You would never have thought about how to send money to Pakistan? This article will highlight the payment gateways and understand why they are the best option for carrying out financial activities in this technology-driven era.
Payment gateway:- A digital payment gateway is an electronic merchant service that processes credit card payments for e-commerce sites, and traditional stores made up of brick and mortar structures.
A digital payment gateway can also be conceived as a virtual cash register in an electronic transaction. We know that a cash register is secure and easy to use at the same time.
This virtual cash register works in the following three steps.
Encryption:- Initially, a payment gateway will encode data for exclusive use between buyer and seller.
Request:- As the second step, the authorization request occurs when a credit card company or financial institution permits a payment processor to proceed with a money transfer to Pakistan or another country.
Completion:- The payment gateway allows the website and interface to proceed with the next step on getting the authorization.
Let’s now study the three basic types of digital payment gateways.
Redirects:- A redirect is when a gateway takes a customer to a PayPal payment page to handle full transactions, including processing and payment, it becomes a redirect.
On-site checkout; off-site payment:- This type allows customers to check out on-site for whatever the stuff is, but the payment processing takes place invisibly at the back end.
On-site payment:- In this type, big businesses use on-site payments with absolute handling on their own servers.
Now let’s take a brief look at the top digital payment gateways.
PayPal:- It is a popular redirect digital payment gateway.
Square:- It is another digital gateway and credit card processor famous for physical credit card swipers attached to your smartphones.
Stripe:- It is another digital payment gateway, with emphasis on mobile e-commerce, SaaS, non-profits and platform-based payments.
Apple pay:- This digital payment gateway enables merchants to handle payments from customers using face ID and touch ID.
Amazon pays:- This digital payment gateway comes with several plugins, including some to be used with BigCommerce.
Authorize.net:- This payment gateway allows a variety of processors, giving retailers the freedom to accept PayPal payments, Apple pay and other major credit cards.
Following are the two limitations of digital payment gateways.
Limited acceptability:- Not all the payment gateways accept an entire range of credit cards and other types of payments despite their claims of universal acceptability which restricts both the retailers and customers.
Limited for international shoppers:- A customer in China will trust Alipay more than other options available, for example, in the USA. It can put limitations on the access of an international customer.
Now let’s take a brief look at the factors to consider while selecting a payment gateway.
Expandable:- Your business will not remain static. It will grow over time. Therefore, choose a gateway that has the potential and capacity to scale along and grow.
Correct product:- For online businesses, always choose a gateway that is available on every secure site for a larger and wider reach.
Security:- Ensure that your payment gateway is safe and secure so that customers trust it and their numbers increase. So that your online money transfer to Pakistan is received with peace of mind.
Fee:- Make sure you do not overcharge your customers through your payment gateway.
Effective transaction:- Make sure that your payment gateway offers an option for “guest’ visitation and booking. Because normally people tend to abort a transaction when they have to register or create an account.
Easy checkout:- See to it that your gateway allows an easy check out from all devices without confusion.
Many features:- Make sure your payment gateway allows multiple features to choose from instead of providing a limited range of options.
Easy integration:- You should ensure that your payment gateway allows an easy integration process because any complication can drive your potential customers away from you.
Merchant account:- Make sure your payment gateway allows you to have a merchant account to receive online payments.
Recurring bills:- It allows an automatic billing cycle for your customers giving more convenience to the customers.
Mobile payments:- Make sure your gateway offers the option of payment through mobiles giving more freedom and convenience to the customers.
Customer service:- See to it that your digital payment gateway has customer service to stay in contact with your customers 24*7 to answer queries and provide guidance related to how to send money to Pakistan online.
Conclusion:- From all of the above we can safely say that sending money to Nepal will be done through the digital payment gateways instead of the traditional bank-centric methods in the near future. Companies such as ACE Money Transfer can be of immense help and value in this regard.