Payment software is an application and an interface between the customer bank account and the seller’s website. It securely processes debit or credit card transactions for online payments. Nowadays, cybercrime has become evident, and thus online businesses should process all their payment transactions reliably and securely.

What do you mean by payment software?

Online shopping has become convenient for us due to the facility of payment software and the heavy-duty they are doing behind. In payment software, the customer has to enter their details, like card number, name, expiry date of the card, and the CVV code. After submitting that information, it will directly move to the payment gateway. This online transmission occurs within the secured network like Secure Sockets Layer (SSL) or Transport Layer Security (TLS).

When the Payment Software for Hotel or any other business receives these details, it will encrypt them and send the required data to the upcoming chain link, which is the merchant processor. Finally, the transaction will get rejected or approved by the selected bank. If the bank approves the transaction, the customer will go back to the payment gateway and finally to the website.

Different varieties of payment gateway software

There are primarily two kinds of payment software which are:

• Platform-based payment software

With platform-dependent software, a merchant can directly sell and receive payment from the server.

• Hosted payment software

It is another alternative for a payment platform that you have to use on a server somewhere else. Within this network, a client who will click on the payment button will reach another website where they have to put their payment details. When the payment process gets completed, it will get redirected back to the seller’s website.

Advantages of Payment Software

People are also using Payment Software for Hotel due to their increasing popularity and security. Apart from the benefits of receiving and transmitting data, payment software also includes other advantages like:

• Virtual Terminal

A virtual terminal is the cyber version of the physical store terminal. The customers cannot enter their card details and complete the online transaction without this interface. The sellers can also use a virtual terminal for setting up payment gateways for tablets and mobile phones. You can also use a virtual terminal in a physical location by connecting a small card reader through a USB cable to the PC or laptop.

• Payment data storage

Storage of payment data is one of the best services that eCommerce business owners offer to their sellers. This feature of payment software enables the customer to go directly to the payment gateway page without entering their details. The customers can also save multiple card details on particular payment software of a single website and select any one while making a purchase. The software can also store multiple addresses. These details are highly encrypted and separately stored on an eCommerce website.

• Tokenization and encryption

Since cybercrime has become one of the biggest concerns for online transactions today, payment software offers the facility of tokenizing and encrypting the information. These processes make the information highly secure so that no one can misuse the data when it is in the wrong hands.

• PCI Compliant

Since the Payment Software for Hotel is present on a different server, which the eCommerce website uses, the seller does not have to worry about the compliance of the networks with the PCI (Payment Card Industry) protocols.

• Global Payments

Payment software offers multi-language and currency functionality with the gateways. However, the business owners might have to pay additional fees as per the software provider rules.

• Multiple payment form

Payment software generally accepts multiple forms like Visa, Discover, American Express, and Mastercard. Some software even includes other less common gateways like JCB or PayPal.

• Customization

Payment software offers multiple APIs (Application Program Interfaces). These supplemental packages help the sellers to personalize a particular payment gateway.

• Customer Service

Payment software providing companies usually offer all-time customer service to their clients. Before selecting any specific company, you need to research about them, their products, and the service to their clients.