We can all agree payment processing is no small feat. Getting paid isn’t as simple as getting handed a crisp $20 bill and putting it in your pocket to spend later. In fact, dozens of steps come between initiating a transaction and getting paid.
Here’s what usually happens:
- You initiate a transaction on your operating system to get paid via a member’s credit card.
- The transaction information is channeled through the Internet to a third-party gateway (think PayPal or Stripe).
- The gateway transfers the transaction to a third-party credit card processor.
- From there, the processor shuttles the payment information to the appropriate credit card network, who then presents the transaction request to the card issuing bank.
- At this stage, the transaction is approved or declined, then the information is shuttled all the way back to your operating system, so you know what to expect.
- If the transaction is approved, the money is deposited into the merchant bank (your bank) at regular intervals (between 3-7 days, depending on your processing system).
Here’s where we come in:
With Gains as your all-in-one payments partner, they key is in Steps 2 and 3. Rather than using separate outside partners to manage your gateway and processor, Gains offers one integrated platform to take care of both.
By minimizing the number of players involved in getting your payment fulfilled, you benefit from:
- Increased Security – With fewer parties privy to sensitive credit card information, there’s less chance of a data breach.
- Reduced Fees – Every hand that touches your payment gets a piece of the pie. Spend less on fees by employing one partner as your gateway and payment processor.
- Easier Support – Reduce the likelihood of technological interruptions with fewer companies involved in your payment processing. When interruptions do occur, you’ll know exactly who to contact (us!) to handle any issue.
- Improved Functionality – Our integrated gateway and processor give access to a proactive card account updater and next-day funding, so you can count on getting paid faster and with more certainty.