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What is a payment gateway?

A payment gateway is a software service that secures the payment details of your customers and transmits them to payment processors and banks to complete a transaction. It can handle every type of cashless transaction, including credit, debit, mobile, digital wallet and more.

How does a payment gateway work?

  • Captures customers payment information.
  • Encrypts that information.
  • Transmits the information to the payment processor.
  • Upon approval, it completes the transaction.
  • Notifies the customer and merchant about the payment.
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Why does your business need a payment gateway?

More and more customers in the UK are moving towards cashless payments. And the trend of e-commerce is booming with every passing year. To leverage this trend fully, your business website needs a payment gateway integration that processes customers’ cashless transactions securely and quickly.

It not only enhances the customer experience but also allows you to expand your business globally, as customers from all over the world can pay for your product and services through the payment gateway.

Why does your business need a payment gateway?

Secures the payment process & reduces the risk of fraud.

Provides a seamless checkout process that reduces card abandonment.

Ensure faster payments that improve operational efficiency.

Boosts online sales by facilitating international payments & currency conversions.

Handles varying transaction volumes, making it suitable for businesses of all sizes.

How to choose the right payment gateway?

Consider the pricing structure of a payment gateway and choose the one that provides the best balance of cost-effectiveness and performance.

The payment gateway provider should offer robust customer support (preferably 24/7) through different channels like email, phone and chat support.

See if the gateway integrates compatibly with your existing system. If it’s incompatible, it will not only affect the customer experience but create monitoring inefficiencies for you as well.

A good payment gateway should provide multiple payment options including credit cards, debit cards and digital wallets (e.g. Google Pay).

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Pricing of a payment gateway

Payment gateway services in the UK operate on 2 common pricing models – monthly subscription & usage-based.

Monthly subscription: You pay a fixed monthly fee. The transaction fees are generally lower in this model which makes it suitable for businesses with high transactions volume.

Usage-based: You pay according to the number of transactions. There is no monthly fee but the transaction fee is higher in this model.

Costs associated with a payment gateway include:

  • Setup fee (£0 – £250)
  • Monthly fee (£10 – £45)
  • Transaction fee (£0.00 – £0.25 or 1% – 5%)
  • Chargeback fee
  • Refund fee
  • Security compliance fee
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Why ComparedBusiness

At ComparedBusiness, we don’t just compare, we help match your business to top Payment Gateway providers for your unique business needs.

 

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We help you identify the most cost-effective solutions quickly.

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We connect you to top payment gateway providers ensuring you get the best service.

 

 

  • We cover A Range
    Of Industries

Catering to a Diverse Range of B2B Business Needs.

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Payment Gateway FAQs

Your business needs a payment gateway to start accepting digital payments from your customers from all around the world in a secure and efficient manner. It helps you enhance your global reach, increase revenue and improve customer experience.

A payment gateway collects, stores and transmits the card details of your customers, ensuring cashless transactions are processed successfully. It does that by encrypting information, authorising transaction details and integrating multiple payment methods.

Choosing the right payment gateway involves several considerations:

Security: Ensure it offers robust security measures.
Fees: Compare transaction fees and setup costs.
Integration ease: Check its compatibility with your website.
Customer support: Opt for gateways with reliable customer service.
Reputation: Research reviews and reputation within your industry.