If you are having your own business then you must be known to credit card processing. Credit card processing is really important these days for a businessman as he has to do a lot of transaction in a day. It has been analysed that in early time credit card was not used much as people usually do cash in hand transactions but now most of the people have a bank account and transactions are done through credit cards. Nowadays, it is necessary to have a bank account with a payment gateway method as it is a safe and secure method of transaction.
Do you know what a payment gateway is?
A payment gateway is an application basically used in the field of business. It allows payment transactions between a customer and merchant. With this application, you can make payments through credit cards, debits cards etc. A payment gateway is helpful in credit card processing as it is a protection for the details for credit cards carrying sensitive information like numbers of credit cards. It makes sure that the information should pass between the customer and merchant in a safe and secure way.
Working of payment gateway
First of all, the customer will place an order and enter credit card information along with it. After that, if the order is made from a website, then the customer’s website browser will encrypt the information which is needed to be sent to the merchant. Then the payment is needed to be approved by the respective credit card company or bank and then the information is sent to a payment gateway. It will recognise the method used to make the payment and then forwarded to the website for the interpretation. The merchant will need to submit all the authorizations for the bank procedures and settlements. The bank will deposit the total amount of funds to the merchant’s account.
When any customer purchases a service by making a credit card payment through the payment gateway, then it will need the approval of the credit card company. The payment gateway ensures the credit card acceptability. The payment gateway is a safe and secure connection between the customer and merchant. After all the transactions are made of a single day, the payment gateway sends all the transactions to the bank of the merchant.
Advanced security level
Most important advantage of a payment gateway method is that it is highly safe and secure. Not a single credit card detail is stored anywhere between the processing and all the details will be sent to the bank. The bank will then verify it. There is no chance of frauds while doing payments through the payment gateway. The payment gateway procedures work on mobile phones also.
You need to choose a service provider who will provide you detailed information about the procedures of their payment gateway methods. You should choose a service provider who will provide you an advanced level of safety and security.
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