What is a Payment Gateway? What are the major points of Electronic Payments which contributes to its efficiency in its widespread use ?

Electronic Payment Portal or Payment gateway Electronic Payment Portal or Payment gateway is an E-commerce application service provider service that authorizes payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. It is the equivalent of a physical point of sale terminal located in most retail outlets. Payment gateways protect credit card details by encrypting sensitive information, such as credit card numbers, to ensure that information is passed securely between the customer and the merchant and also between merchant and the payment processor. The following points contribute to efficiency of Electronic Payments: Electronic payment systems leave behind an electronic documented audit trail, streamlining your auditing and accountancy processes. Bank wires are cumbersome and expensive. Accepting payments online stream lines the buying cycle. By making your order, stock, purchase, payment and dispatch processes electronic, from website to back office, you don't have to re-key order data. Shopping site software can be easily integrated with popular Backoffice packages, such as Sage, to automate ordering, stock control, invoicing and accounting systems.