In today’s digital economy, payment processing is essential for financial businesses, especially as e-commerce and mobile transactions continue to grow. By integrating electronic payments, companies can appeal to a broader range of customers who prefer to pay with credit or debit cards or other digital payment methods, resulting in higher customer satisfaction and loyalty.
Looking to launch a financial product or take your payment acceptance business to the next level? Read this article to learn about the features and benefits of Mastercard Payment Gateway Services for payment acceptance businesses.
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The increasing importance of payment processing for fintech businesses
Payment processing is critical for financial companies in today’s digital economy. According to Statista, total digital transaction value is expected to show an annual growth rate (CAGR 2023-2027) of 11.80% resulting in a projected total amount of US$14.78tn by 2027. With the rise of e-commerce and mobile transactions, there is a need to provide customers with convenient and secure payment options. But how do you find a secure and reliable platform that can accept payments with ease?
Mastercard MPGS provides a number of features and functionalities that allows merchants to accept online payments and effectively manage offline POS transactions. Its flexible integration options help businesses improve their payment processing capabilities and provide customers with a seamless payment experience. So let us take a look at the details of this payment gateway solution.
Overview of Mastercard MPGS: What is it?
Mastercard Payment Gateway Services is a payment processing platform that enables businesses to securely accept and process electronic payments. The system is designed to meet the needs of businesses of all sizes and is available in over 150 countries worldwide.
MPGS is suitable for both online and offline payments
Mastercard MPGS serves both digital and physical payment processing platforms.
For online payments, MPGS enables businesses to integrate payment processing into their websites and mobile applications. Customers can pay securely using a variety of payment methods, and businesses can manage their payment transactions through MPGS’s online portal.
For offline payments, MPGS offers solutions for point-of-sale (POS) and mobile payments. Businesses can accept payments through card terminals, mobile devices or other payment hardware, and payments are processed securely through the MPGS platform. It also supports recurring payments, where businesses can set up automatic payments for subscription-based services or regular bill payments.
Mastercard Payment Gateway Services features and functionality
Mastercard MPGS offers businesses a powerful set of features for securely accepting online payments. Here are some of the key functionalities that MPGS offers:
Multiple payment types
MPGS supports a wide range of payment methods, including credit and debit cards, e-wallets, bank transfers and more. This allows businesses to target customers with different payment preferences and increase their revenue potential.
APIs
MPGS offers APIs that businesses can use to integrate payment processing into their websites or mobile apps. The APIs allow for flexible customization and configuration, allowing businesses to tailor payment processing to their unique needs.
Tokenization
MPGS uses tokenization technology to protect customer payment data. When a customer makes a payment, their payment data is replaced with a unique token that cannot be used for fraudulent transactions. This significantly reduces the risk of payment fraud and increases the security of the payment process.
Fraud detection
MPGS includes advanced fraud detection and prevention measures to help organizations detect and prevent fraudulent transactions. These include real-time payment data monitoring and analysis, as well as machine learning algorithms that can identify and flag suspicious transactions.
As a result, Mastercard MPGS offers a comprehensive set of capabilities and features that enable businesses to securely accept online payments. With APIs, tokenization, fraud detection and multiple payment methods, MPGS provides businesses with the tools they need to offer their customers a seamless payment experience while minimizing payment risks.
The PoS capabilities of Mastercard MPGS
Mastercard MPGS offers businesses a range of advanced Point-of-Sale (PoS) capabilities for card acceptance, terminal management and transaction processing. Find below some of the key features and functionalities of MPGS for PoS.
Card acceptance
MPGS supports a wide range of card types, including Mastercard, Visa, American Express and other major payment networks. This allows businesses to accept payments from a wide range of customers.
Terminal management
MPGS provides businesses with a comprehensive terminal system that allows them to easily manage their payment terminals. This includes features such as terminal setup and configuration, software updates and maintenance.
Transaction processing
MPGS enables businesses to process transactions securely and in real time. This includes authorizing transactions, capturing payment details and settling transactions with the appropriate payment networks.
Customization and branding
Mastercard MPGS allows businesses to customize their payment experience, including branding, user interface and receipt design, to align with their brand identity and create a consistent customer experience at their offline PoS locations.
With card acceptance, terminal management and transaction processing, MPGS provides businesses with a powerful toolset to manage their PoS operations and improve the payment experience for their customers.
Benefits of MPGS for payment processing companies
By using Mastercard Payment Gateway Services (MPGS) to accept online payments, businesses can benefit from a variety of advantages, including the ones listed below.
Enhanced security
Mastercard MPGS offers robust security features, including tokenization, encryption and fraud detection that help protect businesses and their customers from payment fraud and data breaches in the online payment space.
