Payment Gateway Services In India 2021 - Indsys Technologies

What Is Payment Gateway?

A payment gateway is a medium to collect online payments for any business form their website or app.

In other words, a payment gateway is a bridge between bank and the platform. Payment Gateway connect your bank account to that platform where you want to transfer your money.

Payment Gateway act as a third party that transfer money from your bank account to the merchant portal.

Online payment can be done through using debit card, credit card, net banking and other alternative methods.

Online payment enables customer to buy products and services from entire world.

How Payment Gateway Works?

These are some simple steps that shows how a payment gateway work:

Step 1: A customer places an order and then hit the submit or its equivalent button on the website.

Step 2: After that website take the customer to a payment gateway to fill all relevant information regarding bank or card they use to pay.

Step 3: Then payment gateway takes the customer to the page of bank for the authorization of transaction.

Step 4: After getting approval for the transaction, bank then check whether customer has sufficient balance to make purchase or not.

Step 5: If “No”, then the merchant sends an error message to the customer, saying- issue with the bank account or card.

Step 6: If “Yes”, then the merchant accepts the transaction from the bank.

Step 7: The bank settles the transaction with the payment gateway, then settles the payment with the merchant.

Step 8: After successful completion of process, customer gets a confirmation message of the order being placed.

Importance of Payment Gateway for Online Business

Accept All payment Method: Being a mediator between merchant and customer, it accepts debit/credit card and all other alternative method to process payment done by customer.

Lessens Credit Card Fraud: Payment Gateway minimize the credit card fraud during making online transaction with high security.

Secured Customer Data: Payment Gateway keeps its customer data secured while make purchase. Hence, increases trust of safety which lead to grow online business.

Easy Installation and Maintenance: Installing payment gateway is not a rocket science. It is fully automated and also does not required regular maintenance. Just create an account and activate the software.

Faster transactions: Being a faster transaction payment medium, it saves lots of time of merchants and customers.

Benefits of Having Payment Gateway for Online Business

Implementing payment gateway on your website or app can ultimately increase the growth of business.

Easy Checkout: Giving easy checkout experience to the customer, it makes online shopping as easy as possible.

Security: Payment Gateway process transactions with security standards like PCI DSS, etc. to feel safe during online purchase.

Flexibility: Payment Gateway enables customer to complete their transaction whatever device they are using like desktop, laptop, smartphone or tablet.

Globally Expansion: Payment Gateway enables businesses to accept payment from all over the world and expand their business globally.

Full Control: Merchants have full control on the entire making purchase online. If anything goes wrong, he has the full control to immediately react on it.