A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payments processing for e-businesses, online retailers.
The payment gateway may be provided by a bank to its customers, but can be provided by a specialised financial service provider as a separate service, such as a payment service provider.
A payment gateway facilitates a payment transaction by the transfer of information between a payment portal (such as a website, mobile phone or interactive voice response service) and the front end processor or acquiring bank.
- Online payment gateways give the merchant the ability to sell round o clock. Users can view the products, add to cart and complete the checkout process by making the payments through credit cards, debit cards and net banking accounts.
- Payment gateway service ensures secure transactions sent over the Internet. The information, which is sent across to interfaces are encrypted.
- Payment gateway service performs online payment transactions much faster than manual processing. For buyers, it means that they no longer have to bear long lines at the counter for the payments. They can complete the entire online transaction process with a few clicks of a mouse.
- Shoppers can purchase items with just a few mouse clicks and also can pay via Payment gateway with their net banking or credit cards. Even a child, with the supervision of a mature adult, can perform online shopping and enjoy the experience.