Best Digital Payments Gateway: A payment gateway is a form of service for an ecommerce application or for a ecommerce store that process credit card and debit card or direct payment processing for e-business , online retailers and clicks .
A payment gateway is much more than a traditional form of cash transaction. Payment Gateways are fully secure work online for the business and you get a transparent report on all transactions. A payment gateway should be used on the website, mobile phone or interactive voice response services and the front end processor or acquiring bank .
Payment gateway is directly connected to your bank and response in real time about the transaction is approved or declined. Security is an essential part of all payment gateway due to sensitive data of credit card and debit card are processed through the payment the data need to encrypted. All payment gateway need to be HTTPS protocol to secure the transaction in real time .
Payment gateway is available according to country and state limit and all payment gateway charge users a transaction fee per transaction according to local fees and global fees. Many payment gateways are available online but here is the list of some good payments gateway like PayPal, ccavenue, authorize.net, bitcoin, Instamojo, etc.
How Payment Gateway Works
Payment gateway is software that transmits transaction information to acquiring bank and response from the bank about the transaction is get approved or be declined from the bank. Every payment gateway needs to secure the transaction between the user and the server. For Security standard which must be followed by anyone with access to card information including gateways .
Payment Gateway to need to be according to Payment Card Industry Data Security Standard (PCI-DSS or PCI). Every transaction for submits form needs to be using a full secure version of HTTP called https to communicate between the bank and user. HTTPS bridge secure platform for the payment transaction comes with security of loss different upon the certificate authority . CA will give full support for loss comes in online transactions .
Bitcoin: is an new innovative payment network and new kind of money . Bitcoin is a worldwide crypto currency use peer to peer technology to operate with no central authority or banks . First Decentralized Digital Currency with not a single bank or authority . its design is public, nobody owns or controls Bitcoin and everyone can take part.
Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. Transaction over bitcoin is verified by network nodes and recorded in a public distributed ledger called a blockchain.
Bitcoins are completely virtual and designed to be self-contained for their value with no need for bank and storage bitcoins are like gold nuggets in the pocket for purchasing goods and online services. Bitcoins is traded from one personal wallet to another .
A wallet is a small personal database that you store on your computer drive, on your smartphone, on your tablet, or somewhere in the cloud. For all intents, bitcoins are forgery-resistant. It is so computationally-intensive to create a bitcoin, it isn’t financially worth it for counterfeiters to manipulate the system.
PayPal is a market leader in payment gateway also a choice for small business to big business . Millions of businesses rely on PayPal to a transaction over the website or app. Even PayPal built for all from a normal user, freelancer, online store, and business to accept money and sending money online in the fastest way. Request and transfer payments are easy, PayPal has over 100 million active users across over 190 countries, compatible with the most used currencies around the world .
As a buyer you able to buy using PayPal to shop from an eCommerce store as well as used to buy any freelance services. Anyone can send and receive money over the email associated with the PayPal accounts. This is notable since accepting PayPal drives a 44% higher conversion rate over stores that don’t accept PayPal, according to Nielsen’s Online Buyer Insights.
CCAvenue is a indian payment gateway powering thousands of merchant with real time , multi currency , multi payment options . The solution is powered by proprietary technology that integrates transaction-processing, advance shopping cart, auction payment collection facility, fraud control, financial reporting and order tracking.Biggest player of ecommerce gateway in indian market also do work internationally .
You can able to do debit card, credit card, internet banking, online wallets, and emi payments through ccavenue. it has properly integrated real time check-up and analytic system that monitors every transaction, especially the failed ones, sending the website reasons about failed transactions thereby helping to improve the system.
Authorize.net is another payment gateway since 1996 one of the oldest gateway around the world . This gets you a high-quality onsite gateway on the website allowing you to accept all major debit cards and credit cards directly from your website. You get an advanced fraud detection suite, an exceptional support team on-hand to help you out, and quick-sync with QuickBooks to make the accounting-side of your business a little easier.
Authorize.net is a payment gateway service source that accepts payment via electronic checks and credit cards through an IP connection or their website. Interestingly, Authorize.net claims to have a base of more than 400,000 merchants in Canada, and the USA, which makes it the largest online payment gateway. It is a subsidiary unit, wholly-owned by Visa.
Paytm is well known for the wallet app under android store and iPhone store . Paytm started as a wallet app now converted and licensed as Bank. Paytm now as Paytm Payment Bank Ltd. Noida based payment player backed by Alibaba Chinese group has kickstarted their wallet app with the Paytm payment bank. During Demonetization Paytm app growth much faster than the back time .
Now anyone able to integrated Paytm to the business to collect credit, debit cards, and online payment. Paytm is a mobile number based wallet. From Small to elder person are using Paytm as for payment transaction in India and now capability as bank anyone who has a business able to integrated Paytm wallets payment gateway to their business website to collect payments.
Instamojo .Instamojo allows you to collect payments for digital files, event tickets, services, subscriptions, physical goods and more, which is great for professionals and businesses of all sizes. which is great for professionals and businesses of all sizes. No setup fee and physical paperwork add to their appeal more. Some salient features are payment analytics, sales & customer dashboard, and social pay .