Business article: Payment Gateway

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Want to open an online store and sell out products and services? Then the first and basic thing you require is a gateway to accept payments online. These days, many websites do run online shopping modules with the support of various gateways available worldwide. These gateways work as intermediates between customer and merchant and help them by making secure transaction.

A payment gateway is an e-commerce service provider that authorizes payments for e-businesses, online retailers. Whenever a purchaser or a consumer buys a product from payment gateway enabled merchant, the payment gateway comes into action and performs certain tasks to process the transaction.

This gateway automates the deal between the customer and merchant and is usually a third-party service that is actually a system processes, verifies, and accepts or declines credit card transactions on behalf of the merchant through secured Internet connections. This gateway is a network that allows a merchant to accept credit card and other forms of electronic payments. These gateways are really secured to take care of whole transaction being done online. When referring to these gateways used for Internet transactions, it may also be called an IP payment gateway.

In IVR i.e. Interactive Voice Response Service customer enters the credit card details on phone using automated phone answering service. In case of order via website, browser encrypts the information which passes between the browser and webserver using SSL encryption. Cybersource, Verisign, Paypal and Authorize are some of the popular payment gateway service provider allowing merchants to accept credit card and through their website over an Internet Protocol connection.

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