A payment gateway is an online payment service that, when integrated with an e-commerce platform, is designed as a conduit for making and receiving payments.
The payment process involves the customer asking for some information, such as credit/debit card number, expiration date, and CVV. You can find more about the best recurly payment gateway via https://www.cashicash.com/products/product-billing-payments/.
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What role do payment gateways play?
The main task of an online payment gateway is to approve the transaction process between the merchant and the customer. It plays an important role in online transaction processing, enabling transactions between merchants and customers.
This helps the eCommerce platform complicate its existence with easy payments to offer its customers. Payment gateway services can be provided directly by the bank or by a payment service provider authorized by the bank.
How do payment gateways work?
Once the online payment gateway is up and running, it follows the payment processing procedures every time. This happens when a customer orders a service/product from a merchant with an enabled payment gateway.
From filling in card data to making a payment, which is finally sent to the merchant account and billed, the payment gateway goes through various steps:
In the world of online product sales and e-commerce, a gateway that provides extras might be really beneficial. Advertising add-ons can help your business and website grow more quickly. When looking for the best online payment gateway, having these additions can make a tremendous impact.
Of course, you want a payment gateway that takes a variety of payment kinds and payment alternatives, as this will most likely help you grow the volume and amount of your sales, as well as earn you more money in the short and long run.