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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.
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.
A payment gateway is the front-end technology that reads payment cards and sends customer information to the merchant acquiring bank for processing.
Step 1: Adding a Payment Gateway. Once you have set up your online store, the first step is to add a payment gateway. Integrating a payment gateway with your online store ensures that all transactions are conducted safely and securely.
Payment processing is the sequence of actions that securely transfer funds between a payer and a payee. Typically, it involves the authorization, verification, and settlement of transactions through electronic payment systems.
Payment gateway – the technology used by merchants to authenticate and securely transfer payment data between the acquirer, issuer and card schemes. Once the payment has been authorised and approved by the acquirer, the payment gateway sends a verification message back to the merchant.
Payment gateways are a merchant service that processes credit card payments for both ecommerce sites and traditional brick-and-mortar stores. They can be thought of as the metaphorical cash register in an electronic transaction. However, like any cash register, it needs to be secure and convenient.