History & Evolution and what are benefits of accepting online payments

1. Payment Gateway- History & Evolution and what are benefits of accepting online payments The concept of payment gateway refers to the technology that contributes to the management tasks of a commercial establishment for sale to the public. In reality it is a service that automates the payment operation between the client and the seller, through a system of computer processes that verifies or rejects online payment operations on behalf of the merchant through secure Internet connections. What is payment gateway? A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes online payments for e-businesses, online retailers etc. It facilitates a payment transaction by the transfer of information between a payment portal (such as a website, mobile phone or interactive voice response service) and the front end processor or acquiring bank. Origin and Evolution of Online Payment Gateway In 1991, Sir Tim Berners Lee, an English computer guru and scientist, opened up the first World Wide Web server used for commercial purposes. The creation of the web, plus the creation of different technological innovations, led to the opening of Pizza Hut’s online shop in 1994. As a result, it claims to hold the title of the company providing the ‘first-ever online purchase’. Seeing that people would be using the internet to regularly make online financial transactions, Netscape Communications created a way to ensure that shopping systems, online banking and online retailers were able to offer their clients encryption through their internet browser’s Secure Sockets Layer (SSL) to ensure secure data transfers. The most common payment methods for online transactions, which are all protected by SSL, are made through cash-on-delivery (COD), cheque or check payments, wire transfers, gift

2. cards billing charged to landlines or mobile phones, debit card, postal money order, electronic money, credit card or PayPal. Over the years, the industry leaders in internet business transactions have worked together to create a complex system for ensuring online payment gateway security. This system guarantees that consumers receive the goods for which they pay, and ensures that confidential information, such as transactions and account numbers, remain safe and secure. E-commerce, with the integration of the internet, supports technologies that improve electronic data interchanges, mobile technology, online transaction processing, automated data collection, electronic funds transfers, internet marketing, inventory management systems, and supply chain management. These technologies have vastly changed the way that businesses run. One large way in which businesses have adapted is by improving and implementing online payment security systems. Why Business should start accepting Online Payments? Whether your business is just starting out or you’ve been around for a while, you should be accepting online payment in today’s digital world. If you are still on the fence, here are 9 important reasons why you should accept online payments, a fast, convenient, and popular form of payment. 1. Accepting payments from anywhere means more sales. 2. Payment convenience delights customers 3. Online payment acceptance decreases the time spent on billing. 4. It is the most universal system, used all over the world and to which Internet users have become accustomed.

3. 5. Today we buy more and more online because we rely more on the system, which has been favorably evolving, making it efficient, safe, simple and reliable. 6. It prevents bounced checks 7. It reduces employee theft 8. You’ll Increase your cash flow 9. It’s easier and cheaper than ever before Read more- How Online Payment Gateway Works