Role of payment system and payment processors in an ecommerce
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Q)Role of payment system and payment processors in an ecommerce
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A payment gateway is simply a software application. It's basically a conduit between an eCommerce website and the bank that authorizes (or declines) a customer's credit card payment. ... Without it you won't be able to securely charge your customers when they purchase items from your website.
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Payment gateway services are required for handling all the credit cards online. It is a similar process as a point of service (POS) device does when you pay for your petrol. The Payment gateway works with your purchase things from a physical retailer. So, the main role of payment gateway is to approve the transaction between you and your customers. Keep in mind, without a payment gateway approval the transaction process can’t be completed and you won’t receive the money.
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