Online Payment Gateways
Payment Gateways is referred to an e-commerce system , processor or channel by which merchants can sales, manage, get automatic reports and get products selling money on their bank account and consumer can buy products from an online favorite and essential products store after adding into their account shopping cart through a secure and user friendly webpage API (Application programming interface) .
In other words online payment gateways can be defined as “A payment gateway is an e-commerce application service provider service that authorizes credit card payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar”
Since day by days , physical shopping systems are converting into online or virtual storage and products can be easily sold and bought with help of high speed internet and online banking and debit – credit cards facilities.
Basic Function of payment Gateways:
- Consumer (With debit cards or account online bank)
- Online Storage (Webpage with secure and user friendly API)
- Gateways (Which will be integrated on the online storage page)
- Payment processor (For confirmation of sailing and price deduction from consumer account)
- Bank ( of merchant who is the owner of the store ) and
- Merchant
Working process of payment gate or whole online shopping system can be represented by below diagram .
For getting visual concept about Payment gateways from youtube video will help us to know the key structures of online shopping store.
In the next article we will learn about the classification or type of online payment gateways.
**Next Article:Types of Payment gateways channel based on the processor
There are many aspects that go into business and e-commerce online and one of the most important is choosing the best Online Payments gateway or processor.
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