The Importance of Payment Gateways in E-Commerce in India

Online shopping enables consumers to buy their products from any part of the world. Similarly, merchants can also sell their goods to a consumer who may be located in any country of the globe. The web and internet architecture in a developing country like India has evolved to international standards. The leading payment gateway providing companies offer all the necessary security, usage, and other features in the payment gateways that are up-to-the international standards.
 

Preliminaries of an online transaction process

An online transaction and sale/purchase process in India has below-given players and preliminaries.

• The online customer

• The online merchant

• Banks viz. The client bank and the merchant bank. The bank of the client has the bank account of him/her. It does a validation check towards the customer during the process of online payment. Banks in India (for instance) often use OTP or One Time Password (which is sent to the cell phone of the customer during the transaction process) for validating an online purchase process. The merchant bank holds the bank account of the merchant. This is where the merchant will receive the payment for the goods/services sold to customers.

Payment Gateway 

 

The payment gateway connects to the customers, banks, and the online merchants through web/internet. It ensures that the payment process is reliable, speedy and secure.
 

Importance of Payment Gateway in Indian E-Commerce

payment gateway is a vital part of an online payment process. Indians are not comfortable with owing of money. Hence, any kind of “non-credit” payment option is welcome in India. That is why payments made by customers through credit and debit cards, net banking, cash cards, through digital wallets and other means are growing exponentially. With more than 200 million smartphone users already present in India, the best payment gateways are also a great way to reach consumers who purchase the products through their cell phone. Having a fully-functional and secure payment gateway for your e-commerce is not just an option that you can explore or have thoughts about. It is now a necessity if you want to sustain your company’s growth and expand your business in the modern global online business environment.
 

Bring Everything Necessary to Your Online Consumers
 

A powerful and best payment gateway offers the consumers, a wide and diverse array of payment options. Apart from the usual card payments, it also offers facilities like SMS order alerts, IVRS payments, net banking, auction collection and other modern means of payment collection.
 

Security

RBI makes it mandatory for online merchants and payment gateway providers to follow certain security measures. A payment gateway should be SSL secured and comply with the PCI: DSS standards.Although you might be looking for the cheapest payment gateway in India, you should only trust the reliable payment gateway providers as there are several inefficient ones also that have caused losses worth crores of rupees to online merchants.