what is internet payment platform

Internet payment platforms provide businesses with a safe and effective method for receiving payments from customers. They work by electronically transferring funds between their account and those belonging to the business. Payment can be made using various payment methods, such as credit/debit cards, eChecks and digital wallets like Apple Pay, PayPal and Google Pay. Our payment gateway encrypts customer’s sensitive financial data in order to prevent fraud and identity theft. Businesses using internet payment gateways to accept transactions also benefit from reduced interchange fees and transaction costs, making business more cost effective overall. Businesses should make sure the chosen gateway works with their preferred payment systems and ecommerce platforms, and offer security for recurring payments across multiple currencies.

What Is an Internet Payment Gateway? A payment gateway is software designed to enable online transactions. It serves as the intermediary, handling everything from payment forms and security checks through to initiating payment processing transactions with payment processors. In some instances it may also integrate seamlessly with an ecommerce shopping cart to complete transactions more seamlessly.

Once a customer enters their payment details on your website, they are taken directly to an internet payment gateway’s URL for completion of their purchase – keeping customers on your website throughout their purchase without being taken elsewhere for completion. Encryption technology protects customer data as it’s passed to an acquiring bank that checks with card issuers to make sure funds are available before sending approval back through to the gateway and finally finalising their purchase transaction.

Payment systems are essential components of our global economy; they ensure money travels between buyers and sellers without too much friction along the way. Banks, merchant accounts, card networks and payment systems work together seamlessly to provide this seamless customer experience; without their contribution we would live in an altogether different world! Without payment systems we would never have access to all that we now enjoy with just a swipe or tap of a card!