How Did E-Payment Gateways Pull The Rug Out Of Credit Cards
Development is the method of the universe and financial transactions as well. The old man searched for easy permanent means of payment. He left barter goods system, and used banknotes. Then he left them to bank accounts and checks and to credit cards.
All of the above are multiple images of the financial evolution seen by man and his ages. He is now in the midst of a new development which facilitated his financial transactions and helped him to change its image and expand its circle to a full extent … E-Payment Gateways.
The e-payment gateway is the most advanced way in the world of financial transactions, especially electronic ones. It is a broad gateway to all transactions made online, and the basic rule for all ways of e-commerce through the internet.
Without e-payment gateways, people can not make money remotely. Unlike the existing e-payment forms, payment gateways not only provide a way to transfer or receive money, but also secure, protect, document them, and encrypt all their steps.
The idea of e-payment gateways simplifies financial transactions for customers. So they can make any purchases or sales without having to carry banknotes or show credit cards. Customers only link their account to the payment gateway, and they will terminate all transactions.
Credit cards are a popular payment method. It is used to pay off money through the provider of this card, which is often a bank. Credit card mechanism is that the bank will pay money for the customer, but first the customer should pay the agreed amount with additional fees dues to benefit from the service. Credit cards took advantage of technological development, and launched their own e-cards used for online trading. This development was faced with many problems as follows:
1- Permanent Need For Spending
The ease of purchasing without the need for sufficient balance has led people to become addicted to shopping and falling into a huge amount of debt. As mentioned before, the debt repayment process is not only due to the amount due, but some expensive fees are imposed which make the payment process very difficult.
2- Falling In The Risk Of Fraud
Despite the development of electronic security in the world, the cases of fraud and theft of financial identities are still increasing. The risk of theft of credit cards by hand, fraudulent e-methods and number theft is now common and uncontrolled.
Some people agree to credit card terms without having to read them completely. This is due to the length of the agreed terms, in addition to their complexity, making their understanding process very difficult.These conditions may be a subject to many legal issues if they do not make good use of cards without knowledge. They may also make them subject to many of the financial fees charged with their prior consent.
4- Difficulty Controlling Your Financial Transactions
With credit cards you have freedom to withdraw and spend money, but when the time comes to repay, this freedom is taken away from you. You are surprised by the huge amount of money you have spent without warning or attention. The problem is that it is difficult to track your financial transactions by using credit cards. It is so vague that you think you are still safe until you see for yourself how much debt you owe.
5- Fiscal Fees
When dealing with credit cards, you agree to pay a lot of expensive financial fees for each transaction you do, which is other than the fees you pay when you pay your debts. You do not pay one type of fee, but two fees on business transactions and fees To borrow money in advance from the bank.
Retail stores and e-shops differ in their preferences for credit cards. You can either deal with an online store or shop on the ground and find that they do not accept your card. So you always need to carry banknotes for fear of falling into this dilemma.All these flaws created the need for a more secure way to control financial transactions, more smoothly to track them, and found the electronic payment portals.
Electronic payment gateways are not only an intermediary between e- financial transactions, but also an intermediary between the advantages of different payment methods.
Let me make it simpler for you, like other innovative inventions. The payment gateways have benefited from the advantages of the means that preceded them, and they have harnessed them to themselves, and added them to their own touch. They also avoided the mistakes of other means and avoided them by providing all possible means of protection. We see payment gateways offering replacement features as it was in the barter system. We also see them making bank deposit services like checks. They also transfer money, exchange money manually, and conduct e- transactions more smoothly than credit cards alone. Not only did these e-payment gateways, but they also provided customers with many other features that made them control all e-commerce.
Payment gateways, or all e- financial transactions, regulate financial transactions through a range of payment methods, including credit cards.The various forms of electronic payment services are:1) Using credit cards2) Using electronic currency as the BITCOIN3) Using electronic bank cards4) Using central bank cards5) Using direct payment methods by conventional methods by interviewing a delegateAll of these ways are some of which are old-fashioned, such as the direct payment, or an innovator such as the BITCOIN , are all located under the umbrella of a university means of payment gates. Through it the customer can choose any payment method that suits him with a double support for security, and ensure greater speed of service.Electronic payments through payment gateways are as follows:• A customer would like to buy a product from an electronic or retail store that operates a sophisticated system.• The buyer pays the product fee through the payment gateway used by the store.• The payment gateway checks the integrity of the communication process and does not attempt fraud or theft.• After checking this step, the payment gateway sends the information to the bank to confirm the user’s data and its alleged balance.• After confirming the balance in the personal consumer account, the provider of money cards synchronized with the payment portals confirm this step.• The bank withdraws the outstanding balance from the customer’s account, and additional verification of personal fraud or data theft.• The bank will confirm the process of the e- payment gateway.• The payment gateway confirms the process to the shop.• The store confirms the termination of the transaction to the customer.All these complex and safe steps are done through the payment portals in a very short time and do not require any effort.(Image Source)
Payment Gateways work according to an advanced system of protection and security unlike other methods. Their protection is done in a way that makes it difficult to exploit or expose the user to theft and fraud.
All payment portals comply with PCI DSS standards, which include: building and maintaining a secure network to protect customer data, maintaining the confidentiality of user data and information, constantly monitoring access to avoid breaches, implementing robust user protection measures, encrypting and documenting data. No one can know ongoing operations.
E-payment services offer an additional feature to protect against fraud, which is to use biometric sensors such as fingerprints to confirm transactions. This feature protects many users from thefts caused by password and personal data disclosure.
As mentioned earlier, a credit card may have some problems with limited use, but with payment gateways you will never have this problem. Besides providing safe and smooth ways to end financial transactions, you also have an abundance of payment options that are right for you.
With e-payment gateways you will not be fooled by the nature of your money. There are a lot of payment solutions that track, document and inform your transactions step-by-step. A mobile app like SADAD Payment Solutions provides customers with financial tracking, billing tracking, and billing, unpaid, due, and late billing. A short visit to the app will tell you where to spend your money and how?
With payment services you don’t need to queue in front of ATMs, or in the supermarket lines. All you need to do is to end the financial transactions through a payment gateway from your place, without having to carry money or show credit cards. Only with small button presses the transaction will be done immediately.
You cannot have a website to sell products electronically without having your own payment gateway. Without them, transactions will not be made on your platform, and purchases. Sales will not be coordinated.
According to the Bank rate, more than two-thirds of consumers have less than 50 days, and this is in line with the continuing decline in the number of people with cash in their possession. As a result, the growing trend in the use of electronic banking and the sales of e-commerce are increasing.
In addition to the various payment methods offered by e-payment services, they also provide greater convenience in the currencies traded. You can trade in international currencies such as dollars. You can also allow your customers to trade in local currency.
Applying such as payment, for example, is carried out in accordance with the Qatari Riyal, which is profitable for its clients and helps them avoid exposure to currency exchange.
All of these advantages have enabled the payment solutions services to outperform their competitors, pulling the rug out of them. All that is required is to take advantage of their current shortcomings and avoid them. Exploit their advantages and develop them. If you also want to have the advantages of payment portals, all you have to do is to download SADAD Payment Solution for Android here, or IOS here.