Payment gateway is a service that should be designed and developed on your ecommerce site to help with the online billing process. It basically consists of a built-in billing processor that enables the collection of credit or debit card information and its transmission through the Internet. An online payment gateway system is similar to that of a credit card processing terminal. It is basically a software application that enhances the functionality of a credit card company, thus allowing your customers to make online payments through your site.
There are essentially 2 types of payment gateway systems:
There are essentially 2 types of payment gateway systems:
- The secure form order is the most widely used system. It helps by directing the client to the third party website for processing the credit card information into an individual merchant account.
- The merchant-side application program interface is another system. Here, a code will be integrated onto the server that hosts the merchant ecommerce site.
- Online payment gateways make it easier to accept online payments done through credit or debit cards.
- It reduces the geo-location obstacle. Now, clients that are located anywhere in the world can also make payment in no time at all. You will be able to accept payments from anywhere in the world.
- Your customers will now be able to make payments in a faster and more comfortable manner.
Your customers will immediately be notified about any acceptance or failure of payments. This keeps the payment process highly transparent. - An online payment gateway is a 100% safe and secure way of making transactions. You can even offer a money back guarantee to customers who wish to return a product.
- It reduces the human resource and infrastructure costs.
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