Your one-stop solution for an international payment gateway
A payment gateway is a service that automates a payment transaction between a merchant and a customer.
It is a system of computerized processes in which processing, verification, acceptance or rejection of credit card transactions takes place online on behalf of an electronic merchant.
The infrastructure of the international payment gateway allows a merchant to accept electronic payments made using bank cards of various banks and countries.
International payment gateways act as intermediaries between buyers and sellers. Payments are safely accepted (using various security punctures) from customers and transferred to the seller’s bank account.
Payment gateways help protect confidential customer information. Customers’ credit card numbers and other account information are encrypted to prevent unauthorized access.
Simply put, payment gateways are the virtual equivalent of a physical POS terminal in a normal business.
Benefits of an international payment gateway:
- Fraud protection. When customers shop online, financial information is not always securely protected. Non-certified e-commerce websites may use customer account data to make unauthorized transactions, which will eventually lead to a loss of money for your business. Therefore, such data is carefully checked before authorization of the transaction.
- Expanded customer base. Payment gateways allow customers around the world to access your business, which leads to a broad expansion of the customer base.
- Integration with the shopping cart. Most often, payment gateway programs include software for integration with the online store’s shopping cart. This allows customers to select products with one click, add them to the cart and complete the purchase at checkout. Product prices, sales tax and shipping costs are calculated without the participation of employees.
- Fast transaction. Manual processing is a tedious process.
- A payment gateway is a faster and more efficient process. Customers can make purchases without spending much time on paying for goods.
- Round-the-clock access for buyers – the payment gateway provides customers with round-the-clock access to your goods and payment for them. Purchases can be made at any time of the day and from anywhere in the world.
- Multiple Currencies – The international payment gateway supports multiple currencies, which simplifies the exchange process. When exchanging, the existing market rates are applied. Payment gateways make international business transactions faster and more cost-effective.
The technology underlying the international payment gateway is a simple four-step process:
- After selecting the desired product/service, the customer enters his bank card details on the payment page; then this information is sent to a secure payment gateway.
- Authentication – after the payment gateway receives this information, it verifies the authenticity of the user, that is, whether he is the owner of the card from which the payment will be made.
- Authorization – the transaction is either authorized or rejected by the issuing bank or the card. An authorization message is sent to the seller.
- Settlement – transaction information is verified by the bank. Then the bank settles with the payment gateway, and the payment gateway settles with the seller.
Why choose us
Wellcoinex, headquartered in London, offers affordable and efficient processing of international payments. Internet business is a business all over the world.
To build a successful e-commerce business, it is extremely important that your business accepts online payments worldwide.
Wellcoinex provides an international payment gateway with full-featured services and a modern payment protection system.
- The functions of our international payment gateway will help you accept payments from different countries in different currencies, as well as other types of payments – through electronic payment systems, MOTO payments, etc.
- We support various bank card options around the world.
- Wellcoinex allows e-merchants to accept online payments from different locations and different payment methods around the world without additional conversion costs.
- Our international payment gateway is reliable and efficient.
If you are an e-commerce company and are looking for a secure and efficient way to accept payments online around the world, Wellcoinex is one of the best solutions. For more information about our international payment gateway services, please contact us.
We work in 51 countries of Europe, including the UK, Russia, Germany, France, Italy, Spain, Ukraine, Poland, Romania, Netherlands, Belgium, Greece, Sweden, Austria, Switzerland, Norway, Ireland.
How Does an International Payment Gateway Work?
The International Payment Gateway is an online payment processing system that allows businesses to accept payments from customers from all over the world.
It facilitates the transfer of funds between buyer and seller, allowing transactions to be carried out safely and efficiently.
Here’s how the international payment gateway works:
- The customer initiates the transaction by entering their payment details on the seller’s website. This may include name, address, and credit card information.
- The payment gateway then encrypts the customer’s payment information and sends it to the payment processor, which verifies the transaction details at the customer’s bank.
- If the transaction is approved, the payment processor sends a confirmation message to the payment gateway, which then transfers the funds to the merchant’s bank account.
- After that, the merchant can access the funds and process the order.
