Payment processor gateway is an E-Commerce application provider that authorizes credit card payments for online businesses. Ultimately, payment processor gateway facilitates the transfer of information between a payment portal through a website or mobile phone and the acquiring bank. Nowadays, it is common for healthcare companies and medical suppliers to launch E-Commerce websites to better reach consumers with their products and solutions. Payment processor gateway is proven to be a convenient way for business owners to launch their E-Commerce because it can be controlled and automated according to owners’ needs.
What is Payment Processor Gateway and How Does it Work?
Payment processor gateway is a service that automates payment transactions between retailers and customers. It involves a third-party that processes, verifies, and accepts credit card transactions on behalf of the merchant through a secure online environment (What is Payment Processor Gateway).
The process begins when a user submits a payment from a business website, ERP or third party application. With eBay for example, the following are the typical steps that occur in an online transactions:
- A buyer purchases an item on eBay and enters their credit card number in the eBay checkout
- Details about the purchase are sent by the eBay checkout to the payment processor gateway for processing
- The payment gateway forwards transaction information to the seller’s bank
- The seller’s bank forwards the transaction information to the bank that issued the buyer’s credit card to authorize the transaction
- The bank that issued the buyer’s credit card either approves the transaction and sends that information back to the seller’s bank
- The bank will deposit funds in the merchant’s account at a scheduled time
- The payment processor gateway sends transaction details and responds back to eBay
- eBay lets the buyer know if the transaction is approved or declined
Benefits of Payment Processor Gateway
Payment processor gateway offers the following benefits:
SECURE TRANSACTIONS
Payment processor gateway ensures secure online transactions, which means the likelihood of credit card scams and other fraudulent transactions will decrease.
COMES BUNDLED WITH AN EXCELLENT PROGRAM
Payment processor gateway comes with a shopping cart feature, which is a must-have program for online merchants. This allows customers to select online items by clicking them and placing them on a virtual shopping cart. At the check-out, the shopping cart will calculate the total costs of all the selected items plus tax and shipping charges.
ELIMINATE STORE SPACE REQUIRMENT AND OTHER COSTS
An online store with payment processor gateway eliminates the unnecessary costs of hiring staff to work for a brick-and-mortar store.
ERROR-FREE AND FASTER TRANSACTION PROCESSING TIME
Payment processor gateway performs transactions much faster than manually processing a transaction. It assures error-free computations and a much faster processing time. For customers, it means that they no longer have to wait in line.
COMFORT
Customers can purchase items online within the comforts of their own home.
CONVENIENCE
Customers can make purchase around the clock and shop at their convenience, which ultimately increases sales.
WIDER CUSTOMER BASE
Shoppers around the globe can browse the E-Commerce site and shop at ease.
Canadian Healthcare
Canada’s public spending on Health Care has risen significantly over the past decade. With constant advancements in technology, the Health Care system in Canada has expanded both in the rural and urban areas. The significance of Health Care’s share of Canada’s GDP is mainly due to the public awareness of the fundamental importance of investing in the health system. Provincial and territorial governments play a strategic role in applying systematic health policy, funding systems and their management. According to the Canadian Institute of Health Information, the total spending on Health Care in 2014 amounted to $215 Billion or 11% of the GDP, and it is expected to increase to 11.8% of national GDP by 2018.
In fact, health expenditure accounts for about 40% of the provincial and territorial government budgets. Innovation in utilizing medical resources and facilities has improved the patient’s experience throughout the years. The modernization achieved in the Health Care system is attributable to clinical and therapeutic advances, funding initiatives, novel business models, research and development, plus improvements in technology.
E-Commerce for Healthcare Supplies
To stay on top of their game, healthcare equipment suppliers and medical manufacturers launch E-Commerce sites to attract a wider customer base and to save costs in opening locations. In Canada, 10 to 15 percent of the revenues in the healthcare supplier sector come from E-Commerce websites (E-Commerce in Canada).
Healthcare Product Content Management
There are several ways that medical and healthcare suppliers’ requirements differ from other B2B E-Commerce, but one of the main differences is in the variation of content management needs. The amount of product information may vary depending on supplier size and the size of the supplier’s buyer. The product information for a medical supplier with a few hundred SKUs may be significantly richer per product than for suppliers with SKUs in the hundreds of thousands.
Why is Payment Processor Gateway Important to Healthcare E-Commerce?
Secure payment processor gateway between businesses is imperative for any B2B E-Commerce solution. The solution must be able to integrate with multiple payment processor gateway ERP systems and other backend systems to track payments and the movement of goods, and present it in a way that is easy to comprehend.
MONEXgroup & Health Care Services
In partnership with provincial Health Care services and medical professionals, MONEXgroup has offered an exclusive combination of Countertop, Wireless and Online payment processor gateway solutions. MONEXgroup’s superior level of security, reliability and technology has delivered growth opportunities, improved cash flows and better patient experiences for trusted medical professionals. For instance, MONEXgroup has offered targeted Health Care services to Doctors, Physicians, Dentists, Orthodontists, Drug Marts, Health Practitioners, Hospitals and Clinics. The chart below shows the consumption rates (by profession) of Debit and Credit Cards over the past 5 years for medical services in Canada processed through MONEXgroup Merchant Services:
According to MONEXgroup Statistics, the following observation demonstrates the Countertop, Wireless and Online payment processing preferences of Health Care services at a national level.
What are the benefits for medical professionals when partnering with MONEXgroup?
E-Commerce merchants who partner with MONEXgroup will be able to provide an online payment solution that accepts Debit and Credit card payments instantly. Merchants will be able to offer their patients convenience, security and peace of mind when processing transactions. Merchants can add a seamless payment technology to their medical services and enhance their regular appointments with speed of service and efficiency.
When partnering with the number one payment processor in Canada; MONEXgroup will increase your efficiency and quality of service and lower the related costs. Request a Cost Comparison Analysis today.
Author: Lindsey Lu, Marketing Communication Specialist, MONEXgroup
Contact Info: insights@monexgroup.com
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