Payment Gateway refers to an e-commerce service that authorizes payments for e-businesses and online retailers.One cannot think of making or receiving on-line payments without a Payment Gateway.
Paper-based payment processes face major challenges to large organizations, due to an intense dependence on manual procedures and data entry.
Today, many consumers make payments electronically rather than physically. Electronic payment system is a method of paying for supplies or services by electronic means, instead of using cash or a cheque, personally or by post. Businesses that go paperless by implementing an electronic payment system, realize huge process efficiencies and cost-savings benefits.
Mobile payment is also making serious evolution. If you’re located in an area with wide Smartphone use and plenty of foot traffic, mobile payments may be exactly for you. Individuals can pay their bills and make purchases at unconventional
locations 24 hours a day, 7 days a week, and 365 days a year.