The payment gateway is a type in which the third party is involved between the marketer and a client. It delivers money from one customer to the merchandize. It is like an in-house or e-commerce banking
ACE Money Transfer which gives you best and unique ideas about different strategies of online payment. It helps you to make accounts online and you are always in a link with the banks online.
How payment gateway works:
It works efficiently and have a role to process and authorized the payment or get transected between the customer and the marketer.
The basic steps of how it is working are of following;
- By ordering the product by visiting the website, from the cart or any other same type of thing.
- The payment order is transfer to the payment gateway. The authentication takes place and customer pay their amount according to the payment method.
- After authentication, a transaction takes place.
- The transaction may b confirmed or may b rejected based on funds present.
- The message is sent by the gateway to the marketer.
- AS bank settles money so the gateway and gateway settle it to marketers.
- Verification of cards i.e credit card, the debit card must be done
- The whole process is not time taking almost 2-3 sec to take place for the payment gateway.
If a customer wants to purchase something from the merchant online it must have a credit card, debit card, cash, or any other else.
Payment processor and payment gateway
Payment processor as process the information or transaction to the merchandise where as the payment gateway helps to transfer payment from client to marketer. It is intermediator between customer and merchandise