An online payment gateway is important for individuals who run a business over the internet. It acts as the medium that assists you in accepting payments for the products or services you are dealing in, also called eCommerce.
The entire online payment process functions similarly to when you do purchase in an offline store. You can get the services of an online payment gateway from cutpay.
Image source google
You purchase your product and hand over the debit or credit card to the individuals operating the register to make payment for your items.
The solitary actual difference between that and a web-based payment gateway is that you are not able to give your card straight away to somebody.
In its place, you just use the information on your card to fill out an online form, so it can be subjected to the processing of payment.
The information the customer enters in the form includes the number of the credit card, the card holder's name, and the 3-digit Card Verification Value or CVV number that is detected on the backside of the card.
The payment of the customers is subsequently debited from the card and in a couple of days, the full amount is credited to the merchant account of businesses.
An online payment gateway offers the most multipurpose technique for processing transactions. With the help of a virtual computer terminal, you can process payments speedily and safely, with no requirement for any particular hardware.
Such a gateway is usually a private internet site, exclusively accessible with your personal username and password. As mentioned earlier, all the pertinent credit card information is inserted into the online forms of the gateway, which are understandable and extremely easy to use.