The payment process has always been a part of human’s history through the centuries. It started in the form of bartering or trade that it goes back as far as 6000 B.C. as one the first tools to acquire one kind of commodity in return for another. With the emergence and development of civilizations metal coins came into picture as it had a standard value at the time, then followed by the banknote type instrument that started China in the 7th century. Since then, the payment using paper money kept the economic system running, until the appearance of the credit card in the 50’s, when Bank of America launched the BankAmericard in Fresno, California, which would become the first successful recognizably modern credit card. Ever since, the use of this non–physical tool became the easiest way to pay for one’s purchases. This wasn’t enough with the rise of online shopping that became possible when the internet was opened to the public in 1991, and online payment became a necessity so that customers would purchase products and services right from their devices. In order for the purchase to happen these online stores needed a technical service to interact with so that the transaction could occur, and here where payment gateways came into action.

Payment gateways are PSP’s (payment service providers) software that forms the core of online payment now, so let’s dive deeper and explain how this process works.
We must first take a look at the key players in online payments, which are:

Now that we’ve seen how the process works, you may question the importance of payment gateways, do you actually need it? What is it doing besides linking the customer and the merchant?

Well as you probably thought, payment gateways don’t only represent the middle man in a transaction, in addition to that it ensures the safety of both sides data by encrypting informations before passing them along, resulting in a fraudless system. Furthermore, the payment gateways help improve the workflow by avoiding the risk of insufficient funds, fake and expired cards or closed accounts.

Well, you’ve read the right article. Mvault Pay is a part of Mvault, brought to you by Big M Solutions. The new born horizontal SaaS (Software as a Service) product, an all-in-one Platform supported in 42 countries, that helps Business Owners, Marketers and Developers launch personalized software quicker, reduce complexity and save thousands of dollars with no compromise to the design or functionality by implementing numerous functionalities. Mvault pay as its names refers is an online payment gateway, the app not only provides you the security, safety and all of the advantages mentioned earlier.

What Mvault Pay brings new to the game is the Multiple/Split payment option which is already built in the system, it allows dividing single and full amount of payment in two or more simultaneous transactions made by different payment methods. For instance, a new solution for single payment (when any part of the single payment is rejected, the entire order is rejected and must be completed by the shopper with a new payment method). Likewise for Down payment, Mvault Pay makes it possible to pay a partial initial payment for one’s purchases.

Another problem often faced by other payment gateways competitors is regarding every transaction as a charge, Mvault pay offer you an easiest way to manage your payment by using two different ways; charge on its own and so on for transaction. By using charge, you can create only a charge, otherwise if you use transaction you can create one or multiple charges.

On top of that, Mvault Pay is an all-in-one App, where you can connect & collect, track your payouts & refunds, stay updated by printing your daily report, and get instant information about your reader.