Functions of payment gateways
We divide the functions of payment payment gateway international gateways into core enterprise management functions and value-added functions. The core technical functions mainly include the payment system functions for the final user and the acquiring service for the merchants; the value-added functions include various support functions provided to support a relatively complete business.
The payment function is the core of the payment gateway. Payment functions include the types and quantities of supported banks, credit card institutions, and third-party payments, as well as technical indicators such as payment success rate, payment processing speed, and system stability. The larger the payment gateway, the wider the coverage of banks and third-party payments, the more reliable the technology, the higher the fees, and the more limited support for small local banks.
Due to legal regulations and banking business requirements, merchants need to open a special bank account at the acquiring bank if they want to receive payment through electronic payment methods: merchant account. Payment gateways provide merchants with acquiring services, reducing the huge cost of negotiation between merchants and banks, account application, and communication between the two parties when problems arise.
The differences of payment gateways are also reflected in the types of value-added functions, such as pre-authorization, refund, payment cancellation, batch payment, regular automatic payment, dynamic currency exchange, multi-currency pricing, reporting, query, etc.
For the core payment functions, we recommend that you choose based on your business and user experience:
If it is a local enterprise business, it is best to choose a small and medium-sized company-sized payment gateway with a reputable Chinese brand that is more friendly to students in the development of local bank loan business, or even only provides the most popular local third-party mobile payment. . Of course, if the selected small payment gateway is not good enough for the technical support of international economic business, when the market business expands in the future, the payment gateway may become a social restriction factor. We often see examples in projects where customers need to change payment gateways in time for this reason. Therefore, in the early code structure design, teaching design and isolation should be done in advance, and it is best to prepare for this.
If the business or users involve foreign countries, it is necessary to understand the payment habits of users in different countries and regions, and provide localized payment methods. At this point, we recommend that you choose a payment gateway that packages mainstream third-party payments in each region so that they can be integrated and applied multiple times. We first help customers integrate Paypal through the world payment project and keep the extension interface in the advanced code design. Later, when the business expansion needed to support Alipay and WeChat, there were only some configuration changes, and only a small amount of development and testing work was launched, saving a lot of work such as business negotiation, technical research, and integration testing.