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Back to Basic: What Is Payment Gateway?

October 17, 2018

When you shop online for the first time, or you are about to start your online business, you will always ask what is payment gateway or is it something that you need? So, we have simplified this for you to understand.

What is payment gateway?

Payment gateway is the third-party payment processor between financial service provider and merchants. Everyone should be given the fair choices on how they want to transact their money and buy what they want with the payment options that they prefer. That is where the role of online payment gateway is crucial.

Bigger access, bigger sales

Payment gateway connects to financial institutions and services which enables multi-currency acceptance and payments from multiple banks to be accepted. The platform does not require you to set up the hard way but it aims to create easy access to you and the end-users. It is the most effortless way to get paid.

In 2017, one of the most used payment methods in Malaysia, FPX has seen a great leap in volume and recorded 33,173.9 million volume with 283.3% increase from 2016. The process is proven to be simple and fast for customers to use.

How payment gateway works

When customer orders from your payment gateway-enabled website, you’ll be able to receive payments easily from those who use internet banking, credit/debit card and even cash (Fiuu Cash). Each payment gateway offers competitive advantage over another. It’s on you to decide which serves your customers best.

By using payment gateway, it puts a business up to another level of ease and convenience. Each service offered by the payment gateway is useful to your business, such as reward program, and many other payment methods that are of multiple currencies. It can help buyers to receive reward or cashback when shopping.

Top and proven security

When you integrate with a payment gateway, always make sure that the service is secure and equipped with the updated security certificate, such as PCI-DSS. If you are late to take the necessary security measures, it will bring problems to your business as well as profit loss.

To know more about payment gateway and our current promotion, feel free to reach us!