Payment

Introduction to Odoo Payment Gateway

Like any other eCommerce platform, Odoo also needs payment gateways to process payments. But how to choose the Odoo payment gateway? And which Odoo payment method should I choose are some of the most common questions in a seller’s mind.

Hence, to help you make the right choice, we will discuss Odoo payment methods and how they will help.

What is Odoo Payment Gateway?

Payment Gateways are the intermediary between the website and customers for transferring payments. These gateways ease quick and safe payment in Odoo to improve customer experience. A payment gateway allows merchants to accept card payments from customers.

Odoo Payment gateway is not limited to a few. Instead, you can integrate tens of payment gateway into your Odoo and use them according to your need. Further, you can install many Odoo payment methods on a single Odoo instance.

Odoo Payment apps offer the following benefits:

• They provide a seamless and swift checkout experience from a customer’s perspective. A payment gateway offers these features and makes online shopping effortless.
• Customer buying behavior is derived from impulse. It means customers sometimes buy things in a motivated state. These types of purchases sum up around 40% of all online purchases. Hence, having a swift and effortless payment option will increase sales.
• You can integrate them to the shopping cart, for faster payment processing, offering options, fraud management, etc.
• They offer robust security standards like PCI DSS, etc. for secure transactions.

How a Payment Gateway Works?

Payment gateways are the base of digital payment processing systems. The payment processor sends customer details to the merchant account, which ends when the payment is accepted or rejected.

Payment gateways are evolving with the advancement in technology. They are upgrading to offer advanced and quick processing and security updates to make it securer.

The payment gateway works in this order:

• The customer enters the details which go to the gateway.
• The cardholder data is then encrypted and sent to the payment processor.
• Then it routes the details via the card network to the customer’s card issuing bank for clearance.
• Approval or denial of the card issuing bank is then processed to the gateway.
• The payment processor alerts the parties of the payment's success and failure.

What is Merchant Account in a Payment Gateway?

To use any payment gateway, a website owner or businessman must create an account on the payment processing platform. After that, they need to configure it with their website to receive payments via the gateway. Merchant account is a mediator between customers and business owners for payment processing. The gateway transfers funds to the merchant account from the customer account when they pay for their purchase.

The processed payment is finally moved to the businessman's bank account.

The merchant account offers various benefits to the merchant, which are:

• Merchant accounts hold all the customer payments and send them to the account in one deposit. It aids payment processing.
• Funds or money kept in a merchant account helps lower uncertainty about transactions like customer returns.
• Also, a merchant account carries out fraud checks where appropriate. You can flag suspicious and questionable payments before reaching the bank account.

Why Choose Odoo Payment Extensions?

You are using Odoo and can only install the Odoo Payment extensions that are made compatible (coded to do so). These extensions add a new payment method to your Odoo. It authorizes you to receive payments via the secure channel provided by them. And to the owner’s bank account.

Also, the Odoo payment extensions offer more features based on the implemented Odoo payment methods.

Check out Webkul's Odoo Payment Apps

As described earlier, payment gateways are Odoo Payment methods to receive payments. At Webkul, we have tens of payment acquirers and gateways. It includes PayPal, Stripe, Braintree, WorldPay, PayU, 2Checkout, Mangopay, Paytm, Afterpay, Tamara, and many more.

The great thing about Odoo is that you can integrate many Odoo payment apps into a single Odoo. Also, you can make them available for different countries (according to the configuration).

Why Webkul for Odoo Payment Extensions?

Webkul is an Odoo Ready Partner offering Odoo development, migration, and consultation services. Also, we serve enterprise and community clients. We are offering Odoo services for more than 12 years. We have a dedicated Odoo professional team that serves over 1500 clients globally. Further, we offer more than 650 Odoo apps including around 50 Odoo Payment apps. This helps us to meet their various business requirements.

We are one of the top 3 development companies on the Odoo Apps Store. Our team delivers quality extensions like Odoo payment extensions, multichannel connectors, marketplace, shipping, etc.

We offer solutions for different businesses. Additionally, we have a range of Odoo 14, 15, and 16 modules to help your business grow. It includes modules like Odoo SaaS Kit, Odoo Hotel Management System, Odoo Project Advance Team Management, etc.