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WHAT ARE THE TYPES OF PAYMENT SOLUTIONS IN ONLINE BUSINESSES? 

WHAT ARE THE TYPES OF PAYMENT SOLUTIONS IN ONLINE BUSINESSES? 

Online payment solutions have become increasingly popular as more and more people around the world are using the internet for both banking and shopping. By allowing users to make payments online quickly and easily, these services have helped make online transactions safer and more accessible for everyone. And with the increased use of online payment solution, they have also given rise to a number of different types of online payment gateway solutions. There are different types of online payment gateway solutions. You must choose the right solution for your business depending on your specific needs. 

What are the different types of payment solutions in E-commerce? 

  1. Hosted payment gateway is a third party service that stores the customer’s credit card information and sends a one-time authorization request to the customer’s credit card. Once authorization is obtained, the PSP performs the actual transaction with the merchant. Payment gateways are generally hosted in a server space managed by a third party payment service provider (psp). There are two types of pay gateways: hosted and hosted with support. Hosted payment gateways will take a customer off your site’s checkout page. Payment service providers improve the checkout process for customers and merchants by reducing payment friction. PSPs provide options to pay with a credit card, debit card, or with all credit card payments encrypted to protect customer data. PSPs also have tools that help merchants understand their customers’ payment behaviors and trends. PSPs are available in many payments form factors, from simple lockers to advanced solutions such as iPad kiosks and mobile apps. 
  2. Pro / Self Hosted Payment gateways can be used to collect subscription payments, donations, membership fees, and recurring billing. All you need is a payment gateway set up with your preferred processor and a secure website to collect the payment details from your customers. With this method, you can get all details in one place or separate them into different sections for easier access and processing.  
  3. A Non-Hosted gateway is a checkout process hosted separately from your main website. With a non-hosted checkout process, you have full control over the customer experience. In other words, you can decide how customers interact with your checkout page and what happens when they complete the purchase. Non-hosted gateways are ideal for merchants who want to control their checkout process tightly. Merchants who use a non-hosted gateway can customize the checkout experience by adding additional forms or eliminating unnecessary fields. This will allow us to add a checkout form to the website, which customers can fill out before they complete their purchase. When they submit the form, the payment details are sent directly to your payment processor, so you don’t need to handle payments yourself. 
  4. A bank integration payment gateway is a platform that allows you to accept credit cards and debit cards directly from your banking account. This gateway can be used by any business or individual that wants to accept payments online. There are a variety of different benefits that come with using a bank integration payment gateway. Some of the benefits include:  
  5. It is easy to set up since connecting only requires one account.  
  6. It is scalable as it can easily accept more customers.  
  7. It is secure as it uses multiple layers of security to ensure that customers’ data is safe.  
  8. It is fast because it can process large volumes of payments in a short period.  
  9. The fees are low as they do not require additional fees for each transaction. 
  10. In the Direct Payment Gateway system, the payment processor will be responsible for providing the service and facilitating the transaction. In contrast, the direct payment gateway will incur fees for such a service. The direct payment gateway must ensure that the cost of such a service is reasonable and acceptable to the end-users. In the Direct Payment Gateway system, the merchant and the customer need to be aware of the fees involved in a transaction. The merchant should understand their payment processing costs, which include transaction fees, processing fees, PCI compliance fees, etc. Customers should also be aware of what they’re paying for when they pay with a credit card or debit card through a direct payment gateway. 
  11. Platform Based Payment Gateway Solution is the best payment solution when you have a product and want to sell it online. Platforms provide a way to process payments, whether they are credit cards or other payment methods. The platform accepts orders and sends them to your store’s backend. It works similarly to an online store, except that the items are stored on your server instead of in a digital storefront. The benefit of using a platform is that you don’t need to build out an entire e-commerce site from scratch. You only need to determine how much space you want for your items, add images of each product, set prices, and take payments. 

Summary – Nimbbl is a payment solution platform that can be used to pay for any product or service. Nimbbl takes care of all the details so a business can focus on its core mission. It handles everything from customer acquisition to fulfillment and makes it easier for your customers to pay you. 

Alfredo Reed

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