What is Payment Gateway?
Payment Gateway: A payment gateway is a service that approves the payments for Ecommerce Store, Online Retailers and Service contributors. It is the equivalent of a physical point of sale terminal located in most retail outlets. Payment gateways protect credit card details by encrypting sensitive information, such as credit card numbers, to ensure that information is passed securely between the customer and the merchant and also between merchant and the payment processor.
A payment gateway facilitates the transfer of information among a payment portal and the Front End Processor or obtaining bank. When a customer orders a product from a payment gateway-enabled merchant, the payment gateway achieves a variety of tasks to process the transaction such as a customer places order on website by pressing the ‘Checkout’ or equivalent button, the merchant then forwards the transaction details to their payment gateway.
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