How to integrate any payment gateway to your streaming platform?

In earlier days people used to buy products by making payment in form of cash and then they used credit cards or debit cards to swipe it on point of sales(POS) to buy product from physical store .Later many people started ordering products online and they made payments using their cards ,netbanking or through other payment options as these are possible due to payment gateways which act as bridge between customer, merchant and bank

Payment gateway is a software that acts as a connection between a device(website or app) and payment processor (bank). As the app cannot come in direct contact with the bank because of some security restriction. Payment gateway is responsible for processing of payments online ,as it encrypt payment information and personal data of the customer to ensure secure transaction of money with high security .If a business accepts online payment via app or website ,integrating payment gateway is the best choice

Processing of online payment through payment gateway

For making payment online for the products that the customer wants to order ,initially customer after choosing the product,service or subscription ,clicks the pay now option , enter the card details in website or app(merchant)Payment gateway encrypts these payment information and personal data of the customer and forwards it to the payment processor of acquiring bank .The acquiring bank send request to card payment systems such as visa or master cards where it is checks whether there is sufficient balance for the transaction ,after evaluation card payment system send response to acquiring bank where it is approved .The bank directly connect with the merchant to authorize the request where money is transferred from customer account to merchant online bank account and merchant get the money received to its original account from its online bank account after two or three days

Selecting payment gateway

Choosing the right payment gateway is also important as there are two types :hosted payment gateways and integrated payment gateways . Hosted payment gateways are a platform for a group of payment networks where customers upload the information . Hosted payment gateways are responsible for safe and secure transactions of data and money .The biggest disadvantage is that it is not preferred in many countries and it is very slow as it affects customer experience. Integrated payment gateways are connected to your services through an application programming interface .Gateways make a direct payment directly to your store or account as at is smooth payment process as it is not redirected outside your website .These payment gateways are also mobile friendly .The website must take care of majority of security and website must be slightly tuned in order to support feature payment gateway .

Types of merchant account

When it comes to merchant bank accounts there are two types :Dedicated merchant account and aggregate merchant . Initially, money are stored in merchant online account and after approval it is sent to actual merchant bank account ,Merchant can open merchant account in any bank and integrate with payment gateway supported by bank ,or other way credit card payment gateway like paypal or stripe for creating merchant account . Dedicated merchant accounts are used for businesses as they give complete control over money flow as they are processing charges depending on sales volume . the more your sales are, the less the fees . Money is transferred faster within 3 days . These accounts are expensive and take more time to set up because of many security checks .
Aggregate bank accounts are cheaper and used for many businesses . Money are transferred slowly as it takes upto 7 days .these account does not give full control over the money

Choosing a payment gateway for the website or app requires good research . Selecting payment gateway which is suitable for the business and safe and secure gateway for the customer to make transactions very easily .Some of the payment gateway are paypal,stripe and braintree.So to know more about other features of video streaming platform visit website