Card Payments
Card payments cover payment methods that typically use a card issued by a financial institution and linked to a cardholder's bank account. The cards usually have a card number, expiry date, and Card Verification Value (CVV) code for making transactions. They are a traditional payment option for many consumers and widely accepted worldwide; in fact, they are the most common payment method in many countries.
Card payments are highly regulated with built-in security features, including EMV (Europay, Mastercard, and Visa) chips and PIN codes. Online card payments often require a CVV code for added security.
To make an online card payment, the payer typically provides the card details manually. The payment is processed through the card network, such as Mastercard or Visa, and the payer may need to enter a PIN for security.
The Mastercard Gateway supports the following card payment types:
When using card payments, you can also offer your payers additional services:
- Dynamic Currency Conversion (DCC) - You can get real-time rate quotes from a DCC provider to show your payers their purchase price in their preferred currency.
- Payment plans - You can offer your payers predefined payments plans from a card issuer or third-party provider to allow them to pay off their entire purchase amount in installments.
To process card payments, merchants typically must pay fees to the payment networks and financial institutions. To cover the cost of accepting card payments, the gateway allows you to apply a surcharge on a card transaction.