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Every business needs to track its financial activities to achieve growth and operational efficiency. The best way to ensure the foundation of your financial operations is to maintain proper financial records by tracking every payment.
With the rise of online transactions, so too comes growth in the rate of online payment fraud. According to estimates, eCommerce lost around $20 billion in 2021.
One of the most common problems with PSP businesses is that despite all the efforts and financial expenditure, they cannot achieve the desired conversion. Most of the time, small business owners lack the technology that the payment giants possess.
It may not have occurred to you, but the payment gateway is already integral to our daily routine. Each time you order goods in an online store or pay a bill through your smartphone, the payment gateway is in charge.
The business model of a payment gateway is based on the percentage and/or fixed fee that the merchant pays from each transaction. The amount of charge depends on the transaction mode.
The payment gateway is one of the main components of the payment process. Its function is to gather and transfer the data between the client, the merchant, the acquiring and issuing banks, and the card networks.
Before the client makes a payment, there is only one last step - the payment page. This section of the website is crucial because the page shapes the client’s buying experience.
Paying by credit card, a client only manages to blink while the payment is already done. In the meantime, a complex ecosystem of players is in action. However, how exactly payment processors earn on transactions may not be so clear.
One-click payments can be a real gem for your business stimulating the flow of new customers and boosting the loyalty of the existing ones.
Discover what payment analytics is, its benefits, and how it can help your business grow in this dedicated article.