes and processes payments for online merchants.
- You accept credit card payments. You must work with a merchant bank to accept payments and deposit them into a merchant account.
- Customers who initiate transactions online typically choose to settle their accounts with credit or debit cards. According to Statista, 42 percent of online shoppers prefer to pay with a credit card, 39 percent prefer to pay using electronic methods, and 28 percent prefer to pay with debit cards.
- The payment processor and the payment gateway are both part of the technology.
How an Online Transaction takes place?
The payment processor and payment gateway are both parts of the technology. Payment processing is divided into two stages: authorization and settlement. Here’s what each one entails:
- Authorizing the sale by approving it.
When a customer uses a credit or debit card to purchase an item from your website, the information is routed through a payment gateway, which encrypts the data to keep it private.
It is then forwarded to the payment processor, who makes a request to the issuing bank for funds to pay for your items. Depending on the availability of funds or if the customer’s credit limit has been reached, the bank may grant or deny the request.
Surprisingly, the entire process takes only 1-2 seconds to complete.
- The sale has been completed, and the funds have been deposited into your account.
When the transaction is approved, the card issuer transfers funds to the merchant, who deposits the funds into your bank account. You will be able to access the funds once the money has been deposited into your bank account. Banks may not always allow you to access all of your funds right away, in case you need to refund a customer later. The entire settlement process may take several days.
What you can expect from EskayPay?
No one-time or monthly fees– Aside from the standard per-transaction fees, the only costs to be concerned about are customer chargebacks.
Payment Location: You have the option of creating a completely custom checkout for your site or using their pre-built Checkout.
Security: If you want to keep customers on your site to process payments, we provide developers with the option of using client-side tokenization to ensure PCI compliance.
Accepted Payment Methods: We accept all major credit cards, bank and debit payments, Bitcoin, digital payments. Their API tools also allow developers to set up alternative payment processing options, such as selling products via Twitter.
Design: Because this tool was created with developers in mind, its capabilities can be expanded using simple APIs.
We have established ourselves in such a way to assist all types of e-commerce businesses, including basic stores, on-demand marketplaces, subscription services, and even crowdfunding. We work in over 100 countries and accept more than 135 currencies. There is also no change in currency conversion.
EskayPay has several options for automated payments. While you can accept payments from anywhere in the world. EskayPay ecommerce payment gateway UK solutions will help you find the best-accepted payment methods such as credit cards, net banking, e-wallets, debit cards, etc.
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