What is Payment Gateway
The online transaction has become an important part of our business life. Now every businessperson uses it for our benefits. It is integrated with a payment gateway. It has some features such as-
- It is very convenient and easy.
- It allows us to buy a product from any parts of the world.
- You can use it on your smartphone.
- It is safe and secure.
- What is the Payment Gateway?
It is a Gateway that connects your platform with your bank account. It allows you to conduct a payment process through various payment modes like wallet transfer, credit card, debit card and many others.
A third party platform allows you to transfer your money from your bank account to the merchant’s portal. It is interesting to note that, in a physical store it consists of a POS (Point of Sale) payment process, but in an online store, it is the checkout portal.
- How does a Payment Processing Gateway work?
This technology is always upgrading to match the taste of common users. It is focusing on security and by sending an encrypting data format of your credit and debit card information on your card payments.
The payment processing depends on the store (Online and physical). A POS service connects the payment process with an electronic network and maintains the flow with another payment-processing network.
Once the process is complete, you as a customer get a confirmation message that the transaction is successful.
- How a Payment Gateway Keeps Information Secure?
Many users think that it is not a secure process to transact money. But a payment processing gateway provider invests a huge amount for its security.
After your card payments, the transaction is carried out through the HTTPS address. You know that HTTPS is more secure than HTTP.
It follows by an electronically encrypted data that validate the request of the transaction. This step ensures that the payment should be made between merchant and customer. Virtual Payer Authentication adds another layer of security to it.
Then the IP address of the requesting server is verified to avoid any malicious activity.
After all these important steps, you get a message that your transaction is successful.
- Benefits of Using the Payment Gateway
The payment gateway is not only for safe payment process but also for it allows the merchant to give their customer a better service. Technically, it has two types of wallet-
- White-Label Wallet
This is the upgraded process because instead of card payments you can use your mobile wallet to make payments by sitting at any place.
- PCI-DSS Wallet
It allows the merchant to secure and save their customer information on the gateway. You can save your card payment information (not the pin and OTP) on a merchant’s payment gateway for your recurring use.
Other benefits are–
- It allows you to make your card payment process more secure and headache-free. It connects and verifies both merchant and customer before payment.
- All merchant service providers use upgraded technologies and electronically encrypted data to make this process smooth and secure.
- Moreover, this payment process allows millions of customers to use it at the same time.
It is our duty to explain the process by making it as simple as possible. We upgrade our service, keeping all the needs and feedbacks of our users. Being a popular merchant service provider, we know how to make this process smooth and secure.
Check out our merchant service provider page.