Payment Gateway refers to an e-commerce service that authenticates payments for e-businesses & online retailers. It in a way signifies a physical POS (Point-of-sale) terminal situated in most retail outlets. Payment gateways encrypt confidential information like credit card numbers, to make sure that information passes safely between the customer and the merchant.
Types of Payment Gateways
The Payment Gateway is required to be obtained by the proprietor of the site and the incorporation of the same in to the website is executed by us. There exist a range of types of Payment Gateways, some of which are mentioned below & since it needs changeable amount of endeavor in integrating; so cost for incorporation of each Payment Gateway diverges consequently, beginning from the least amount of Rs 5000/-
Working of Payment Gateway
Though it may sound easy but in reality the complete functioning of a payment gateway constitutes numerous complex steps; a concise version of which is given below: -
- Visitor or customer places an order on website and it is directed to the merchant's web server in encrypted form. This is generally done through SSL (Secure Socket Layer) encryption.
- The transactions details are then forwarded to the respective Payment Gateway.
- The transaction data is then passed on to the merchants acquiring bank by the Payment Gateway.
- Merchants acquiring bank then forwards the transaction data to the issuing bank (one that issued the credit card to the buyer).
- Then the bank that issued the card sends a response back to the Payment Gateway. The response consists of information whether the payment has been accepted or rejected. In case of rejection the cause is also send in the response.
- The response is then forwarded by the Payment Gateway to the merchant server.
- At merchants server the response is encrypted again and is dispatched back to the customer. This enables the customer to know if the order has been placed successfully or not.
- The entire process generally takes less as less as 5 seconds. At the closing stage of the bank day (or settlement period) the acquiring bank (or card issuing bank) deposits the total of the approved funds in to the merchant’s chosen account.
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Why is Payment Gateway needed?
Payment Gateway is the heart of any ecommerce site. One cannot imagine successful execution of on-line payments in the absence of a Payment Gateway. Payment Gateway basically means an e-commerce service that authorizes payments for e-businesses as well as online retailers. It in a sense represents a physical POS (Point-of-sale) terminal located in most retail outlets. Payment gateways encrypt sensitive data like as credit card numbers, to make sure that information passes safely between the customer and the merchant.
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