Maharashtra State BoardHSC Commerce 12th Board Exam
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Write Short Answers for the Following Questions: What is a Payment Gateway? - Organisation of Commerce and Management

Answer in Brief

Write short answers for the following question:
What is a payment gateway?

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Solution

A payment gateway is an e-commerce application that provides services which allows a direct connection between a website and a bank. In e-business, there is no exchange of cash or money over the counter; rather the payment is made through the web with the help of payment gateways. These gateways authorises the online payments made by the retailers, manufacturers, sellers or buyers and generally provide the option of making e-payments through credit card or debit card or through direct transfer from banks (through net banking). The payment gateways are also said to be the virtual equivalent of the physical Point
of Sale as they allow transfer of payments through internet.

Concept: Payment Mechanism
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APPEARS IN

Micheal Vaz Organisation of Commerce and Management (OCM) HSC 12th Standard Maharashtra State Board
Chapter 3 Emerging Modes of Business
Write short answers for the following question | Q 3 | Page 97
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