Payment Gateway for eCommerce
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I am sure you know what exactly a payment gateway is and its use in your daily life. If you are unaware of something like a payment gateway, you are surely going to know exactly after reading this article.
Let’s begin with the basics introduction of a payment gateway. In simple words, the payment gateway is a merchant service provided by the same source which provides an e-commerce application.
What is the e-Commerce Payment Gateway?
An e-commerce payment gateway is a service that authorizes the credit card, debit card or direct payments for an online business, e-business or retail shop.
96{e68b7490c33b031e176c2bf33b49addad56d24bced82f0be9f22b910d6b7f66c} of Americans know the basics of a payment gateway as there are about 224 million people who shop online. So everyone knows how to use it. The question arises why is there a need for a payment gateway?
How does the Payment Gateway system work?
Here arises a question. What happens between a customer entering his data and credit card number online at one end and the business getting paid on the other? How is the transaction processed? Well, all this credit goes to the payment gateway.
The payment gateway provides a medium for the credit card payment processing and gives the facility of moving the customer data directly to the gateway and handling all the purchasing tasks at both ends, which only know the payment is done.
Why use a Payment Gateway for Business?
For beginners, a payment gateway provides four basic services. First is the control of tricky tasks of online purchasing. The second one is the service for the encryption of the credit card payment sensitive information.
Then a gateway also provides certain standards of online data security. Last but not the least, it provides safe transactions between the customers and business management.
Now we move towards a customer’s point of view. On this end, the customer finds it very feasible to go on a website, select his desired product, and add it to cart, enter his name or credit card number, tap ok and get the product of his will.
This is so much convenient than going to different stores and selecting a product and then waiting for your turn to pay our bill, standing in a row and at the end moving back to your place.
This provides a customer with a time-saving purchasing facility. Then it removes the headache of visiting the stores for the products and spending a lot of time, money (in fuel or transport) and energy.
To get rid of these problems, one can use simply a payment gateway and get his required product on his doorsteps and the payment is done.
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