Significance Of Online Payment Gateway
It's a point on the network or service provider that allows internet users to access other networks and make online payments for purchases made via online shops via websites.
It's similar to EPOS, which is also found in physical shops. EPOS stands for Electronic Point Of Sale. It is located in every brick-built retail shop. You can get the services of a reliable EPOS system from professionals like Cutpay Merchant Services LTD.
Payment Gateway security is the main concern. Securely encrypting credit card information such as credit card numbers, and then sending it from the merchant to the shopper.
Payment Gateway Integration is the linking of an online shop with a payment gateway.
After shopping, the customer submits his order. The encrypted form is then sent to the merchant's website server. SSL encryption is used to ensure secure data transmission.
This is sent to Payment Gateway. These details are then sent to the merchant's bank.
The details are then sent to the issuing bank by the acquiring bank. The bank that issued the credit card to the customer.
Once the bank has received the information, it sends an email to inform the online payment gateway whether or not the payment was accepted. The response will also include the reason why the payment was not accepted.
This information is sent to the merchant's server and the payment gateway. Finally, the response is sent to the customer in encrypted form. This informs the customer if his order was successful. The money is then transferred to the merchant's account by the issuing bank.