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What is a Payment Gateway and how it works?
05 June, 2010 11:00 AM
Payment Gateway is another tool of convenience invented for those who have shortage of time. It enables electronic transactions of money between customers, banks and businesses. This process is a must for all online businesses and shopping carts. Following are the features of a Payment Gateway:
Specialized fraud detection tools can be added to a payment gateway in order to ensure safety. Many web hosting companies provide payment gateways within their packages.
All the operations of Payment Gateway are carried out with the help of Internet. Many brick and mortar businesses also make use of them as they are quicker and more reliable means of payment.
Following are the steps involved in the working of the payment gateway:
Thus Payment Gateway is a complicated process but is efficiently and swiftly carried out. Its incorporation in the business transactions has widened the scope of businesses. Also, it enables the businesses to conduct trade smoothly with clients all over the world.