Payment gateways are third-party intermediaries that allow you to confirm payments from your clients online. A payment gateway will usually have a selection of payment alternatives which include:
Cash cards
Credit/debit cards
Net banking
When the client wants to pay from the online store, he can choose the option that suits him and pay you. In a way, the payment gateway acts as a bridge between your bank and the store to allow the shopper to shop without any hassle. Instead of a service, the payment gateway claims its fee from you through a transaction discount rate (TDR) on the transaction amount.
Online payment gateways are necessary if your business relies on e-commerce websites and requires the collection of funds on the website instead of the services or products that can be obtained for processing your clients' payments. This helps customers pay hassle-free and online payment gateways for business later the seller/supplier/manufacturer can access the cash paid by the client/buyer or request a check or withdraw from their bank account.
Below are the common and major top ten e-commerce payment processors in the world:
1. PayPal
It is the highest payment provider and the most popular worldwide. In 2011, PayPal was able to handle $4 billion in payments transactions.
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