Payment gateway integration is essential nowadays for every e commerce business because it allows users to make purchases from anywhere in the world.In simple words, a payment gateway is a platform that allows you to transfer money online from your bank account to the merchant’s account. It is a software which facilitates you in doing transaction according to your convenience, there are various online payment modes available like debit cards, credit cards, net banking, UPI and wallets etc. You can choose anyone one of them and perform transaction safely.
Not only this, payment gateway is also responsible to maintain privacy and security while doing the transaction through your bank account by encrypting your bank account details. A payment gateway as a merchant service that processes credit card payments for ecommerce sites and traditional brick and mortar stores. Popular payment gateways include PayPal/Braintree, Stripe, and Square. Think of the gateway as the metaphorical cash register in an electronic transaction.
payment service means a cash deposit or withdrawal, an electronic payment standing order, credit transfer etc.
Receiving payments in QuickBooks Online helps maintain an accurate accounts receivable balanced.
You make a payment when you give a sum of money in exchange for goods you have received.
Secure transactions, payment gateway ensures the protection of your sensitive data, by encrypting the card details. Increases profit to the e commerce businesses because users find it easy to purchase at any time, they are not bound to a limitation of time for making a purchase, which means your online store is 24/7 open for people, which directly increases your sale.