E-commerce payment gateways are only used by customers to pay for their goods and services but from companies, but you will be pleased to know that this e-commerce payment gateway can also improve your business.
Definition of Payment Gateways: –
Payment gateways are referred to as e-commerce applications that combine secure internet connections to process, verify, accept or reject credit, debit or direct payment methods on behalf of e-commerce sellers. A Payment Gateway 'help your business with e-commerce' online transactions.
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To have the safest payment mode between buyers and sellers, e-commerce payment gateways use encrypted information such as credit or debit card numbers.
All online transactions can be done from anywhere in the world, so to check and confirm whether the right cardholder places an order and pays a certain otps sent.
How does the payment gateway system work?
The best way to describe it through the following steps, you can understand the complicated work procedures of the payment gateway system as explained below: –
Step1: -A client places an order on any website by clicking the button called Buy Now or Send Order.
Step 2: -Information information is sent by the client's web browser to the seller's website server through secure socket layer encryption.
Step 3: -Here are the steps to explain it adequately
A. All transaction information is sent to the payment gateway by e-commerce sellers.
b. The e-commerce payment gateway then forwards the details about the transaction to the payment model used by the e-commerce owner's bank.