No matter what you want to sell, there is someone on the web who wants to buy it. E-commerce is one of the fastest growing sectors of the Internet with stores large and small catering to customers and tempting them with a wide selection of consumer goods from groceries to luxury brands. The total in e-commerce sales in India for 2016 was over $16 billion USD. While this is a small portion overall of a nearly trillion dollar retail market, it is the fastest-growing portion as more Indians discover the convenience and value of shopping online, and mobile leads the way with 49 percent of shoppers using their phone to connect and shop online.
An Important Building Block
One of the most important building blocks of your e-commerce store is your payment gateway. A number of people have difficulty trusting online payment sources, given the amount of fraud and a recent hack that resulted in 3.2 million debit cards being compromised. This hack on the Hitachi network was not discovered for six weeks, compromising all payment sources used during that time. Such an occurrence can be a complete disaster for a large business, and the complete destruction of a smaller one. Never take chances with your payment gateway or its security.
How Does a Payment Gateway Work?
Payment gateways are different from payment processors. Essentially, payment gateways are an all-in-one service that covers the following steps.
- The user’s web browser encrypts the information sent between the user and the vendor.
- Payment gateway companies send the information about the purchase to the payment processor.
- The payment processor sends the information to a card association – such as MasterCard or American Express – or the bank that issued the debit card.
- The issuing bank approves or denies the request and sends that information back to the payment processor.
- The processor sends an authorization through the payment gateway India to the vendor.
- When the authorization is received, the merchant fills and ships the order.
It sounds very complicated but it takes only a few seconds for all of this to happen. That’s often less time than you will spend paying in a checkout line at the grocery store. What’s even better is that Payumoney also has a number of unique functions. In addition to supporting your e-commerce store, you can obtain a card swipe machine for your location or delivery business, or create itemized invoices and bills that can be sent via different gateways such as WhatsApp or email. All transactions are encrypted with 128 bit SSL with over 100 transaction roles applied in seconds that keep your merchandise and your customers’ purchases safe.
Payumoney is trusted by some of the biggest names in Indian e-commerce such as Myntra, Yatra, and small e-commerce sites alike. No matter what you have to sell, there is someone out there who is just waiting to buy it – safely and securely. Check it out today and see what Payumoney can do to launch your e-commerce business the right way.