Every online business needs a payment gateway linked to their e-commerce store so as to enable customers pay for the goods bought. It must integrate with the website smoothly so as not to discourage customers and therefore remain with abandoned carts.
Payment gateways come at a price but the exact amount depends on the particular one chosen. Payment gateway charges include a setup cost and maintenance fees usually paid annually. The number of transactions that take place on the site every month also impacts this figure. Processing fees for transactions are calculated either as a percentage of the transaction value or as a flat fee for every transaction regardless of the transaction value.
For a payment gateway like PayUmoney, there are no payment gateway charges. Setup is free and there is no maintenance fee. Merchants can conduct business without worrying about high charges on every sale they make. This burden is shouldered by the customer.
SOURCE: What is a payment gateway?
Payment gateways are an easier way of paying for the items you plan to buy without being present physically or with hard cash.
When you are planning to buy some clothes or any other product online, you need to be able to pay for it at once. Unlike going to a physical store and swiping your card, you get to transact the money virtually to the vendor.
The web page that makes this possible is a payment gateway. Many service providers connect with different web portals and banks to give you a variety of payment options such as debit card, credit card, net banking, Sodexo points and even cash on delivery. With a payment gateway, you need to enter your card details for a secure transaction, and you can instantly pay for the items you wish to buy.
This is relatively simple, and payment gateway providers such as PayUMoney are extremely popular because they offer quick transactions and no margin for error!
For more information
https://www.payumoney.com/
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