Now a day’s payment gateways is an important tool for your business. If you are thinking for e-commerce set up for your store or selling product online from your website, you’ll need a payment gateway to accept payments from your customer. As online businesses are seeing meteoric and consistent growth, the need for payment gateways is increasing too. A payment gateway works to provide an essential secure link between an eCommerce website and the banking system. It is impossible to begin an online business without an efficient payment gateway.

Payment Gateways help users to accept electronic payments through various methods like debit cards, credit cards, online banking, e-wallets and more. These payment Gateways take the money from the buyer on your behalf and transfers them into your linked bank account after deducting the transaction fee.

Payment gateways in India for Ecommerce Store by CodesGesture. In Simple words, you can say that a Payment Gateway is a middleman that bridges the gap between buyer and service provider. When customers enter their card details, your website sends the encrypted information to the Payment Gateway who confirmed the details with the bank account of the customer and processes the payment accordingly.

How Do Payment Gateways Work?

 According to as a customer, a payment gateway seems simple and straightforward. You visit an e-commerce site, select the items you want, add them to your cart, and checkout.

You enter your payment information and confirm your order. Now you can sit back and relax until your item arrives at your doorstep. Behind the scenes, however, it’s a little more complex.

The gateway process follows these six steps.

 1: The customer places an order and enters their payment information. An online the transaction will be processed as a “card-not-present” transaction. Again, this may result in a higher processing rate. Once this info has been submitted, it’s encrypted, and then sent on its way.

 2: The encrypted data is first sent to the merchant’s processor, which is simply the company that actually processes the transaction.

3: The processor routes the transaction data to the credit card association. Visa, MasterCard, Discover, or American Express are credit card associations. These card associations charge amount for each transaction.

4: The next step is where the transaction is approved or denied. The card will obviously need to be valid and have enough funds.

Also in the fourth step, the authorized user must also not have any holds or freezes and the transaction will be authorized. What’s amazing is that these first four steps take place in a matter of seconds!

5: The transaction becomes authorized. The issuing bank then transmits the authorization back to the parties in the payment processing network.

The authorization starts with the credit card association, then with the merchant’s business. Finally, back to the e-commerce site through the payment gateway.

6: Although the transaction only takes seconds, it can take between 24 to 48 hours for the funds to be available in your account.

Things to consider before setting up a payment gateway

1. Payment gateway cost (Setup fee, TDR, Annual free, etc.)
2. Time to setup everything
3. User Interface of the gateway
4. Payment options (Credit/Debit Cards, Net banking, Mobile Wallets, UPI, etc.)
5. After sale Support

Here are some Payment gateways in India for E-commerce Store use by CodesGesture:

1. CCAvenue:

CCAvenue is a leading Payment Gateway Service Provider, authorized by Indian financial institutions, to appoint Sub Merchants. It is launched in the year 2001, CCAvenue is one of the oldest payment gateways in India. This enables e-commerce websites to sell products and services online, and accept payments in real time. CCAvenue brings to you a fast, easy and secure way to pay online. 

CCAvenue also seems to have the support for the largest number of banks and payment options. For example, it supports EMI as a payment option from over 7 banks, 100+ debit cards, 53+ net banking, 4 cash cards, 2 mobile wallets, and 40+ bank’s IMPS

2. EBS:

EBS is the most advanced and analytic solution for the online and offline payment gateway.  EBS is the short form of E-Billing Solutions Pvt. Ltd EBS is owned by France based Ingenio group, which is a global leader in payment processing services can be customized the payment pages and accept the foreign cards, NEFT/RTGs and multi-currency and languages. Also, prevention from the fraud and boost the payments success rate.

3. Instamojo

Instamojo is the Payoneer in digital payment and a Paypal replacement for Indian users. You can use it to sell books, courses, collect payment for services and receive payment instantly using WhatsApp. Instamojo is the Payoneer in digital payment and a Paypal replacement for Indian users. You can use it to sell books, courses, collect payment for services and receive payment instantly using WhatsApp. Instamojo initially offered a way to collect payments for digital goods. But now thousands of users are using it to collect payments for eBooks, reports, tickets, tutorials, merchandise, invoices, services, and much more.

Conclusion

Promoting your business can be quite tricky. It’s recommended you go online because that’s the best method of reaching your audience. It’s the most affordable and effective communication channel. For more information related to business please contact us at [email protected] 9628092950, 9628092951. We provide you with better service because we understand all aspects of internet strategy but focus on design, development, and Digital marketing and Facebook promoting.

 So why are you waiting!!!! Going online created more opportunities for your business.