Sunday, August 26, 2018

Payment Gateway Providers

What is a Payment gateway ?

A payment gateway is a service provided by an e-commerce website to collect payments from its customers through credit, debit cards or other internet banking options. A payment gateway plays an important role in e-commerce transactions authorizing payment between merchant and consumer
A good payment gateway is very essential for an e-commerce website. A payment gateway helps in building the trust of an e-commerce website. So before choosing a payment gateway you need to do a little bit research about it. Otherwise you might tend to lose your hard earned money.

It's very necessary to setup your payment gateway properly because improper configuration may lead to payment drops and due to this you may loose lots of customers. Ultimately this might lead to a significant downfall in the sales of your e-commerce website. So choosing a genuine and trustworthy payment gateway is very important.

The list of some of the best payment gateways are as follows:


2) PayPal

3) 2Checkout

4) Skrill

5) Stripe

6) Amazon payments

7) CCAvenue

8) Intamozo

7) PayTm

8) Payu

9) CitrusPay

10) EBS

Things to be kept in mind before choosing a payment gateway for your business:

a)  The service charge of the gateway provider.

b) Do you need to have a merchant account for the gateway chosen.

c) Gateway's security and fraud policies.

d) Time taken for fund settlement.

e) Quality customer support.

f) Technical integration facility.

Now let me share with you how does a payment gateway work?

a) A customer clicks on submit order.

b) Then the order is transferred to the payment gateway by the merchant.

c) Transaction is then routed to the issuing bank for the transaction authentication. Here the customer needs to choose his preferred payment option and authenticate the transaction by providing the correct card or internet banking details.

d) If the transaction goes through successfully the payment gateway sends a message to the merchant. The bank transfers the money to the payment gateway and finally the gateway transfers the money to the merchant.

This was a simple and basic structure of how a payment gateway work. Hope this helps you out.

Kindly share your comments below.

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