Payment Gateway

It is a commercial service provided by an e-commerce application service provider that authorizes the processing of credit cards or direct payments for electronic businesses, online retailers, bricks and clicks, or traditional brick and mortar. A bank can provide the payment gateway to its customers, but a specialized financial services provider can provide them as a separate service, such as a payment service provider. A payment gateway facilitates a payment transaction by transferring information between a payment portal such as a website, a mobile phone or an interactive voice response service and the front-end processor or acquiring bank. They are software and servers that transmit information of transactions to acquiring banks and responses of issuing banks. It refers to the front-end technology that reads the payment cards and sends the customer information to the merchant’s acquiring bank for processing. The payment gateway is an important aspect of all electronic payment card processing. The software that facilitates a transaction by communicating transaction information and in this sense of the word is applied to the equivalent of a physical point of sale that is found in the points of sale. Authorizes payment with credit cards for online retailers, brick and click stores, traditional stores and for e-commerce companies. Protects the details of a credit card by encrypting the confidential information it contains. This process ensures that private personal details are transmitted securely between the customer and the merchant. It is part of the magic that occurs in the background when a transaction is made with a credit or debit card. By sending information securely between the website and the credit card network for processing and then returning the details of the transaction from the payment network to the website, is a main component that allows the operation of electronic commerce.

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