- In some cases, the payment gateway may also provide fraud prevention tools, such as address verification and card authentication, to protect the merchant and customer from fraud.
- The payment gateway may charge a fee for its services, which is usually a percentage of the transaction amount or a fixed fee for each transaction.
- Finally, the seller may need to transfer funds from his bank account to the local currency, which may entail additional fees and exchange rates.
Difference Between International Payment Gateway and Domestic Payment Gateway
When an enterprise is just starting to do international business, it is easy to believe that any payment gateway will allow it to accept payments internationally. However, this is not the case, and in fact there are several differences between an international payment gateway and a domestic one.
International payment gateways allow merchants to accept payments from customers located in different countries, while domestic payment gateways process payments only within the seller’s country.
This means that if an enterprise has an internal payment gateway, it does not have the ability to accept payments from other countries and in other currencies other than its own. In order to accept international payments, an international payment gateway is required.
International payment gateways support multiple currencies, allowing merchants to accept payments in different currencies, while domestic payment gateways only support the local currency of the enterprise.
Payment Methods Accepted
International payment gateways support a wider range of payment methods, such as credit/debit cards, e-wallets, bank transfers and even in some cases cash payments, while domestic payment gateways usually support only a few payment methods popular in the country.
International payment gateways must meet different legal and regulatory requirements in different countries, which can be complex and time-consuming. It is important to make sure that the company complies with all the requirements in each individual country.
Internal payment gateways should only comply with the requirements specific to their own country. It takes less time, and it’s much easier to monitor than what international payment gateways have to comply with.
International payment gateways usually have higher security standards that they must meet due to the risks associated with international transactions, including fraud and currency fluctuations, while domestic payment gateways must meet security standards set by local authorities.
International payment gateways often charge higher fees for processing international transactions due to currency conversion and regulatory compliance costs, while domestic payment gateways may charge lower fees for processing local transactions.
Why a Business Might Need an International Payment Gateway
When it comes to doing business in different countries, at first it can be difficult to understand exactly what is required of you.
However, it is important to remember that any business operating outside of its country needs an international payment gateway for secure and reliable payment processing.
In addition to secure and reliable payment acceptance, some other reasons why a business may need an international payment gateway include:
Access to new markets
Having an international payment gateway, the company can expand its reach of customers in other countries. This can help increase sales and revenue by entering new markets.
Offering international payment options can give an enterprise a competitive advantage over competitors accepting only local payments. This can help attract customers who prefer the convenience of making payments in their own currency and using their preferred payment methods
Increase in sales
International payment gateways can help increase sales by making it easier for customers to make purchases from abroad. This is especially important for companies that sell goods or services over the Internet
The international payment gateway can automatically convert currency, which saves money on currency exchange fees and saves customers from having to pay at exchange rates.
Choosing an International Payment Gateway
Choosing the right international payment gateway is crucial for any business that wants to expand its online sales worldwide. An international payment gateway is a safe and reliable way to process payments from customers located in different countries.
When searching for a payment gateway, it is important to keep in mind some important factors.
Consider the needs of the business, and then take a look at each of these characteristics to determine which international payment gateway is better.
Make sure that the international payment gateway supports the currencies that customers use. The more currencies the payment gateway supports, the easier it will be for you to process payments from customers from different countries.
Payment gateway providers usually charge a fee for each transaction processed. Compare the fees of different payment gateway providers and choose the one who offers competitive rates.
Do not choose only the payment gateway with the lowest commission, as there may be hidden costs or other factors that may ultimately cost the business more in the long run.
Payment Methods Accepted
The selected international payment gateway should support a wide range of payment methods, including credit cards, debit cards and alternative payment methods popular in different countries.
This makes it easier for customers to make sure payments and the convenience of using their preferred payment method.
International payment gateways should be easily integrated into the company’s existing website and store. Before making a decision, make sure that the payment gateway is compatible with what the company already has in order to avoid additional costs.
Make sure that the payment gateway you choose complies with the PCI standard and has reliable security measures to protect customer data and prevent fraud.
The selected payment gateway must have reliable encryption methods and be regularly updated in accordance with the latest security standards.