E-commerce is a rapidly growing business sector in almost every country. India has witnessed an increase in online shopping and e-commerce businesses. Everyone prefers buying products online, let it be gadgets, electronics, or any smallest items; the shopping is mostly done online.
Every alternate business or company has a website that allows the customers to buy their products online and get the same delivered by a certain time. Now, for businesses or companies to be able to let customers make payments online- they have to connect their websites to the bank effectively.
This connection of business or company websites to banks via an external service provider for easy payments is known as payment gateways. Moreover, for the comfort of customers, several businesses introduce a wide range of payment methods on their websites.
Almost every startup and business offers payment gateways on their websites and applications. Businesses that sell products online require online payments or online payment facilities to avoid any kind of future inconveniences.
In simple words, a payment gateway is an external service provider that can connect or link a website to a bank with ease. This allows the customers to shop online and buy any products on the website and pay at the same time easily. Payment gateways make selling and buying stuff online easier than the ordinary and save the time of sellers or providers as well as customers.
Payment gateways are used by e-commerce businesses, and even by NGOs to seek donations. Moreover, there are several internationally acclaimed payment portals that facilitate such transactions, including PayPal, Stripe, Google Checkout, PayTM, and MasterCard.
There might be several doubts regarding the safety of online purchases and these payment methods but then this is where the payment gateways play an important role. Payment gateways are secure, encrypted and the purchase can be done with utmost safety.
There are several criteria that confirm the payment or purchase making it secure. The payment gateways require a lot of backend communication to make a successful purchase. Some of these criteria required for approval and processing of money are:
Order confirmation
Procurement of the card information
Encryption of data
Information exchange to card dealers
Transaction evaluation
Approval/denial
Merchant’s evaluation and subsequent approval
Payment debit notice to the card company
Payment credit to the bank
Bank’s confirmation
How to Integrate Payment Gateway in Website?
To be able to integrate a payment gateway, you will have to register your business or company legally as a commercial entity. After registration, the company or the business can file an application for integrating a payment gateway into their website. It is considered to be beneficial if the company registers itself as a Private Limited Company. After the incorporation of the company, you will need the following documents for filing the application:
PAN Card issued in the name of the Company (if an LLP)
After successful incorporation and legal registration, you have to select the right payment gateway that suits all your requirements. There is a wide range of payment gateways available in the market, and all of them have different features along with varied charges.
Select the one that suits you the best. Some of the most popular gateway service providers in our country are CCAvenue, PayU, DirectPay, RazorPay, Paytm, PayPal, and EBS.
Submit the application along with the relevant documents to the respective provider in a proper manner for integration.
After a week of submission, you will receive approval. Then the provider will check the compatibility of the payment gateway with your website for integration. After successful analysis and checking, the payment gateway is integrated into the website right away.
You can integrate payment gateways in simple ways, and help your customers to have a happy yet secure online purchase!
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