What Is Merchant Account? Why Do You Need That One?
A payment gateway is a software application that payment service providers use to process payments for online purchases originating on the merchants website. It acts as an interface between the merchant's website and a payment processing bank known as an acquirer. Generally a gateway can be used for many types of payment methods both for the purpose of this article we will focus on online credit card payments the gateway encrypts sensitive credit card details to ensure that information is securely between the customer the merchants and the acquiring bank. When a customer purchases a product or service or the website that is connected to a payment gateway the gateway performs a variety of tasks to process the transaction. Once the customer places the order on the merchants website they choose to check out the full pay and then redirected to a payment page to enter their credit card details. If the merchant is fully compliant with the necessary security standards the payment page ca...