The e-commerce sector in India is developing at a faster rate and payment gateways play a significant role in the growth of this network. A payment gateway is an online service that authorizes and processes payments for online business. An Online payment gateway service provider falls in the middle of the payment processing system. In other words, it establishes links among the buyer’s bank, the seller’s bank, and the issuing bank irrespective of social, physical, or temporal distance. However, one should be careful while choosing an online payment gateway service provider. It should be reliable and suitable for meeting business purposes and needs. An online gateway establishes a connection between the merchants and the banks to facilitate online payments. Most importantly, it helps the customers to carry out easy and secure online transactions. PayMonk is one of the leading payment gateway service provider and it provides easy set up for merchants.
BENEFITS AND SERVICES
The online payment gateway services ensure an easy and safe platform for customers for seamless transactions and hassle-free delivery to their doorstep. An efficient and reliable payment gateway service is pivotal to ensure the safety of transactions which in turn will increase customer loyalty and growth in profits. Hence, a suitable online payment gateway service provider can improve the overall performance of one’s business by providing an online platform that can accept online payments.
There are several benefits of using an online payment gateway:
1. Making online shopping smooth and secure.
2. Provides easy and quick payment options that will lead to rising sales.
3. Provide secure and hassle-free transactions.
4. Extremely cost-effective
ROLE OF PAYMENT GATEWAY SERVICE PROVIDERS:
An online payment service provider acts as a bridge and ensures the safety and quality of online transactions. It looks after that, all the players in the network function together properly as a team and extract benefits from the process. For example, the payment gateway service provider looks after the fact that the customer enters valid payment-related information, that the transaction is authorized by the issuing bank after verifying the customer’s credit/debit limit. Besides, it sees that the issuing bank transfers the right amount of money to the seller’s bank account. They reduce the hassles, security risks, and manual effort by bringing down the time of online transactions to a few seconds. Moreover, the payment service providers validate the customer’s card details, transfer money from the customer’s account to the merchant’s account, and record the transactions to share them with concerned teams.
Paymonk is an online gateway service provider that simplifies the payments process and enables the merchants to expand their business. It provides multiple payment options, email invoicing, and real-time reporting for multiple business types according to their needs and demands. It further comes with the facility of automated chargeback and refund for quick processing. Paymonk provides total payment solutions to merchants which eases and secures the payment process for the greater benefit of their business.
For more information, please visit: https://paymonk.com/Retail-Platform.html