A payment gateway is a software application that transmits credit card information from a website to a credit card payment network. It then returns transaction ...
Mar 01,2022 | James
A payment gateway is a software application that transmits credit card information from a website to a credit card payment network. It then returns transaction details and responses from the payment network to the website.
While online transactions may appear to be fast and straightforward on the surface, in reality there are many processes working on the back end, with funds moving seamlessly and securely from buyer to seller.
Javelinstrategy&research monitored and assessed consumers' payment preferences in 2018, demonstrating the need to integrate e-commerce payment systems into any online website.
How does an e-commerce payment gateway work?
The motto behind payment gateways is to make payment processing efficient, secure, and hassle-free. Instead of passing on the payment, the payment gateway approves the transfer of funds to the seller, for the buyer in a safe and secure way.
Payment gateways even adhere to pCI compliance standards, introducing countless security technologies on schedule to prevent fraud. Here are the steps to show how an e-commerce internet payment gateway works.
Step 1: The process begins when a customer places an order on an e-commerce site and fills out the credit card requirements.
Step 2: The web browser encodes the data sent between the corporate web server.
Step 3: Next, the gateway sends the transaction data to the payment processor used by the merchant's acquiring bank.
Step 4: The payment processor sends the transaction data to the credit card union.
Step 5: The credit card issuing bank sees the approval request and either "approves" or "denies it."
Step 6: The processor forwards the merchant and customer related approvals to the gateway.
Step 7: Once the gateway gets this response, it transmits it to the website/interface for payment.
Step 8: Once the merchant completes the transaction, the clearing transaction is activated.
Step 9: The issuing bank changes authold to debit, allowing settlement with the supplier guarantee bank.
They are overpriced. Retailers have long criticized payment gateways for their hefty processing fees. For online or card-not-present transactions, the standard charge is 2.9% plus 30 cents per transaction.
Type cmd in the "Open:" field, then click OK. The command prompt will open as a result. Enter ipconfig at the prompt. Your network information, including your default gateway, will be displayed.
The Wireless Gateway serves as both a router and a modem for Internet access (connecting multiple devices within the home). Although it's not required, you might decide to use a different router in addition to your Wireless Gateway to build the home network.
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