A payment gateway is a method for the collection of the transaction money from the buyer to a seller. With the updates in the world, people are busy purchasing everything from groceries, provisions, accessories, and almost everything online. Every purchase is done with a single swipe on the mobile. The basis of any online purchase is online transactions. It has become very convenient and easy. You can make the purchase worldwide. You can buy or sell any goods to anyone in the world. How is that so simple? Let’s see!

The payment gateway acts as a medium where you could pay safely from your bank account to the seller’s wallet. A payment gateway is a software that approves the transaction from many modes of payments like the credit card, debit card, UPI, net banking, and online wallets. The best online payment gateway acts as a medium for a safe transaction on any online shopping website.

How does the online payment gateway work?

As the buyer places their orders on the website and clicks the okay button, it takes the customer to the payment gateway where they are asked to provide the details of the bank statements. Then the payment gateway takes the customer to an authorization page. And as it gets the approval, the bank check for the balance sheet of the customer if it is capable to make the payment. If it is found out to have not sufficient balance then the payment gateway (PG) replies with an error message to the customer. If there is sufficient balance, then the bank settles the payment to the PG which in turn settles to the seller. As all the transactions are confirmed, the customer is received with a confirmation message.

Now you may be doubtful about providing confidential details like the bank statements with the payment gateway. How is the information secure in the transactions with the payment gateway?

Everyone must have heard on the Http web address. But the transaction is made via https web address where the s stands for security in which it is required to sign a request from the merchant which will be a secret code. As a result of secure payment, the IP of the server is requested to verify and find any mischievous activity. With virtual payer authentication, the payment gateways make a secure payment.

There are many more benefits of having a payment gateway which can be obtained from the Merchant Service Broker Solutions.