subject: Payment Gateways [print this page] Where once the internet was the way of the future, it is now the way of the present. The number one way to shop for bargains and variety is on the internet, and many people have come to accept this. The problem is that since the internet is an electronic medium, physical currency has no meaning on it. Credit cards can work, but it can be scary sending out personal information on a very public medium. Thankfully, we do not need to worry about this, as all of our personal information is protected through the use of payment gateways.
From a consumers standpoint, a payment gateway is a rather simplistic enterprise. They come in three main forms; Application Programming Interfaces, in which the payment gateway is more or less invisible to the customer, third-party gateways, where you will be taken to a separate site to make payments, and integrated Payment Gateways, which refers to transaction that you can do without a bank being involved. The first and third kind are the most common, being as they require the most work but highest payoff versus the least work but highest fees for the merchant. In the end though, aside from having an account of some kind for some integrated payment gateway sites, all of these are functionally identical in that they do nothing but process your payment, check for fraud, and protect your information.
From the merchants perspective things get a little bit more complicated. All the above is still true, but they must also choose and set up their payment gateway. There are numerous things for them to consider, such as what sort of fees they are willing to accept and what level of fraud protection they require. What's more, other features must be considered, such as if foreign currency is acceptable. This is why so many businesses accept integrated payment gateway sites as their first choice of payment, as it requires little set up and all the policies are built in, not to mention it automatically deals with foreign currency and the like.
A payment gateway is ideally invisible, or at the very least convenient to use. This is for the benefit of both the customer and the merchant. You should be aware of the role a payment gateway plays in the shopping experience. At the very least, it will give you peace of mind while paying with your credit card.
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