With the rapid pace of digitalization, connecting with customers is easier than ever. However, it also means your customers are getting smarter. They want a seamless online transaction from prospect to purchase through the customer journey, which ultimately affects your online sales. Lack of payment can be expensive because your smart customers may cancel their purchases instead of their first choice.
Therefore, if you are keen to start an e-commerce business in Hong Kong, one of the most crucial factors is to choose the best payment method from local and international payment gateway company.
If you're here, you might be thinking about how to improve your business operations to keep growing rapidly. Then, one approach is to outsource day-to-day and administrative work, such as accounting for a Hong Kong e-commerce company. We are also good at automating your accounting work in a human-friendly way. Otherwise, read on to evaluate and determine the payment model that best fits your business model.
What is a payment gateway?
A payment gateway is a mode of collecting payments from shoppers with the help of an application service provider. Transactions between your consumers and the online store are being authenticated and authorized. This way your consumers can pay securely and quickly by credit card, debit card or other payment method.
Your payment gateway can be implemented by creating your business account or using a payment service provider.
What is a merchant account?
Merchant accounts are bank accounts that allow companies to make payments online in various ways and deposited after customers complete online transactions.
What is a payment service provider?
Payment service providers are also known as pSp. Whether by credit card, online banking, real-time bank transfer, debit deposit, or other payment methods, it is convenient for merchants to accept payments. In short, they provide customers with a seamless payment process and a stress-free way to link payments to your bank account. pSp can use multiple payment and card networks, helping merchants reduce their reliance on financial institutions to manage transactions.
Which Mac program is most recent?
Apple launched macOS 12.0 Monterey, the most recent version of the operating system, on October 25, 2021. About once a year, Apple releases a new major version. These updates can be found in the Mac App Store for no cost.
Payment gateways' sources of income
Thus, by keeping money held on a distinct customer ID (such as a phone number, email address, etc.) and earning interest on that, payment wallets make money exactly the same manner that payment gateways do with an extra stream of income.
Google, a financial business?
With its own GooglePay and digital wallet solutions, Google soon followed ApplePay to market, but the tech giant has been relatively silent in the finance sector.