A payment gateway or pay gateways act as a direct link between the end user, either an individual or business customers, merchants and service providers. Payment gateways provide a common interface that can be used to pay third parties and the user can review the payments received.
There are different types of payment gateways that help users process their payments more conveniently and securely. A payment gateway offers various services such as receiving and making payments from a merchant’s point of sale. It also helps the users to process transactions using a credit card, debit card, or electronic fund transfer.
A payment gateway can be used to handle all credit and debit card payments to and from the user’s online store. It also handles the processing of electronic fund transfers using credit or debit cards.
E-commerce payment gateway has the function of making it easy for online shoppers to make payments without being concerned about security, making their transaction private or trusting the seller. It acts as an intermediary that is designed to take care of all aspects of payments including payment processing, credit card details, processing of various payments, and storing the data about each transaction.
Electronic money is another type of online payment systems. With the help of electronic money it is possible to buy or sell goods without having to store them in physical shops or using physical money.
Virtual money is electronic mediums of payment that helps the user to make payments or money transfers without having to deal with multiple forms of money. These mediums are also known as electronic check or electronic wire transfer.
Electronic checks are a type of credit or debit card that is issued electronically by banks. These are used for the same functions as credit cards.
Electronic money such as electronic checks that are available online from banks that are used to make payment to the buyer or seller. These are also called electronic checks.
Electronic money is sometimes referred to as electronic checks because the users will use an Internet terminal to make a payment. The buyer will send an electronic money order to the bank and then use the Internet terminal to complete the transaction.
Payment gateways helps the users to have a system of securely paying third parties or merchants. These third parties will process payment by making their money in the form of credit card, debit card or electronic fund transfer.
A good idea to know before using payment gateways is to read through the terms and conditions as they will guide the users in how to make the best use of the service. It is also necessary to read through the user manual or FAQs that can answer any questions that users may have.
If you are new to the world of online shopping or e-commerce and still don’t know what payment gateways are, don’t worry. Payment gateways, as mentioned, play a very important role in e-commerce, so if you don’t understand what this is and what it does, don’t fret as it is here to stay and help all internet users.