Well, we all are familiar with the online transaction in the 21st century and we know we will have advanced payment modes in the future. But, if we consider the present situation, we will get to know that online transactions and contactless transactions are getting more preferences. Moreover, COVID-19 has changed the situation a lot. People are now maintaining social distancing and therefore, they have to make a contactless and online transaction to purchase things. Now, when it comes to online transactions, online payment gateway plays a very important role.
What An Online Payment Gateway Is
It allows merchants to accept payments online. Basically, it ensures that the payment processor receives the important credit card information that is put by the cardholders securely. In the past, gateway services and merchant processing services have been operated separately. But, now, with the advancement of technology, merchant processors are capable of offering an all-in-one solution to the merchants.
What An Online Payment Gateway Does
An online payment gateway does several things. We have elaborated each of them below in order to give you a concrete idea.
- Secure transactions: Well, an online payment gateway keeps everything encrypted and therefore, it allows the customers to securely transact online.
- Faster Transaction: If we compare the online transaction with the manual one, you will realize that it is much faster. Moreover, if anything goes wrong, you don’t have to worry as there is 24/7 customer support.
Now, you will find that there are many companies such as Square and PayPal offering online payment gateway. But, among them, Stripe is different. It is one of the most efficient payment processors. We have highlighted the positive as well as negative aspects in order to give you a clear image of this virtual platform. So, have a look at the following points:
Positive Aspects: The positive aspects are as follows:
- Provides efficient developer tools
- It comes up with advanced reporting tools
- Suitable for international merchants
- Affordable flat-rate pricing structure
- Multi-currency support
Negative Aspects: Stripe is not devoid of negative aspects. The negative aspects are as follows:
- Merchants need technical skill to use the tools properly
- If you are into high-risk industry, it is not suitable for you
- There are issues regarding the stability of accounts
If we talk about the core features, this online payment gateway provider offers advanced payment processing, effective developer tools and many more.
By now, you have probably understood the efficiency of Stripe. So, if you want a merchant processor for your business, Stripe will be an ideal choice.