Home Experts Experts Free Quotes Coupons Special Offers Articles Forums Blogs Join Us

hand titleSavism Forums - Credit Cards & Banking - How does the online payment gateway works??

calendaricon

Recent posts

 

How Millennials Can Overcome Their 6 Big...
General Discussions

Rule Of 72
Investing

Bank Overdraft Fees Are Here to Stay
Saving Tips

Excellent Immigration Overseas Reviews O...
Reviews - Products, Services and Businesses

The BRIC nations
Real Estate

+ Start New Discussion / View All Discussions





Does your employer offer
free educational seminars?


Learn at Lunch
Learn at Lunch!
How does the online payment gateway works??
Author: cashinasnap
Saturday, July 13, 2013 02:40     Reply
Irvine
California
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

Alaska
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 08, 2013 09:43     Reply
West Valley City
Utah
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.

Forum Rules - Please Read!
 Your Post:


Resources / Become Our Partner
banner banner banner banner banner banner banner
Home
Ask Experts
Savism University
Forum/Discussions
Coupons
Special Offers
Become a Member
Request Free Quotes
Events
Webinars
Links - Add Link
Privacy Policy
Business Directory
Blog Directory
Video Directory
National Savings Day
Learn at Lunch
rssfeed RSS Headlines

Add Your Business
Become an Expert
Participate in Discussions
Post New Article
Create a Coupon
Ask a Question
Contact Us
Advertising
About Us
Site Map
Feedback
Connect on Twitter
2017 Art Of Saving
Savism, National Savings Day & United We Save are registered trademarks.