Payment Gateway means an eCommerce application service provider that provides payment for e-business or online shopping. The payment gateway will be integrated into the merchant’s website to transmit data to credit or debit card.The payment gateway will communicate with banks and card schemas about the data they provide and whether it is matched or not.
With the help of payment gateway customers can purchase through credit card or debit card and it also protects the secure information such as credit card number etc..
Some of the terms related to payment gateway are:
- Web services
- Payment process.
ECommerce means buying and selling products or services through internet. ECommerce helps the customers to buy a product from the place where they are.
A web service includes web design and development.The web service is platform independent. To access web services we need API, i.e. Application Program Interface.
Payment process means a transaction of money from user or customer to business associates. Here there are two accounts, namely:
- Merchant account.
- Business account.
PAYMENT GATEWAY PROCESS:
After the user places the order it is sent to the merchant’s server in an encipher format.Then the transaction details are forwarded to the payment gateway system and these transaction details are passed to the merchant’s bank by the payment gateway system. Then the merchant acquiring bank sends the transaction information to the bank that issues the credit card to the customer. The Response back will be sent to the payment gateway for the credit card issued bank. The response will again be enciphered and send back to the customer. This process takes only less than 5 minutes.
PAYMENTS GATEWAY’S IN INDIA:
- Cc Avenue
- Axis bank
- HDFC bank.
OTHER GLOBAL PAYMENT GATEWAYS ARE:
- World pay
PAYMENT GATEWAY IN US:
- Cyber source
- Link point
- QuickBooks Merchant Services.
PAYMENT GATEWAY ADVANTAGES:
- Less fraudulent
- Money will be deposited in the merchant’s bank account automatically.