Magento Payment Gateway Integration:
Magento is well trusted ecommerce framework to run online marketplace without worries about adding items, managing customers and everything on backend by simple settings and respective options, but some more people are still live and they won’t believe on simple checkout process using any gateways for that purpose only store owners having very less chances to making customers believe their store so there are many Magento experts available out to proceed with Magento Payment Gateway Integration. Payment gateway is third party between online store, buyer and bank or payment modes to provide secure transactions on orders so it works as virtual middleperson for handling payments so far magento ensures all both buyers and shoppers with safe and secure payment systems by default like PayPal, Stripe, Braintree and so on of course these are all standard payment modes which are come along with package on magento versions.
Payment Gateways in Magento:
· PayPal
· Stripe
· Braintree
· 2checkout
· Authorize.net
· Amazon Payments
Above those payment gateways are provided by adobe firm for ecommerce store owners to start their marketplace online instantly after they launched it. But there are many trusted payment gateways also available to cover globally which is compatible for online business in magento to reach out customers based of their region or country and moreover it based on their locations or countries. For that kind of new payment method implementation only, few of your competitors trying to attract customers with new or custom payment methods by approaching magento techies for proceeding onto Magento Payment Integration service.
Consideration Factors for choosing Payment Method:
· Standard PCI/DSS compliance applicable
· Ensures trust by providing secure online system
· Support multiple payment types credit/debit cards
· Enable fast processing of payments and transactions
· Cost effective payment method
· Provide better user experience
· Compatible for your magento store
· Easy to integrate with your online shop
Payment Gateway Working Process:
From the beginning of this blog we saying the term Payment Gateway so what is actually is and what does the vital role playing in ecommerce when placing an order by customers in magento so here in this section we could disclose performing procedure of payment gateway as in one by one order below.
Working Process:
· Customer placed their order by selecting payment modes either credit/debit cards or other payment modes like wallet payment or anything else.
· Once payment gateway acknowledges the order which are made by user in order to authenticate it for further verifying with merchant about this order in sequential actions.
· Payment gateway will decide onto either approve or decline this transactions by reviewing the customer’s bank account which are appropriate with their card info to check bank account balance is sufficient or not for purchase.
· Then bank started on processing the payments to collect from buyer and to make available on merchant’s account within few minutes or days but it depends upon payment gateway what you’re using in magento.
If you don’t believe these above all processes are completed within a minute or two on only few clicks attempted by user during making their purchase and also merchant would receive their amount in few days because of it would take some time by store owner’s bank account.
Payment Integration Steps:
· Choose your preferred payment gateway
· Make sure whether it is suitable or not.
· Prepare Magento Payment module as API documents (If have any).
· Integrate the payment module to your store
· Set up account by entering info like e-mail Id, API key and private key etc.
· Configure the payment extension in you store
· Enable live/test mode of accounts to test the payment processing.
