Payment Gateway:

A payment gateway is an online payment service that is designed to make and receive payments when it is coupled with an e-commerce platform.

The consumer must fill in some information, such as credit/debit card number, expiration date, and CVV, in order to receive payments.

Following that, the consumer makes a payment, which is subsequently transferred from the buyer’s account to the merchant’s account.

What is the Role of a Payment Gateway:

  1. The main role of an online payment gateway is to approve the transaction process between merchant and customer.
  2. It plays a vital role in the online transaction process and authorizes transactions between merchants and customers.
  3. It helps the e-commerce platform aggravate its existence with ease of payments to offer to its customers.
  4. Besides, it also leads to the e-commerce platform gaining rapport for leading to not only quick and secure payments but also convenience and success with the same every time.
  5. A payment gateway service can be provided by banks directly or a payment service provider authorised by a bank.
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