{"id":4973,"date":"2021-11-21T03:25:19","date_gmt":"2021-11-21T03:25:19","guid":{"rendered":"https:\/\/arestos.com\/blog\/ecommerce-payment-gateway-how-to-choose-the-right-solution-in-hong-kong\/"},"modified":"2022-03-23T03:48:02","modified_gmt":"2022-03-23T03:48:02","slug":"ecommerce-payment-gateway-how-to-choose-the-right-solution-in-hong-kong","status":"publish","type":"post","link":"https:\/\/arestos.com\/zh-hk\/blog\/ecommerce-payment-gateway-how-to-choose-the-right-solution-in-hong-kong\/","title":{"rendered":"eCommerce payment gateway: How to choose the right solution in Hong Kong"},"content":{"rendered":"

An easy, safe and quick eCommerce payment gateway<\/strong> is as important as other factors (such as UX\/UI feature<\/a>s) forming a good eCommerce website.<\/p>\n

Moreover, the payment landscape has been changing along with the rising online shopping demand. According to JP Morgan’s research<\/a>, credit cards and digital wallets are becoming the preferred payment methods in Hong Kong. In 2019, Nearly 50 percent of online purchases were paid by credit cards in Hong Kong. And this figure is rising.<\/p>\n

Thus, it is essential to choose the right eCommerce payment gateway to cope up with the ever-changing trend and ensure a competitive customer experience for Hong Kong merchants.<\/p>\n

What is an eCommerce payment gateway?<\/strong><\/h2>\n

An eCommerce payment gateway is a software application or a service that processes credit cards and other sorts of payments for eCommerce businesses. It functions as same as a POS device does for a brick-and-mortar store.<\/p>\n

The eCommerce payment gateway will encrypt payment information to ensure that credit cards and other payment instruments are protected. It transfers the encrypted data from eCommerce website\/application\/mobile devices to the payment processors\/banks and back.<\/p>\n

The flow of how an eCommerce Payment Gateway works is below:<\/strong><\/p>\n

    \n
  1. Online shopper<\/strong> presses a \u201cPurchase\u201d button and fills in the necessary fields to pass the transaction data. The data is encrypted and transferred to the merchant\u2019s web server via an SSL connection.<\/li>\n
  2. Merchant and eCommerce payment gateway<\/strong> After receiving the transaction data, a merchant passes it to the eCommerce payment gateway via another encrypted SSL channel.<\/li>\n
  3. The eCommerce payment gateway<\/strong> forwards the information to the appropriate payment processor.<\/li>\n
  4. The payment processor<\/strong> passes the transaction to a card network (Visa, Mastercard, American Express, etc.).<\/li>\n
  5. The card network <\/strong>verifies the transaction data and passes it to the issuer bank (the bank that produced the cardholder\u2019s credit\/debit card).<\/li>\n
  6. Issuer bank<\/strong> accepts or denies the authorization request. In response, a bank sends a code back to the payment processor, which contains the transaction status or error details.<\/li>\n
  7. Payment gateway<\/strong>. Transaction status is returned to the payment gateway, then passed to the website.<\/li>\n
  8. Customer and issuing bank<\/strong>. A customer receives a message with the transaction status (accepted or denied) via a payment system interface.<\/li>\n
  9. Issuer bank<\/strong>. Within a couple of days (generally the next day), the funds are transferred to the merchant\u2019s account. The transaction is performed by the issuing bank to the acquiring bank.<\/li>\n<\/ol>\n

    Choose an eCommerce payment gateway for your store<\/h2>\n

    Now, it’s time to find out how to choose the right eCommerce<\/p>\n

    It took a lot of effort to get customers to click the “Buy” button, it should be easy for them to complete the payment in no time. Thus, it is crucial to integrate the right eCommerce payment gateway.<\/p>\n

    So, how to choose the right eCommerce payment gateway in Hong Kong?<\/p>\n

    Let’s explore the 6 key factors which should be considered to choose an eCommerce payment gateway<\/strong>:<\/p>\n