Online payments have become a part of our daily lives in no time. We’re transacting online not only through debit or credit cards but through numerous other modes like UPI, netbanking and wallets as well.
Paying online is a fundamental feature that every e-commerce platform in the world offers. And they can provide this facility by integrating with a payment gateway.
Online payments are swift and convenient. They allow you to buy products and services from all over the world. If you are a seller, you can sell to anyone in the world with a decent internet connection. Your customer doesn’t even need to have a computer; a smartphone is enough.
The bank settles the money with the payment gateway, which in turn settles the money with the merchant. Once this process is completed, the customer gets a confirmation message of the order being placed.