Online payment is fastest and easy method of payment. Payment Gateway provides connection between website and concerning bank that means payment can be made on website and it will be deposited into bank directly. So online credit card transactions can be completed easily and in real time. It is safe method of credit card transactions because it encrypts the account information and transmit it through secure Internet connection.
How does a payment gateway work?
Payment gateway provides link between website and concerning bank. User first of all submit his credit card information on the site, Payment gateway receives these information and sent it to the concerning bank for verification after that bank replies regarding to the provided information that can be accepted and declined after that payment gateway sends response of the bank to the web-server and user can get appropriate message according to the response on the website so we can say payment gateway is medium of link between user and bank.
Required for a payment gateway
There are 3 requirements of payment gateway process:-
1- A website that has all the features which fulfill requirement of payment gateway like :-Security for issuing account by bank
2- A account from a bank. which can be linked directly to a payment gateway.
3-A payment gateway provider. Payment gateway providers offer the server that links website and Bank Server has all the security system for transaction.
Benefits of payment Gateway
1-Through Payment Gateway Visitors can be stayed on your site during payment process Customers do not need to leave your website, all the required information is available on your website for making payment online.
2-Payment through Payment Gateway is a real time process transactions is done in real time that means receiver can get his payment immediately and customers can get the feedback immediately that his transaction is declined or accepted.
3-Payment Gateway saves time and money.
4-It is a secure and Reliable method for on-line payment