Is A Payment Gateway Simply for A Transaction Alone?
Introduction
As you know, to run a successful business three things are most important: Quality product, customer support, and user-friendly systems to connect the product with the customers. In which, one of the connective systems is a payment system. Depending on the size of a business, different payment systems had been in use due to their expenses for integration and maintenance. But, nowadays, with an option to store and access anything in a cloud, only a single payment system, also known as a cloud-based payment gateway, is needed for any business regardless of its size because of its umpteen cloud features.
Many payment gateways with cloud features are available in the market. But what makes our Valor PayTech cloud-based omnichannel payment gateway unique among them? Is it affordability, reliability, or scalability? We are not going to tell you. Talk with our customers, you can understand from our customers’ experience with Valor.
Our gateway is built meticulously with many layers of deep grids concerning all comforts for fulfilling your merchant customers’ requirements with multiple options to customize depending on their business needs. Let’s try to understand technically what a payment gateway is and how does it work along with what is omnichannel and how does a cloud-based omnichannel payment gateway differ from a payment gateway.
What is a Payment Gateway?
A payment gateway is simply a software application for securely processing the payment card data of the customer to the processor and helps transfer the amount from the processor to the acquirer bank via the internet, i.e., an interface between merchants and processors.
How Does A Payment Gateway Work?
First, after storing the card data through encryption in the gateway, it passes the encrypted data to a payment processor to authorize a transaction, and then the processor communicates with card networks such as credit, debit, gift, and EBT to verify the card scheme, cardholder details, and credit availability.
Second, after clearing the verification phase, the processor transfers the encrypted card data to the issuing bank. Now, the issuing bank blocks the billed amount from the card and transfers it to the processor, who will hold the amount temporarily until a batch is closed by a merchant.
Finally, when the batch is closed, the processor releases the holding amount to the acquirer bank. All the transaction processes are done in a payment gateway with the support of multiple technological processes including, but not limited to, data sorting, encrypting, indexing, keying, and storing as well as tokenization.
In a nutshell, the payment gateway encrypts the customers’ card details, securely transfers the tokenized data to the processor, and helps transfer the amount from the processor to the merchant bank.
What is An Omnichannel?
Omnichannel is a multi-channel strategy for sales that aims to give customers a consistent and seamless purchasing experience whether they are shopping online from a desktop or mobile device with the help of virtual terminal or in a physical store with the help of a POS machine.
What is An Omnichannel Payment Gateway
An omnichannel payment gateway is a complete payment communication solution that connects with the payment processors, allowing for smooth and frictionless interactions throughout the payment ecosystem by accepting cards such as credit and debit and cash and integrating them into a single, consistent customer experience.
Benefits of Valor’s Omnichannel Payment Gateway
Interactive Dashboard
Without knowing the outlook and big picture of the business, it would be impossible to scale up the business. The dashboard in our payment gateway shows all the details of customers’ payments and frequency of purchase. All information is stored in the Valor cloud. By analyzing the purchase information filtering through different time frames, the merchant can understand the purchasing behavior of customers.
Having the information available for forecasting the customers’ behavior gives an edge to your merchant customer business for customizing their marketing strategies and targeting the specific customers for reaching better sales.
Security Standards
Any payment gateway with compromised security standards is a complete disaster for your merchant customer business. It instantly terminates their hard-built business by spoiling its reputation. The only way to make sure their business is safe is by using the payment gateway with the highest security standards and compliance with national and international consumer privacy laws for data storage, regulation, and transmission.
Valor PayTech is compliant with all security standards, including Payment Card Industry Data Security Standard (PCI-DSS), with the highest security grids and ensures the customers’ data of your merchant customers are indeed safe with us and your business run efficiently with ease and hassle-free way.
Supporting Multiple Payment Platforms
A recent research study conducted among online consumers to understand the low attrition rate of an e-commerce website concluded that the availability of payment options is one of the major factors for a low attrition rate.
Integrating multiple platforms helps your merchant customers provide their customers with multiple payment options and thus leads to a high conversion rate as well as a low attrition rate. At Valor, we are offering multiple platforms for processing payments.
- Point-of-sale systems
- Email invoicing with links to secure payment (PayNow link)
- Keyed transactions for phone orders (Moto-Virtual Terminal)
- Recurring subscription payments
- IOS and Android mobile apps (VT)
- WooCommerce plugin (E-commerce transaction)
- QR payments
Virtual Terminal as a Supportive and Alternative POS
Use our virtual terminal for the payment process in addition to POS as a supportive and alternative POS. It provides features, even not in the POS, with the capability to connect and access anytime and anywhere with the option of scheduling recurring payments and subscriptions.
Invoice Options
At Valor payment gateway, we are providing an invoice feature. Using this feature, invoices can be generated and sent via email and messages immediately, providing much-needed stock management support to merchants and tax management support to customers.
Having in-built invoice options saves your merchant customers from separately buying and maintaining an invoice management system, sparing the maintenance time to help they focus on other key segment areas of business.
No Installation of Any Software: e-Invoice PayNow Link
Customers don’t need to download any software in order to make an online payment. The merchant’s VT application-generated link can be shared across any messaging platform.
When customers click the link sent by the merchant, the payment processing page will open, with multiple card payment options for the convenience of customers along with contact information for security purpose. Once the customers made the payment filling the data in the link, the gathered data will be deleted maintaining the privacy of customers.
Consistent Experience
Your merchant frequent customers don’t buy products but the experience. Customers want to have a consistent experience when they make a purchase. Thus, it is important to ensure that your payment processing platforms provide a consistent experience across all payment channels.
For example, whether the customer buys online and then returns some of the products to the shop, the entire process should be effortless and indifferent. At Valor payment gateway, we guarantee your customers a consistent sophisticated experience.
A few of the Recently Introduced Features in Our Gateway:
Dual Pricing – Clearly displaying (POS) cash versus card pricing provides price transparency at the point of sale with no more non-cash adjustments for card-based transactions.
Valor Connect – Cloud-based integration requires little-to-no effort to add Valor payment terminals with the click of a button in one seamless easy process, providing a cohesive infrastructure with comprehensive access and visibility into transactional data.
Valor RCKT – Bluetooth mobile point-of-sale (mPOS) that pairs with Valor’s iOS & Android mobile application for fast, frictionless smartphone checkout from virtually anywhere.
Valor Lite – Tokenized instant payment acceptance tool using quick response (QR) code technology for safe, secure, and efficient contactless smartphone purchasing experiences.
We are continuously working on providing new features that give comfort to your merchant customers and their customers.
Concluding Thoughts:
Remember the three important things for running a successful business mentioned in the beginning? Without the customers’ support, there is no business; without the quality products also, there is no business; I have both, can I run a successful business? Yes, you can for sure but temporarily, not in the long run. Having the right system to connect between your customers and your products is a key to running your business successfully in the long run. Do your research and place the right system, whether it is a supply chain, human resource, marketing, or payment processing. And when comes to payment gateways, check the security standards, features, and services available best in the market, most importantly whether they are consistently updating and evolving as your customers’ demands and choices are evolving.
At Valor PayTech, we don’t ask you to buy our products. We request you to study and analyze the products available in the fintech market. We are one hundred percent confident that when you study and analyze, you will find us the best in the market and evolving always.