Payment Gateway is another tool of convenience invented for those who have shortage of time. Basically it’s useful for e-commerce’s website and for online business. Various software and web development company also uses these online methods. It enables electronic transactions of money between customers, banks and businesses. This process is a must for all online businesses and shopping carts. Following are the features of a Payment Gateway:
•Facilitates e-commerce operations, also it allows transactions in conventional brick and mortar businesses.
•Encryption of private data as well as payment.
•Carries out communique between the concerned financial institutions, the business and the customer.
•Authorization of payments.
•Feature to calculate the sales tax, handling costs and shipping rates is available only in some payment gateways.
Specialized fraud detection tools can be added to a payment gateway in order to ensure safety. Many web hosting companies provide payment gateways within their packages.
All the operations of Payment Gateway are carried out with the help of Internet. Many brick and mortar businesses also make use of them as they are quicker and more reliable means of payment.
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