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ScienceSoft walks you through the payment gateway development process: key steps, tech tools, required skills, sourcing models, project cost and timelines.
- Payment gateway development with ScienceSoft may take 6–11+ months, depending on the project’s complexity. We can deliver an MVP of your custom pay...
- Some of ScienceSoft’s practices to optimize payment gateway development costs are:Designing an optimal feature set for the gateway to avoid investm...
- Here at ScienceSoft, we thoroughly analyze the economic feasibility of custom payment gateway development for each client. Also, we can deliver a p...
- What Is A Payment Gateway?
- How Payment Gateway Works?
- Payment Gateway vs. Payment Processor
- Main Features of A Payment Gateway
- The Framework of A Payment Gateway
- How Does A Payment Gateway Keep Information Secure?
- Payment Gateway Security Features
- Key Takeaways
- Frequently Asked Questions
A payment gateway is an online service that allows businesses and individuals to accept payments from customers through their websites or mobile applications. It acts as an intermediary between a merchant and the financial institution processing the payment. A payment gateway not only includes a physical card reading device or a point-of-sale termi...
Step 1: Adding a Payment Gateway
Once you have set up your online store, the first step is toadd a payment gateway.Integrating a payment gateway with your online store ensures that all transactions are conducted safely and securely. This way, all the parties in the transaction, namely the merchant and the customer, have complete information about the process. Adding a payment gateway to your website or mobile app involves selecting a suitable payment gateway service provider and incorporating the technology into your website...
Step 2: Customer Makes a Purchase
With a payment gateway, the process of making purchases is a lot more secure and straightforward. Customers pick products of their choice and clicks on purchase. They are asked to select a payment method of their choice and then enter their payment details. If they select a debit or credit card, for instance, they’ll be asked to provide their card number, cardholder’s name, expiry date, and CVV.
Step 3: Website/App Directs Customer to Payment Gateway
This is probably the most important step in the process for the customer. When customers decide to make a purchase, they are navigated to the payment page to complete the transaction. They enter their payment information such as their card details or theirUPI IDon the payment gateway page. The payment gateway securely encrypts the card details, performs fraud checks and transfers the transaction details to the acquiring bank. The acquiring bank sends the information to the card provider (eg V...
A payment gateway works differently from a payment processor, which is a service that routes a customer’s credit card information between the customer’s bank and the merchant bank and enables the movement of money. A payment gateway collects payment details like credit card information, authorises a payment through different payment methods while t...
For starters, a payment gateway ensures the secure transmission of any payment data. A payment gateway also provides encryption for data protection, integration with various payment methods, and the real-time processing of transactions. Essentially, a payment gateway works as a secure bridge between the merchant and the customer so that the financi...
The framework of a payment gateway can be bifurcated based on whether it is used in an online payment portalor an in-store premises. Online payment will require to be hosted on the website through a third-party service provider or by the merchant through an application programming interface (API) which will enable the website to work with the payme...
A Payment gateway ensures the security of the information you put in by encrypting the data. Now that you have a pretty good idea of what is payment gateway and how it works, let us look at a list of things that a PG does to keep your data safe: 1. Firstly, the payment gateway transaction flow occurs via an HTTPS web address, ensuring security. 2. ...
Tokenisation
In Card Tokenisation, the card details like the card number and expiry data are not transmitted directly through the system. Instead, they are first converted into tokens so that even if there is a data breach, the information will not be compromised.
Fraud Prevention
Payment gateways use a range of advanced fraud detection tools that analyse transaction patterns and behaviours in real-time. This means that even if there is fraud, the system will be able to identify and prevent it.
PCI DSS Wallet
These wallets stick to PCI DSS standards to ensure the cardholder data is stored securely for any recurring transactions.
A payment gateway is a technology used by merchants to accept credit or debit card payments for purchases made by customersPayment gateway can collect payment details, authorise or decline transactionsIn an in-store premises, payment gateway can work through a physical card device or a point-of-sale systemthat can accept credit card payment through a card or a smartphoneIn online stores, payment gateway is the payment processing terminal used during checkout to process payments through multiple payment methods like credit card, UPI, or digital wallets1. Can a payment gateway be integrated with my website or mobile app?
Yes, payment gateways can easily be integrated with your website or mobile app. You can also integrate it directly with your CMS for easier order processing. If you have a custom website and are looking for more flexibility, you can go for an API integration or SDK integration. Alternatively, if you’re looking for an easier solution, you can consider a plugin integration that fits directly with platforms like WordPress, Shopify, or InstaMojo.
2. How long does it take to set up a payment gateway?
It depends on which payment gateway you choose. If you go for an option like Razorpay, you can complete the entire integration process and deploy it on your website within a few hours. Other platforms, however, can take up to a few days, depending on how complex the integration is.
3. What are the key considerations when choosing a payment gateway?
When choosing a payment gateway, you should consider factors like transaction fees, setup and integration process, security measures, supported payment methods, compatibility with your e-commerce platform, and availability of customer support.
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Feb 7, 2024 · How to create your own payment gateway in 5 steps. Creating your own payment gateway involves several steps to ensure its functionality, security, and compliance with industry standards. Here's a simplified guide outlining the process in five steps: Market research and planning; Design and development; Integration and testing; Compliance and ...
Jun 22, 2020 · Prepare for a phase of assessing the need for a custom-built Payment Gateway. When your company makes this assessment, you have to take the whole business model and strategy as well as your...
Jul 27, 2023 · How to create your own payment gateway: What businesses should consider. Get started with Stripe. Last updated 27 July 2023. Payments. Accept payments online, in person, and around the world with a payments solution built for any business – from scaling startups to global enterprises. Learn more.
Aug 19, 2021 · Do you want to develop your own payment gateway and become a payment service provider? Or maybe you have an innovative payment model (such as one based on QR code payments), and none of the available payment gateways meets your requirements.
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Sep 1, 2023 · This article on Payment Gateway must have provided you with basics on what is a payment gateway, its types, security features, pricing, etc. There are a wide range of payment gateway options available.
