Providers for International Payment Gateways

As ecommerce allows an influx of international customers to your store or website, it’s important to offer multiple payment options to accommodate these consumers. Payment gateway international processing is a great way to accomplish them. 

A gateway, such as the Klarna payment gateway, refers to a technology that lets merchants accept credit or debit card purchases. The term does not only describe the physical card-reading device you see in brick-and-mortar stores but also online payment processing portals. 

In recent years, payment gateways have begun to accept QR code-based and NFC-based payments. Below, we discuss how gateways, like Klarna payment gateway, work and why you need to incorporate them into your ecommerce business. 

How Does a Payment Gateway Work?

A payment gateway has several key players that take the payment process from start to finish. When a customer comes to your website and proceeds to pay for their order, their payment goes through a multi-step process to finally reach completion. 

Before we explain the process, let’s discuss the people involved in a payment gateway: 

• Merchant: It’s you. A business that offers a product or service to customers is the merchant in this process.
• Customer: A customer is an entity that wants to purchase the product or service from the merchant. They are also cardholders. 
• Issuing Bank: An issuing bank is a bank where the customer has their account. It is called the ‘issuing bank’ because it has issued the debit or credit card to the customer on card schemes’ (Mastercard or Visa) behalf. 
• Acquirer: The acquiring bank is the financial institution where the merchant has their account. Typically, when there’s a transaction on the merchant’s store, their acquiring bank passes it to the issuing bank. They then receive payment from it. 

How a payment gateway works depends on whether it’s an online portal or an in-store gateway. Online portals have application programming interfaces that allow communication between the payment processing network and the merchant’s website. 

An application programming interface refers to a set of programming codes responsible for querying data and responses. It then sends instructions from one platform to another. 

How Does a Payment Gateway Differ from a Payment Processor?

A payment processor forms the second half of the transaction after a payment gateway has collected customer information. 

The payment processor then uses this information and contacts both the issuing and acquiring accounts. Then, it debits the amount into one account and credits into the other. 

Examples of Payment Gateways 

To better understand how payment gateways work, let’s take a look at two examples: 

Boleto Payment Gateway 

Being a push payment method, the Boleto Bancário works just like cash payment or wire transfer. The Brazilian Central Bank regulates the Boleto payment gateway. 

Buyers have a prefilled bank slip. They can choose to print it and pay using cash at a bank branch or authorized processors, like post offices and drugstores. Alternatively, they can pay electronically through over 48,000 banking points in the country. 

If your store gets a lot of traffic from Brazil, you might want to offer Boleto payments as it will prompt more customers to complete their purchases. 

Klarna Payment Gateway

Klarna Checkout is a payment solution for ecommerce stores where Klarna handles all checkouts by offering four solutions: 

• Pay Now: Customers can pay instantly through their cards. 
• Pay in 30 Days: Customers get an invoice that they have to pay in a month. 
• Pay in 3 Installments: Customers can purchase the item in instalments if they’re unable to pay for it upfront. 
• Financing: For larger purchases, Klarna also has instalment plans with longer repayment terms, like six, 12, 24, and 36 months. 

Advantages of Payment Gateway International Processing 

Merchants can increase the ease of purchase in their stores by incorporating international payment gateways. These allow customers coming from different countries to make payments through their preferred methods. 

Secure Transactions

Payment gateways guarantee robust security, freeing you of the worry and concern that come with online transactions. Most gateways have encryption technology that secures customer information from hackers and cyber attacks. 

On the other hand, merchants are also secure from fraudulent activities through payment gateways. 

Expansive Customer Base

The more customers you can accommodate, the more money you’ll make. It’s the easiest rule in the book to understand. 

When you expand your business internationally, it’s important to ensure your customers can conveniently shop from your store. A payment gateway makes this possible as it allows you to accept different types of payments, irrespective of the issuing banks. 

Accept International Payments with Oceanpayments

The first step of incorporating payment gateway international into your store is partnering with a global payment service. Oceanpayment is a reliable name in the field, offering convenient, simple, professional, and safe payment solutions to merchants who want to expand their businesses across the borders. 

Oceanpayment’s PCI Level 1 Gateway ensures maximum uptime and seamless worldwide payment processing. 

Since the payment solution provider supports open-source shopping carts, like Zencart, Prestashop, Opencart, and Magento, you can benefit from its services regardless of your geographical location and the platform you’re using. 

Oceanpayment serves thousands of merchants across 200 countries, facilitating billions of dollars in global transactions. The company caters to small and large businesses alike, assisting merchants in increasing their reach and revenue. 

Since Oceanpayment offers more than 500 payment methods from a unified platform, you can accept various payment times globally across different channels. 

Get in touch through a call or contact form to learn more about Oceanpayment’s customized solutions for your industry. 

Conclusion:

The world has become a global village, and this is the truest in terms of online shopping. People sitting in a different continent can shop from their favorite stores without ever visiting them physically. 

With an increase in ecommerce opportunities comes the responsibility for merchants to make the process as simple and convenient as possible for the consumers. An international payment gateway helps you do just that, letting your customers shop using their preferred payment method securely and quickly.