Working on an E commerce Website??
well, all the best wishes with that… If you have settled in with the basic Biz Idea, then the next thing that will struck to your mind will be, “How are you going to reach your target customers?? and how will they pay you back?? ”
First thing in this regards is to get acquaint with the basic knowledge about PAYMENT GATEWAYS…
What do you mean by Payment Gateway?
A payment gateway is an e-commerce application service provider service that authorizes payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. It is the equivalent of a physical point of sale terminal located in most retail outlets. Payment gateways protect credit card details by encrypting sensitive information, such as credit card numbers, to ensure that information is passed securely between the customer and the merchant and also between merchant and the payment processor.
What will they get in return?
Well, the normal deal is somewhere between 3% to 4 % of your total payment, which is fair enough considering the fact that you get your money via safe hands. moreover any loss on the way will be bear by these Gateway Companies.
What Types Of Payment Gateways Are There?
Payment gateways can be implemented through two methods. As a merchant, you can either house the gateway on your server, which requires installation of software, or you can choose to implement the payment gateway on your payment processing company’s server i.e. financial institution.
Housing the payment gateway on your site requires you to have appropriate security measures in place to encrypt and protect customer information. If you implement a payment gateway separate from the rest of your shopping cart solution, all the components will require configuration to ensure they work properly together, which can require high level technical capabilities. The advantage of housing your own gateway is that customer information can be collected in your database, enabling you to better manage your customers and site.
If a payment processing company houses your payment gateway, then customer information will not be at your easy disposal. As well, since you do not gain access to customers’ credit card information, it is more difficult to track charge backs.
However, since the gateway is out of your hands, problems that occur are the responsibility of the payment gateway provider.
Who are the main Payment Gateway providers?
PAY PAL is the one trusted world wide, but will work only if your customer base resides outside your Home Country, in our case INDIA. Other then that there are EBS , CC AVENUE and also some private banks like HDFC and ICICI who provide these services.
Top Payment Gateway Options available in India are:
- ICICI Bank Payseal Payment Gateway
- Citibank Payment Gateway
- HDFC Payment Gateway
- AXIS (UTI Bank) Payment Gateway
- CC Avenues