Payment gateways automates the payment transaction between shopper and merchant, securely transmitting transaction information to banks. E-commerce businesses depend on payment gateways to protect customer information via encryption and ensure their information is passed securely, from customer to merchant to the payment processor. Payment gateways integrate with other e-commerce tools, including subscription management softwareand payment processing software in the case of recurring payments, and allow merchants to accept credit card or other forms of electronic payments for transactions.
To qualify for inclusion in the Payment Gateways category, a product must:
- Accept payment from credit cards, checks, or other forms of online payment
- Connect the e-commerce website to a payment processor that processes online transactions
- Encrypt sensitive information via a virtual terminal
- Securely transmit payment information to payment processors