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How does the online payment gateway works??
Author: Cash In A Snap
Saturday, July 13, 2013 02:40     Reply
Central Point
Round the clock there has been a question in my mind  how does the online payment gateway works like is it based on some bank database and is it secure many a times cyber space is prone to hacking what if it gets hacked.
Author: Steven Lyon
Wednesday, July 31, 2013 04:02     Reply

Yes, it is an encrypted system that is similar to a physical point of sale located in retail outlets, but in web format. Payment gateways encrypt sensitive information to make sure that information is shared confidentially between the client and the retailer/merchant.

The online retailer deals with two things: a retailer account and an online payment gateway account. These will help ensure that the financial transaction goes through. The procedure is as follows:

The client selects the product on the web  and places an order, entering their credit card number. This is thoroughly encrypted using a SSL or equivalent technologies. The billing information and purchase are sent to the online payment gateway.

The online payment gateway collects the key information and shares it with the financial institution that is dealing with the respective retailer. The acquiring bank then shares these details with the customer bank for verification of the deal. The credit card bank soon provides a reply code that indicates the acceptance or dismissal of the credit card deal.

The merchant bank then sends the credit card processing information to the online payment gateway. When cleared, the money is then sent into the merchant account.

The online payment gateway delivers this transaction information and other details to the retailer's online store after which the details are reflected on the customer's monitor screen to tell them if the transaction went through.
Author: Robin Williams
Sunday, September 8, 2013 09:43     Reply
West Valley City
An online payment gate way system eases the process of completing a transaction between the buyer and the seller. This is very important for mostly e-commerce businesses. This process works on your behalf, in processing the amount, verifying and accepting, making it simpler for you.

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