Defining the basics – What is a payment gateway?
Payment gateway – is a technology that captures and transfers payment data from the customer’s account to the acquirer.
A payment gateway does the cross-checking part. It validates the customer’s card details, ensures the funds are available and eventually enables merchants to get paid. It sets up an interface between a merchant’s website and its acquirer. It helps to encrypt the sensitive credit card details, ensuring all the information is passed securely from the customer to the acquiring bank via the merchant.
In simple words, payment gateways work as the middleman between your customer and the merchant, ensuring the transaction is carried out securely and promptly.
Understand the key players in online payments
Here we identify the key players in online payments. When a customer clicks on the “Pay” button on your website for making the payments, these are the key players involved in every payment process:
- The merchant
This is you – the merchant, an online business entity offering a product or service to customers across
- The customer
The customer or the cardholder, who wants to purchase the products or services that the merchant is selling and initiates the transaction
The issuing bank: the issuing bank is the customer’s bank that issues the cardholder’s credit or debit card
- The acquirer
Also known as the acquiring bank. Here, the acquirer is the financial institution that maintains the merchant’s bank account. The acquiring bank, i.e the acquirer passes the merchant’s transactions to the issuing bank to receive payment
These were the main players who are involved in an online transaction via a payment gateway.
It has become a requirement for every online business to have a payment gateway for digital transactions. Find out how the payment gateway functions in the upcoming blog from us
FINAL THOUGHTS…
Hope you enjoyed today’s article…
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