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Launching an eCommerce store? Congrats! You will be jumping on the billion-dollar industry bandwagon.
Do you know?
Checkout stays at the heart of E-commerce development about which the e-retailers are laser-focused. But, the harsh reality is most of the carts are abandoned at the time of making payments. The unavailability of the audience-preferred payment option, lack of trust, security concerns, and certain limitations are the reasons that deter the users from making an online purchase.
It’s a sign- payment gateway selection is one of the vitally important considerations. Confused a little? Let’s shed some light over it:
The payment gateway is software which helps online store authorize and process payment from the customers. The trouble-free transactions are ensured between merchant accounts and the customers through a technology that enables encryption and security protocols from end-to-end.
Read more : E-Commerce Platforms for Small Business 2020?
Under the online payment transactions, three parties are involved namely- merchant, customer, and technology. The customers make the payment using the debit or credit card. The merchant partners with a bank, which accepts the payment on the merchant’s behalf, and then deposits the payment upon the successful transaction into the merchant account.
The payment gateway is the middlemen that connect the Ecommerce cart to the card processing and enable payment processing, including moving the transactions, sending billing statements, working with the merchant bank, and pretty more.
Read more : Choose A Payment Gateway For Your E-Commerce Store?
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