{"id":21257,"date":"2022-12-27T19:43:58","date_gmt":"2022-12-27T14:13:58","guid":{"rendered":"https:\/\/open.money\/blog\/?p=21257"},"modified":"2023-07-06T14:59:32","modified_gmt":"2023-07-06T09:29:32","slug":"payment-gateways-for-startups-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/open.money\/blog\/payment-gateways-for-startups-what-you-need-to-know\/","title":{"rendered":"Payment Gateway for Startups : What You Need to Know"},"content":{"rendered":"

India is moving towards a cashless economy as such online payment methods have become increasingly popular. Since the COVID-19 crisis, customers have further limited their cash use and are now opting for other alternatives.<\/span><\/p>\n

As a result, it became increasingly important to choose a tailor-made payment gateway for startups<\/strong><\/a>. This not only boosts the business but also ensures secure transfer of funds to their business account.\u00a0<\/span><\/p>\n

Without question, there is a dire need for a payment gateway that is intuitive & affordable. Not to mention, one that helps the entrepreneur scale his\/her business.<\/span><\/p>\n

In order to grasp the scope of payment gateways, let’s get a better understanding of what they are.<\/span><\/p>\n

Payment gateway basics: what are they?\u00a0<\/b><\/span><\/h2>\n

Simply put, a payment gateway allows merchants to accept online payments<\/strong> from their customers<\/span>.<\/span><\/p>\n

It can be referred to as the “virtual” equivalent of a Point of Sale(POS). To complete the payment lifecycle, it transfers the data between the point of entry – either a website, or mobile app – and the payment processor<\/span>.<\/span><\/p>\n

\"payment<\/p>\n

When a Payment Gateway processes transactions, a number of stakeholders are involved. These include:<\/span><\/p>\n