How online payments work for an eCommerce storeInfographics
Online payments are an integral part of eCommerce marketplaces today with about 42% of eCommerce transactions being carried by digital/ mobile wallets. It takes a robust and secure payment mode to carry such a huge volume of transactions online. Online payment gateways like PayPal and Stripe provide the means for these transactions. Today, about 87.5 percent of online buyers use PayPal. A payment gateway simply authorizes and authenticates funds transfer between a buyer and the eCommerce site (seller). This means an eCommerce site can request money from a customer’s bank for products or services that they have purchased. Once verified and approved, the payment is then securely transferred from the bank.