Everything You Need to Know About Payment Gateways

Online payment transfer is an essential part of day-to-day life. Are you a firm that wants smoothness in this fund transfer process? If yes, visit www.letspe.com today and connect with the top payment aggregators of India.Read the complete article below and know more about Payment Gateways, their work, Their processing and which is the Best Payment Gateway of 2023.

What is a Payment Gateway and how does it work?

Now to understand the Payment gateway and its processing, you have to understand Online Payments and the various mediators included in the process.

What is Online Payment?

To make an online payment is simply to send money online. Today, the majority of buyers make their internet purchases using this method.  Digital wallets, net banking, and debit/credit cards are just a few of the available methods. Four entities are involved in the online payment process:

• The Consumer
• The Merchant 
• The Consumer's Bank (Issuing Bank)
• The Merchant’s Bank (Acquiring Bank)

The advantages of making payments online

Both consumers and sellers can benefit greatly from online payments by using the most dependable online payment platform. Among the benefits are:

• Productivity: Reach out to more people in order to increase sales.
• Safety: Enhanced security for payments.
• Lower merchant expenses.
• Increased Flexibility and Convenience.

Different Online Payment Types

The best and safest way for consumers and sellers to make payments online is through reliable platforms. Here are a few instances of typical online payment types:

• Credit-Based Cards
• Debit Cards
• Payment Services Provided by Third Parties
• Electronic Checks
• Direct Bank Transfers

Payment Gateway Need in Online Payment Process

Online payment gateways such as LetsPe Payment Gateway simplify payments for all internet subscriptions, phone and DTH recharges, and other payments made by e-commerce firms.

What is a Payment Gateway?

An application program that processes payment data (such as credit card details), forwards it to the merchant's bank, and then returns the feedback report. An e-commerce application service provider's payment gateway is a merchant service that enables online businesses to process payments and accept credit cards.

Payment Gateway's roles in online payment procedure are as follows:

Verifies the Card's Balance and Validity.

Transmit credit card information in an encrypted (very secure) format.

Payment Gateway Process Step by Step

We have mentioned below is the full payment gateway procedure:

• Customer Chooses Item, Presses Pay Button, Enters Card Information.
• Data is safely encrypted and sent to the merchant's bank via the payment gateway.
• The bank verifies the card's validity and balance.
• Bank Sends request to the Card Network.
• To find out if the payment should be completed or not, the card network sends the request to the customer's bank.
• The card network receives feedback from the customer's bank.
• Card Network sends the merchant's bank the feedback.
• Whether the payment was successful or not, the merchant's bank notifies Payment Gateway.

Two Scenarios:

Payment Successful:The payment gateway notifies the merchant and the good or service is processed ahead.

Payment Unsuccessful: 

• Notifies the recipient when a payment fails. 
• Allows the choice of any alternative payment method.
• It just takes three to four seconds to finish this process.

Letspe Payment Gateway

• LetsPe, which has its corporate office in Gurgaon, Haryana, is the best payment gateway service provider in India. 
• This company offers numerous advantages such as:
• Both setup and annual fee are free of charge.
• Transaction fees starting at 2% + GST minimum.
• Various Payment Options - Debit card, credit card, phone payment, google payment, net banking, amazon pay, paytm, and nearly all other methods. 

Integration with Ecommerce. 

• Weekend Settlements (Even on Saturday’s and Sunday’s).
• Minimal Onboarding Time.

Conclusion

LetsPe Payment Gateway is the leading payment gateway that offers the top services in India. You can connect via “LinkedIn Account”. 

In this article, we have mentioned all about Payment Gateway, Online transactions, how it all processes and which is the Best Payment Gateway in India 2024.