The company uses EMV 3D Secure 2.0 to prevent CNP fraud in digital payments. Mastercard also uses strong customer authentication (SCA), which requires customers to provide two forms of identification when shopping online.
In addition, with the MPGS partnership, you have access to the tools needed to reduce fraud and comply with regulations set by the Payment Card Industry Security Standards Council PCI-DSS.
They also help Saudi Arabia merchants meet Saudi Payments requirements to process all domestic transactions through the domestic payment network.
Global acceptance
As part of Mastercard Payment Gateway Services, your company can offer global payment acceptance with over +170 currencies and +30 payment methods. For example, a business based in the United States can use MPGS to accept payments from customers in Europe, Asia, Africa, or any other region where Mastercard is accepted.
This is possible because MPGS supports multiple currencies and languages and is designed to work seamlessly across different regions and payment networks. This allows companies using MPGS to expand their customer base and increase their revenue potential by entering new markets and reaching customers around the world.
Seamless integration
MPGS offers a variety of integration options that make it easy for businesses to incorporate the payment gateway into their websites or mobile apps. One of the most popular integration options is APIs, which allow businesses to customize their checkout process and securely collect and transfer payment data between their website and the MPGS platform.
Another integration option is the use of SDKs, which are pre-built software components that businesses can use to quickly integrate MPGS into their mobile applications. The SDKs provide a simple turnkey solution for businesses that want to accept mobile payments without having to develop their own custom payment processing solutions.
Consequently, MPGS helps businesses streamline the checkout process for customers, which can lead to improved conversion rates. It creates a seamless and convenient checkout experience that can help improve customer satisfaction and increase sales.
Multiple payment methods
Mastercard MPGS supports various payment methods, including credit cards, debit cards: Mastercard, Visa, American Express and Discover.
The company supports acceptance of alternative payment methods such as bank transfers, prepaid cards, and cashless payments, giving businesses flexibility in accepting payments and catering to different customer preferences.
MPGS also supports the acceptance of digital wallet payments, including Apple Pay, Google Pay and Samsung Pay.
Reporting and analytics
Mastercard MPGS offers comprehensive reporting and analytics tools that provide businesses with insights into transaction data, customer behavior and other key metrics, enabling them to make data-driven decisions, optimize their payment processing and improve their online payment acceptance strategies.
Whether you need to view a specific transaction or analyze trends across your entire portfolio, you have instant access to real-time transaction data from any channel.
Reports can be accessed via online portals, flexible reporting APIs or file transfers, providing convenient and customizable options for data analysis. As a business owner, you can set up end-of-day reports and manage employee access to the payment reporting tool via the PCI -compliant dashboard.
Conclusion
Mastercard Payment Gateway Services provides a reliable and secure platform for businesses to accept electronic payments from their customers. Whether you are a small business owner or a large enterprise, MPGS can help you streamline your payment acceptance process, enhance security transactions, and provide multiple payment options.
For finance companies looking to start their own payment processing business, it offers a number of benefits by enabling efficient management of both online payment acceptance and offline Point of Sale (POS) transactions.
Mastercard MPGS is a secure solution for fintech companies looking to improve their payment processing capabilities and stay ahead of the competition.
FAQ
What is MPGS?
MPGS stands for Mastercard Payment Gateway Services. It is a payment gateway solution by Mastercard that offers a comprehensive set of features and functionality for secure online and offline payment acceptance. It provides businesses with the tools they need to offer their customers a seamless payment experience while minimizing payment risks.
What payment methods are supported by MPGS?
MPGS supports a wide range of payment methods, including credit and debit cards, e-wallets, bank transfers and more. This allows businesses to cater to customers with different payment preferences and increase their revenue potential.
What security features does MPGS offer?
Mastercard MPGS offers robust security features, including tokenization, encryption and fraud detection, that help protect businesses and their customers from payment fraud and data breaches in the online payment space. It also uses EMV 3D Secure 2.0 to prevent CNP fraud in digital payments and leverages strong customer authentication (SCA), which requires customers to provide two forms of identification when shopping online.
What POS functions does MPGS offer?
MPGS offers businesses a range of advanced Point-of-Sale (POS) capabilities for card acceptance, terminal management and transaction processing. This includes the support for a variety of card types, the provision of a comprehensive terminal management system, secure real-time transaction processing, and the ability for businesses to customize their POS payment experience.
What benefits can businesses enjoy by using MPGS?
By using Mastercard Payment Gateway Services (MPGS) for online and offline payment acceptance, businesses can enjoy a variety of benefits, including:
- enhanced security
- access to a range of payment methods
- increased revenue potential,
- a powerful set of tools to effectively manage their payment operations.
In addition, MPGS helps businesses reduce fraud and comply with regulations set by the Payment Card Industry Security Standards Council PCI-DSS.
