Which Payment Gateway in Thailand is more effective for Your Business?

The payment gateway is the technology that captures and transfers payment data from the consumer to the merchant. If you’re an online merchant, it’s important to understand how payment data flows through the payment gateway.

Online payments process

Before we go too deep into the definition of a payment gateway, it’s important to identify the key players in online payments.

The merchant is a business that offers a product or service to customers. The customer is a cardholder, person who wants to access the products or services that the merchant is selling, and initiates the transaction.

The bank that issues the credit or debit card is called the issuing bank. The financial institution which maintains the merchant’s bank account is called the acquiring bank. The merchant’s transactions are passed from the acquiring bank to the issuing bank.

Payment gateway – what is it?

The merchant gateway is an authorized application for a specific transaction type that comes between the merchant and the acquirer. It validates customer card details, ensures funds are available, and enables merchants to get paid through the payment service provider (PSP). It is a third-party organization that manages all credit card transactions. It is responsible for collecting and analyzing information regarding customers’ credit card transaction history.

In other words, the payment gateway functions as a secure pathway between your customer and the merchant. Through this secure gateway, merchants can easily accept online payments for their products and services.

While online payment gateways simplify how merchants integrate the necessary software, they also help ensure secure and quick transactions. Online payment gateways can make it much easier for merchants to accept online payments by allowing them to reduce their costs and provide better customer service.

Why should you have a payment gateway?

You probably want to know why you need a payment gateway if it’s just a middleman. Here’s a quick explanation: Payments, like credit cards, are processed in real time using a payment gateway. The merchant doesn’t swipe the customer’s card through an ATM; instead, it processes the transaction in real time using a payment gateway.

If you are a merchant accepting card-not-present transactions, you know the risk is higher. Merchants should use the payment gateway to reduce the fraud with an industry-leading fraud detection system.

The payment gateway is the key to processing online payments and securing customers’ data. It’s a highly sensitive component of an e-commerce platform, and it’s where you should put all your security precautions to keep fraudsters out and your payment transactions legitimate.

Now that you have got the good understanding how it all works, let’s take a look at payment gateway in Thailand that are useful.

Five handpicked gateways for success in 2021

#1 PaySolutions is a payment processor that allows you to integrate online payment services into your e-commerce store. It supports a wide range of popular platforms, including Magento, WordPress, Shopify, and VirtueMart. You can create payment buttons for anyone you like as well as set up loyalty programs with it. It also offers a number of tools for e-commerce site operators.

#2 Ksher is a leading online and offline payment service provider in Thailand. The company provides a simple and convenient payment gateway for online merchants via LinkPay. Unlike most payment gateways, you don’t have to have a website to use LinkPay, so it’s ideal for merchants who sell mainly via social media.

#3 PayOpPayOp is a global payment provider with over 170 countries across the globe under its umbrella. Its main services include a wide range of payment methods.

#4 Siam Pay is Thailand’s leading online payment processing company offering a wide range of payment services. It also provides risk management software and can integrate with online merchant aggregators for credit card processing and other services.

#5 2Checkout is one of the most popular global e-commerce payment platforms. The company provides payment processing services across countries and allows businesses to get a payment gateway anywhere globally, including Thailand. The platform offers local payment options and supports transactions with different payment modes. It also supports various currencies including Thai Baht, US Dollars, British Pounds, Euros, and Indian Rupees.

Wrapping up

On this list of the best payment processors in Thailand, you will find reliable payment solutions for doing business both in Thailand and abroad. When choosing the best payment gateway in Thailand, you should also consider certain factors during the decision-making process. Just because a company is famous does not mean its always the best choice. Try to consider individual business needs and needs of specific customers, so your business can achieve optimal flexibility in negotiating payment terms with them.