Online payment


0  0 2016-10-10 01:55:43

Payment Gateway: Making Transactions Easier

Payment Gateway is important part of Online Transactions made worldwide. It acts as an intermediate between Sellers and Buyers. It is third party software which interacts with Banks and Financial Firms.

Transaction Process :
1. Customer demands a specific order from online portal or website.
2. The Customers information is encrypted or it may be done through SSL(Secure Socket Logic).  Sometimes Gateway bypass the customer from merchant’s site without knowing customer that the customer is directed to payment gateway.
3. After successful transaction the customer will be redirected to its home page.
4. The payment processor receives customers details to link with merchants bank account.
5. The payment processor sends its transaction information to card association(Visa, Master Card, Maestro)
6. The card association accepts the request to from payment processor and verifies the account information of customer.
7. After that processor sends response to payment gateway.
8. After this payment gateway accepts the response and sends further to website taking time of just few seconds.

Technology Used:
1. The payment gateway is basically works on HTTP, which confirms security to user as well as the party involved in transaction.
Types of Payment Gateways:
4. Cyber Source
5. Protx
6. EWay

Payment Gateway Advantages:
1. Security : It provides secured transactions with SSL and with HTTP .
2. Real Time Processing: Can perform real time transactions
3. The transactions are performed between only related parties.
4. Encryption : The transactions are made with secured encryption.
5. Refunds : If transactions got failed the refund is made through online browser only. There is no need to contact or go to that place for refunds.

Payment Gateway Disadvantages:
1. As Payment Gateway is a third party application it charges fees to each transactions.

Selection Criteria for Payment Gateways:
Selecting a payment gateway is quite difficult task. Following are some selection criteria’s from which you can select payment gateway.
1. Time with transaction to be started:
Starting a payment gateway takes 3-4 weeks.  However some payment gateways like Paypaland  Stripe let you start without taking much time

2. Amount You want to subscribe for gateway:
The Payment gateway basically consist of  set-up costs + transaction costs + admin costs. So user must be aware of these charges made by Gateways

3. Payment Settlment Timing:
Do clear from payment gateways that how much time it will take to settle down. Payment settlement duration vary from Gateway to gateway.

4. Facility of International Transactions:
Clear from gateway that it provides service of International Transactions.

5. Cards Supported by Gateway:
Check the Payment Gateway supports how many cards e.g. Visa, Mastercard, American Express etc.

6. Hosted Payment Gateways:
Check that gateway support hosted  payment gateways.


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