A credit card payment gateway allows merchants to accept credit card payments by transferring credit card information between the bank that issued the card and business bank account, by which merchant account provider and payment processor connect.
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Payment gateway is a web-based service that integrates into an e-commerce website shopping cart and collects payment information provided by customers at the check-out.
The gateway then encrypts the data and transmits it to the card issuing bank for authorization.
The authorization response is then sent to the merchant and is displayed to the cardholder.
In essence, the payment gateway serves for web-based merchants the same purpose that a point of sale terminal does for retail businesses.
Payment gateways fulfill a vital role in the eCommerce application and transaction process, authorizing the payment between merchant and customer.
This is how a purchaser does a purchase through a payment gateway:Purchaser places order.Merchant securely transfers order information.