What is payment gateway?
- Now days online payments become a vital part of our daily lives. We are not only transacting electronically via debit or credit cards but also through various other modes such as UPI, net-banking and wallets.
- "You need both a payment gateway (to accept the payment details and connect to the payment networks) and a merchant account (to receive the funds) to make credit or debit card payments via your website."
- Online payment is an essential feature offered by every e-commerce platform in the world.
- Online payments are simple, easy and convenient. They allow you to buy products and services from all over the world.
- If you are a seller, you can sell anything using internet connection to anyone in the world. You don't even need a device for your customer; a smartphone is appropriate.
- An online payment gateway (PG) is a vital path that connects your bank account to the platform where you need to transfer your money.
- A PG is a program/software that allows you to make an online transaction by various payment methods, such as net banking, credit card, debit card, UPI, or the many online wallets available these days.
- A PG plays the role of a third party that securely transfers your money from your bank account to the merchant’s payment portal.
- To explain this in simpler terms, at the time of buying a product from a popular digital platform like Flipkart, when you make the payment for the product, a payment gateway helps you in the process by transferring your money from your bank account or wallet to Flipkart.
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ReplyDeleteThank you for sharing this great article on e-commerce payment gateways. The collaboration between e-commerce and fintech is truly the next level of digitalization in the online shopping arena. However, having a secure payment gateway in e-commerce applications is one of the most crucial things. Before choosing any e-commerce development service provider, ensure they prioritize all the essential aspects of a payment gateway, like strong security, boosting user confidence, and streamlining the entire purchasing process for both businesses and their customers.
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