A payment gateway is an e-commerce application that authorizes payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar businesses. It is the virtual equivalent of a physical point of sale terminal located in most retail outlets.
What is the payment process?
A payment processor is a company (often a third party) appointed by a merchant to handle transactions from various channels such as credit cards and debit cards for merchant acquiring banks. They are usually broken down into two types: front-end and back-end.
What is the cost of payment gateway?
Amount deducted per transaction through the payment gateway. At its best you should be getting a payment gateway at no setup fee at all. Your annual maintenance charges would be as per respective service provider . Most payment gateway providers waive off the annual maintenance charges for the first year.
The trend toward merchant account providers teaming up with payment gateway services and offering complete merchant account and payment processing packages has grown because of the many benefits for merchants, including but not limited to:
Secure transactions. Payment gateways utilize industry-standard encryption and effectively protect sensitive data, protecting both merchant and consumers from fraud.
Expanded customer base. Payment gateways enable shoppers from around the world to have access to your store and can expand your customer base exponentially.
Bundled with shopping cart. Payment gateways often bundle shopping cart software with their programs.The software allows your customer to select products with the click of a mouse, add them to his or her shopping cart, and complete the purchase at checkout.The shopping cart calculates the cost of the items, sales tax, and shipping charges without you or an employee having to be present to conduct the sale.
Faster transaction processing. A payment gateway is much faster than manual processing, and customers can make a purchase without the inconvenience of long waits or lines.
Added convenience. Having a payment gateway means your store is open 24/7, and your customers can shop at any hour of the day or night from the comfort of their own homes.
About Pay U Money
PayU Money is a payment gateway service provided by PayU India.
Its a FREE payment gateway service provided to customer on lines of paypal. I
f you don't have budget to pay initial setup FEE, then PayU Money is the best option.
Checklist of documents required for PayU Money
Payment gateway Agreement signed on every page. (Hard copy of the agreement will be provided by PayU team)
Bank Verification Letter in prescribed format. (Refer to attachment below)
PAN Card of Individual
Government approved address proof (Any one - Driver’s license, Passport, Aadhar Card, Voter ID)
Website Checklist required for PayU Money
Your online store should be linked to a custom domain.
Add at least 2 products in every Category and Sub-category of your store.
We provide Pay U Money Gateway Integration Services those who want to collect Payments Online through their websites.