Payment Gateway

A payment gateway is an e-commerce application service provider service that authorizes payments for e-business. A payment gateway is connected to all customers, merchants and banks through Internet and responsible for the speed and reliability and security of all transactions that take place. E-commerce payment gateway is the access point to the online banking network. All online transactions must pass through a payment gateway to be processed. The payment gateways act as a bridge between the user’s website and the financial institutions that process the transaction. Gateways process the different transactions between user and web browser. A payment gateway authenticates and routes payment. In this paper we have focused on different e-commerce payment gateways, and also have a deep comparative study, analysis of different online Gateways. An Internet e-commerce payment gateway is a critical infrastructural component to ensure that such transactions occur without any hitches and in total security over electronic networks.

Five participants in payment gateway

Online customer: A customer is an entity who will buy products by making payments in timely manner.

Merchants: A merchant is a seller who will receive payments made by customer.

Client bank: Client bank holds client’s bank account and validate customer during account registration.

Merchant bank: Merchant bank holds merchant bank account. A merchant account is a type of bank account that allows businesses to accept payments by payment cards, typically debit or credit cards. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions.

Payment Gateway: A payment gateway is an ecommerce service that authorizes payments for e-businesses and online retailers. It is the equivalent of a physical POS (point-of-sale) terminal located in most retail outlets. A merchant account provider is typically a separate company from the payment gateway. Some merchant account providers have their own payment gateways but the majority of companies use 3rd party payment gateways.

The Gateway is called as Trusted Third Party or Entry point to any network. Used in E-commerce system for more secure transaction. Online shopping allows customers to sit in their homes and buy goods from all over the world. Similarly allow Merchant to sell their products to all over the world from home. Most of the population will use online payment in near future. There is need of a secure online payment gateway in developing countries. It also mentioned the requirement for an electronic payment gateway from customer and merchant’s point of view. And on the basis of these facts and figures a new secure e-payment gateway has been designed and developed. The payment gateway would provide secure transactions. On the basis of proposed architecture and the requirements related to any electronic payment gateway, we design and develop a Secure, reliable and efficient electronic payment gateway. Electronic payment systems securely process such payments and can be implemented by merchants themselves on their own web servers or alternatively, they can be provided to merchants by third party e-payment service providers. The Common E-payment include the payment cards (credit or debit), ATM (automated teller machines) etc. Use in E-business framework for additional secure transaction. Web shopping permits clients to sit in their homes and purchase merchandise from everywhere throughout the planet. Additionally permit Merchant to offer their items to everywhere throughout the planet from home. The greater part of the populace will utilize on-line installment as a part of not so distant future. There is need of a protected on-line installment passage in advancing nations. On the foundation of proposed structural engineering of e-payment arrangement of underdeveloped nations and the prerequisites identified with any electronic installment portal, we outline and advance a Secure, solid and proficient electronic installment portal. Secure Pay furnishes an installment door that expedites electronic trade by empowering vendors to acknowledge Visas and electronic checks as techniques for installment for merchandise and administrations sold on the web.

The current systems use multiple payments and allow only one mode of payment to be used to pay entire amount which may not be feasible every time if the total amount is huge. The suggested method of using more than one payment mode to make multiple bill payments at a time and also ability to use split tender payment option is a great advantage. Another advantage of this payment gateway is to directly credit the payment in the respective vendor account instead of the usual practice of getting all payments in one single account and then settling the account either weekly or monthly to all concerned vendors separately again. The future direction may be to implement this feature in retail sector. This will help the customers to get all their utility bills at a single place and allow the convenient to select one or more bills and make payment using one or more mode of payment. On the other hand, this will also help the retail merchants to just get started with their business without creating a full ecommerce site of their own. Retail merchants can register them, upload the bills, associate their payment gateway account like PayPal/authorize.net, get paid and get amount credited in their account directly. This can decrease the number of transactions that happens from the customer end and also at the same time can help to vendors to get started with the business and save good amount of cost & time.

Benefits of payment gateway

  • Secure transaction
  • Ease of use
  • Multi payment service provider
  • Instant payment
  • Convenience
  • 24*7 support
  • Multicurrency payment support
  • Getting a competitive edge

Some payment gateway providers are

  • PayPal
  • CC Avenue
  • PayU India
  • PayZippy
  • Google Wallet

Payment gateway process

Cinque Terre

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