Gateways for Online Payment: Powering Ecommerce

A gateway for online payment is an eCommerce application that authorizes payments by credit cards or other options for online retailers, e-businesses, as well as brick and mortar stores. These gateways protect encrypts sensitive information, such as credit card and CVV numbers, thereby protecting the customer as well as the vendor from instances of fraud. A gateway for online payment should cover all types of payment options, including net banking, credit cards, debit cards, EMI, cash cards, Invoice and IVRS. Online payment gateways enable transfer of information between the acquiring bank or Front End Processor and the payment portal. The different types of payment portals covered by an ideal payment gateway include website, interactive voice response service or mobile handset.

Vendors can also make use of these gateways for tracking their online payments, by generating customized reports. In order to understand the entire procedure behind online payments, vendors can access advanced analytics and customized reports, such as payment trend reports and payment share reports. The provision of these reports facilitates vendors in carrying out marketing strategies as well as capacity planning. A gateway for online payment also enables easy reconciliation options, through settlement reports that segregate the total amount received in a day into individual payments. Most of these online payment gateways also offer the capability for generating account statements, providing an overall view of the credit and debit transactions taking place in the vendor’s account.

In addition, the ideal online payment gateway provides the processing capability required for managing multi-level backend operations. For instance, the auto capture processing capability of a payment gateway automatically captures payments as soon as a transaction occurs, proving extremely useful for merchants with limited human resources or a large number of transactions. These gateways also provide the functionality for canceling a transaction or refunding the money of a customer, either fully or partially. Any transaction details can also be ascertained through the attached order ID or email ID.

Further, with growth in a vendor’s business, the requirement for multiple teams to operate on the payment gateway also increases. For this very requirement, some e-commerce application service providers offer a user management feature that effectively segregates different tasks, enabling the vendor to create several users under one single account. This feature also comprises the access restriction functionality, enabling the vendor to grant the required permissions to specific personnel or operating team.

The beauty of these online payment gateways is that they also easily handle chargeback transactions, as in reversing a specific charge that has been inappropriately levied on a customer. The merchant would also be able to effectively fight a chargeback transaction, supported by the proper documents and effective communication with the bank, along with understanding the chargeback request. The multitude of functionalities provided by these gateways for online payment makes them the perfect choice for the modern trends of e-shopping and electronic transactions.

The author has extensively written about the evolving e-commerce trends in India. He has valuable insights about Online Payment Gateway and Credit Card payment Gateway. His articles and Blog features are a source of information for budding entrepreneurs and businesses that depend on online channels for revenue around the world. http://www.quora.com/Akriti-Singh-8/Posts/E-Payment-System-Have-you-chosen-yours

The Author is efficiently knowledgeable about IT, Software, real estate &Travel industry & has written informative content on IT solutions, travel & hotels. This assist all type of business owners in availing the best information for their business.