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Mar 2, 2019 · Payment gateways let you accept credit card payments (in person or online) by transferring money between your merchant account and a payment processor through a credit card terminal or processor.
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Why is a payment gateway important?
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- 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.
Oct 16, 2023 · A payment gateway is a technology platform that acts as an intermediary in electronic financial transactions. It enables in-person and online businesses to accept, process, and manage various payment methods—such as credit cards, debit cards, and digital wallets—in a secure and efficient manner.
Jan 10, 2024 · A payment gateway is technology merchants use to accept debit and card payments from customers. It refers to the physical card readers you see in brick-and-mortar stores. It also refers to the online portals used to collect online payments. The payment gateway is the consumer-facing interface that collects payments.
Mar 5, 2024 · A payment gateway is a technology used by merchants to accept debit or credit card purchases from customers. The term includes not only the physical card-reading devices found in...
- Jason Fernando
Jun 17, 2024 · A payment gateway is the “gateway” between merchant and payment processor and is responsible for obtaining the customer’s credit card information and payment data from the merchant. It passes this data to the payment processor securely to be processed.
The Unsung Hero: A payment gateway operates as the ecommerce equivalent of a POS system, securely authorizing and processing online payments, offering a bridge between merchants and customers' banks for a variety of payment methods.
