It’s no secret: Online bill payments are made countless times a minute in the U.S. and around the globe. And while there are a wide range of ways these payments are made, a large portion are based on payment gateway technology.
Payment gateways work by providing a secure, integral link between a website and a bank – meaning that bill payments can be made directly on a website and immediately deposited into a bank account in real-time.
Payment Gateway Integration: What Do You Need?
There are usually three requirements on the merchant’s end in order for a payment gateway to seamlessly work:
- A merchant account from a bank.
- A secure, eligible website that meets all requirements for the bank to issue a merchant account.
- A payment gateway provider.
How Does It Work?
When bill payment details are submitted on a website, the payment gateway receives this data and immediately sends it to the bank for verification. Next, the bank replies with a response that the transaction has either been accepted or declined.
The payment gateway sends this response back to the web server when a message is then displayed to the customer or rep (i.e., “Thank you. Your payment has been received”).
What Are the Advantages?
By integrating a payment gateway into your company’s website or primary software, you can ensure you are offering a streamlined bill payment experience for your customers.
First, users will experience real-time transactions and payments. Real-time transactions mean that you, as the merchant, get paid immediately and that the customer receives immediate feedback as to whether their payment has been accepted or declined.
Additionally, payment gateways allow merchants to saves time and reduce administrative processes, removing the need for manual card processing.
By offering various payment gateways, BillingTree’s Payrazr Marketplace has the right fit for your business needs. myPayrazr Gateway is the most innovative, intuitive and flexible integrated ACH, debit/credit card payment-processing gateway on the market today. Developed by leveraging the knowledge and expertise of BillingTree, myPayrazr gateway combines the most cutting edge technology solutions with over a decade of payment processing and compliance experience. Learn more about the entire Payrazr Solution offerings at here.