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After the emergence and runway success of many e-commerce sites, the importance of online payment gateway came to the fore. Now, businesses and customers are more aware than ever before of their role and the responsibilities that they perform. Payment gateway service providers are a major cog of the e-commerce environment as without an efficient service from them, no e-commerce firm can prosper satisfactorily, no matter however well the products or services may be. Therefore, in this context, businesses to understand their functioning so that making selection for payment gateway services can be easy. Hence, in the following sections, we take a look at how they perform. ...
Customers visit the site – The cycle starts as soon as a customer visits an e-commerce site and starts searching for a product or service. It is immaterial which type of product is selected by a customer because in the end, a payment has to be made and that has to be processed by the business. All major e-commerce sites possess white-label payment gateways which means that they use a standard payment gateway of a third party service and that makes it easy for payment realization.
They select a product or service – Selecting a product or service is the next step that customers follow after going through the listings on an e-commerce site. Online payment gateway services ensure that customers can easily make use of a variety of payment mediums. These can be e-wallets, UPI, various payment apps and websites like Paytm, Mobikwik, etc., credit or debit cards, and net banking. By using them, customers can settle payment and checkout from the service.
Businesses receive the payment – After customers settle payment through their favorite mean, an internet payment gateway receives the payment and checks for all the authentications needed for the process so that there is no scope for any fraud. They have to make sure that a transaction stays safe and secure for all the stakeholders. When every check has been done satisfactorily by the provider, payment is realized in its nodal bank. The bulk of the transaction can be deemed to be completed at this stage as only making the onward payment to the business remains and that is fully completed after the fourth stage.
The payment is settled – When an online payment gateway receives the payment from a customer for the business with all the fulfilled authentication and checks, it then goes ahead with the final part of the transaction. The payment gateway finally makes the payment to the business which is their internal process and customers are not related to it in any way. However, this process is also electronically controlled by the gateway provider so that there is no hassle on either part.
Hence, we can see that payment gateways provide a large degree of comfort to online businesses so that all these steps are performed within a few seconds and businesses can always stay assured of their service. Moreover, the best part is that businesses can stay focused on their core areas without delving too much on the transaction process that can help in delivering their best for the customers.