Cyprus Debit Card Growth Means An Online Payment Gateway is Essential For All Transactions

25 Jun 2019

Cyprus Debit Card Growth Means An Online Payment Gateway is Essential For All Transactions
Cyprus Debit Card Growth Means An Online Payment Gateway is Essential For All Transactions
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The frictionless payment experience – provided by credit card gateway services for the quickest and easiest customer transactions. The methods and processes of merchant payment services are fast evolving and many small business may struggle to keep up with the names of the new technologies. Even established, basic terms such as, the difference between a merchant account and a payment gateway account.

By the end of 2017, cashless payments by card accounted for more than half (55.3 per cent ) of customer transactions in Europe, up from 52.2 percent the previous year (Payment Card Yearbooks Statistical Report, 2018/19).
 
With POS Terminals increasing by 7.29 per cent 2016-17, the Payment Cards Report also reveals that payments per capita per year rose by 14.8 per cent and total debit card numbers grew by 23.7 million to 709.4 million, up by 3.5 per cent. Cyprus - alongside Turkey, Greece, Latvia and Poland - showed higher than average debit card growth, accounting for 39.3 million cashless transactions in 2017.
 

Payment technologies changing faster than ever

 
For some business owners, changes in digital payment technologies seem to be happening faster than ever and some may start to feel they are being left behind. Many will have a merchant account but the rapidly changing landscape of ecommerce now requires the need for a payment gateway account. So what is the difference and why do merchants now need to have an online payment gateway?
 
A straightforward merchant account is simply a type of bank account that lets a business accept multiple forms of payment, including credit cards and debit cards. However, a credit card payment gateway allows customers to submit payment information online, and is indispensable to the ecommerce environment. With the spread of contactless card payments fast becoming the transaction standard, it is almost unthinkable that some businesses are still unable to accept basic card payments online.
 

Near-universal smartphone culture

 
A payment gateway enables an online transaction to be processed via a secure hosted payment form on a website or through an integrated shopping cart. Once a customer submits their order, the encrypted payment is directed to the payment gateway. From here, to the payment processor through the credit card network and then finally, the customer’s credit card issuer for authorisation. Payment completed  instantly.
 
In today’s near-universal smartphone culture, the use of a payment gateway can be used by merchants of all types. Crucially, every business, especially a retailer, can now easily and securely enter and authorise credit or debit card payments from a mobile.
 
 
Are you a small business owner looking to sell online?
Or a large enterprise wanting to streamline their payment process?
 
Find out how an online payment gateway will transform your customer transactions
Get in touch with GAP Card Processing today