Many credit card processing companies can help you setup your online payment gateway. Choosing the best gateway for your business can help you expand and increase your potential income.
A payment gateway is needed to accept debit or credit cards payments for online merchants and small or big businesses. The gateway manages these transactions by encrypting all the data and sending it to a specific payment portal, bank or front-end processor. A payment gateway accepts, processes, and authorizes all debit and credit card transaction.
A payment gateway assists communication between a particular website/brick and mortar store, a payment processor, and the credit card issuer (bank) to complete the card holder’s purchase. The most important factor of all payment gateways is security. It is a must that all transactions that happen between the issuing bank and the merchant must be encrypted to secure the customer's confidential bank information.
7.Pushes the transaction information to the acquiring bank (the merchant bank or acquirer)
8. Although it only takes a few seconds to process each transaction, many steps are done within that very short period. Every time a customer is routed to a protected payment page and makes a purchase, all bank information and transaction details are encrypted and then transferred to their designated payment processors via the gateway.
9. A payment processor contacts the bank that issued the credit card and gets feedback in a message form if it’s approved or declined. The feedback is afterward transferred to the payment gateway which transacts with the website. The final step is that information is interpreted, and a valid response is created. The merchant will only process the order if it’s approved.
When it comes to the way we buy or shop things, the internet and e-commerce have transformed it over the years. Well, not all types of business need a payment gateway. But, if you are in the e-commerce industry, obviously, you need one. It may seem confusing at first, but they are actually not that complicated. It doesn't just work as a credit card transaction processor but is also responsible for the features that secure and protect you and your customers from any theft and fraud.
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