With the advancement of technologies, online payments have become an integral part of our daily lives where we have access to multitudes of options like debit or credit cards, UPI, Net banking, wallets, and many more. All these online payment portals are made possible today because of payment gateways and e-commerce payment gateway integration services.
Now, you might be wondering –
- What is a Payment Gateway?
Some of you might’ve heard about payment gateway before, but those who are not familiar with the term, let me tell you – a payment gateway is a solution that helps e-commerce sites transfer the information regarding an online transaction between a payment portal and the front-end processor such as a bank. Currently, its biggest integration exists in the e-commerce sector to make online payments safe, swift, and convenient.
- What is the Role of a Payment Gateway?
Today, payment gateways are the utmost priority for online stores to take care of all the transactions online. Its primary role is to support the transaction between you and your customers. By using special encryption and verification technology, it carries out payments and ensures the legitimate transactions are securely transmitted to the processor. Without a payment gateway’s approval, the transaction can’t proceed and complete, making it a safe solution.
- How does a Payment Gateway Work?
A payment gateway secures the sensitive transaction-related information given by the customer throughout the entire process. It starts with customers placing an order from an online store and filling his transaction details. The information is encrypted by the web browser and sent to the vendor’s web server. The transaction data is transferred to the payment processor used by the vendor’s acquiring banks and then further sent to the consumer’s bank. The bank views the payment request and approves or denies it. Once the gateway gets the response, payment is transmitted to the website to process.
- Why Businesses Need a Payment Gateway?
If you run an e-commerce website, processing payments online is a key feature that you must offer to your customers. There’s no other way to accept transactions online without a payment gateway. It can help you to lessen the frequency and severity of credit card fraud within e-commerce business, allowing merchants to safely process online payments. Also, payment gateways allow merchants to control and customize their checkout page which is a huge advantage for them.
Online shopping is all about providing easy-to-use, safe, and user-friendly payment options at your e-commerce store. It has become the need of today’s consumer where every e-commerce store should consider integrating multiple online payment gateways to increase their sales.
- How to Integrate a Payment Gateway?
It is expected that transaction values for e-commerce are set to reach US$ 5,411,354 by the end of 2022. By integrating the right payment gateway, you can allow your customers to easily pay for your products. For this, you need to set criteria to evaluate and choose payment gateway integration services for your e-commerce store. From transparency and consistency to costs and transaction fees, you need to consider every single aspect before integrating a payment gateway into your online store.
To get safe and convenient e-commerce Payment Gateway Solutions, feel free to get in touch with our experts today.
Summary: In order to make online payments possible, an e-commerce store needs to integrate a payment gateway. But what is this payment gateway? Let’s find out in this vital piece of writing.