What is Payment Gateway:
A payment gateway is an online payments service that, when integrated with the e-commerce platform, is devised as the channel to make and receive payments.
The procedure to receive payments includes the customer requiring to fill in some details, like credit/debit card number, expiry date, and CVV. Post this, the customer proceeds to make a payment, which then, gets transferred from the buyer's account to the seller's (merchant's) account.
Benefits of payment gateway:
Gone are the days when, a payment gateway was used to be a tool for transferring money, now a payment gateway can do a lot more than that, want to know? Here is a glimpse:
2.Fraud and risk management
3.Pcl DSS wallet
4.API tools for easy integration