Accepting online payments is as easy as flipping channels on Television. Thanks to the plethora of online payment gateways. However, it could be quite complicated to find the right payment gateway for your restaurant business. With a perfect gateway, you don’t have to worry about anything. It might take some time, and therefore, here we have come up with some narrowed options for you. Let’s see how someone can get the best payment gateway for your restaurant business.
How payment gateways work
If you are seeing this post, you are probably in need of a gateway. Before going any further, let’s understand how it works and why you need it. In a nutshell, payment gateway allows a store to safely request payments from clients. Whenever clients “order,” a payment gateway handles all the next steps.
Here’s what a Payment gateway does:
Verifies customer’s billing info
Verifies funds for payment method
Approve requests and assigns confirmation number.
Most importantly, it gets you paid for your services or products
Modern or Classic: Choice is yours
Payment gateways have evolved in a better way in the last couple of years.
There was no way to get funds without a merchant account. Every payment gateways needed that earlier. Store owners had to apply for a merchant account through a bank which allows receipt directly for credit card payments. Without this, no payment gateway would have sent money to your account. Though, there are lots of payment gateways that don’t need a merchant account. These gateways move funds directly from your customers’ credit cards or bank accounts, verify, and then put them right in your account.
So, we decided to divide into two categories: modern payment gateways which don’t need a merchant account and the other one which requires an account.
Easy to set up: Modern payment gateways:
The most significant advantage of this type of gateways is that you will not require to switch bank accounts or anything else more complicated to setup things. Also, you can integrate such gateways with your website quickly.
Though there are two negative impacts
Modern gateways usually impose higher per-transaction fees than traditional gateways.
Almost all of these gateways give customers off-site to make a payment, which can decrease conversion rate for some stores.
Classic payment gateways: More Hassle but less charges
Classic gateways are the most used payment system. Authorize.Net and WorldPay are examples of such gateways.
After comparing classic payment gateways and modern gateways, you’ll find classic ones are more complicated to use. They need more time for setting up things. Also, you will need a merchant account for integration.
If you are opting for a classic gateway, make sure that you have a merchant bank account. If you don’t have the bank account, it might take 4 to 6 weeks to get one.
As its mentioned above, classic gateways often charge you less per-transaction fee as compared to the modern gateways. So, it’s worth considering how much you’ll pay in the long run, and if a little hassle is worth more than the gateway fees.
So, What’s the Solution?
You can choose the classic payment gateways with the lower hassle and Merchant Account as the best payment gateway for your restaurant business. Or Jazzpay can be the solution here, as they provide merchant account and payment gateway both. JazzPay is not as famous as PayPal or authorize.net, but they are growing constantly. In the last few weeks, they have grown their client’s to 100k. Their services are secure, fast, and reliable. Also, they charge very little in comparison to others. In simple words, they are Modern gateway providers with charges as classic gateways.
I hope you liked this article. Will see you soon in the next one.