Stripe

Stripe The market value of global ecommerce sales is projected to grow to $6.35 trillion by 2027. As customers increasingly prefer digital transactions, businesses that fail to adapt risk being left behind, losing potential customers and revenue to competitors.

Online payment experiences can affect how many transactions are successfully completed by customers. In a survey of online shoppers, 18% of abandoned carts were attributed to an inefficient or cumbersome checkout process. And as ecommerce grows, cybercrime related to online payments is also rising. Businesses need to address both issues by creating a simple, efficient online payment experience for customers that’s also highly secure and equipped to combat evolving fraud attempts.

Payment gateways play a key role in achieving this complex and important goal. Below, we discuss what businesses need to know about what payment gateways are, how they work, their pivotal role in ecommerce, and how they operate in a broader payment processing system.