05 Apr 2022 By PAYCEC
A payment gateway does the following steps in the process of online payments through:
Collection: When the buyer enters the checkout on the website to submit their credit card information, the payment gateway will either provide the payment page or transmit the information to it securely.
Transfer: The payment gateway securely transmits the credit card information and transaction details of the buyer to the payment processor (a.k.a acquirer, acquiring bank, or merchant bank).
Authorization: After this data finds its way through the card network and to the issuing bank of the buyer, the transaction authorization will find its way back to the payment gateway, where you and your buyer are notified whether or not the transaction is successful.
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