One of the online payment services methods that are very popular among business organizations is the payment gateway method. Another best thing that you will know about the payment gateway is that it can be integrated or combined with the e-commerce platform, which in turn helps in making and receiving the payments very easily. Now, it is an obvious thing that people these days are more interested in making digital sort of payments and seldom do people pay cash. So, when there is a POS taking place or a credit card processing that takes place, then they will have to give some details like credit or debit card number, CVV, and expiry date.
Role of Payment Gateway –
After these details are given, the customer proceeds to make the payments and then the payment gets transferred from the buyer’s account to the seller’s account. Now, let’s look at some of the roles of payment gateway. One of the major roles that the online payment gateway plays is to affirm or confirm or approve the transaction process between the consumer and the merchant. So, the authorization part is done with the help of the payment gateway. Plus, one thing you will note is that with the help of the payment gateway, the e-commerce platform can heighten its existence and this method also eases the payments methods that are offered to the consumers.
PG is Very Useful –
The payment gateway method is very useful and an essential part of the e-commerce process. It not only helps to secure the payment between the consumer and the merchants but also provides a lot of convenience and ease of making the payments. Plus, the most important of all is making a successful payment, which is possible only with the help of payment gateway services. Payment gateway service is provided by banks directly or it is authorized by the banks.
Payment Gateway Working Method –
Now, let’s look at some of the key points as to how does the payment gateway work. In simple words, the payment gateway tracks or follows a process in which the setup of payments is done every time. So, this will take place mainly when any consumer will approach for any service or product and make an order especially with the merchant that is having gateway enabled method of taking payment. Whenever any consumer chooses any product or service and reaches the counter or the online platform of choosing in the cart and giving payment.
He/she has to fill in the card details after which the payment flows into the account of the merchant and then the setting and then it passes through various steps which also includes one of the main that is authorization by the banks.
Strong Encryption –
Apart from that, there are many codes that get exchanged when the card method of payment is done and is into processing. Plus, with the help of strong encryption that is there in the process of making the payment or when the payment flows from buyers to sellers account, the encryption is there due to which it is impossible for the payments to flow into wrong channels.