Payment Gateway
What is Payment Gateway ?
A payment gateway is an online payments’ service that, when integrated with the e-commerce platform, is devised as the channel to make and receive payments.
The procedure to receive payments includes the customer requiring to fill in some details, like credit/debit card number, expiry date, and CVV.
Post this, the customer proceeds to make a payment, which then, gets transferred from the buyer’s account to the seller’s (merchant’s) account.
What is the Role of a Payment Gateway?
The main role of an online payment gateway is to approve the transaction process between merchant and customer.
It plays a vital role in the online transaction process and authorizes transactions between merchants and customers.
It helps the e-commerce platform aggravate its existence with ease of payments to offer to its customers.
Besides, it also leads to the e-commerce platform gaining rapport for leading to not only quick and secure payments but also convenience and success with the same every time.
A payment gateway service can be provided by banks directly or a payment service provider authorized by a bank.