What is Payment Gateway
A technology that is used to accept the payment from debit or credit cards from a customer to a merchant is termed as Payment Gateway.
Payment Gateway not only is limited to the physical machines which you used to swipe your card but also the online shopping website that used your card number to transact in online.
In recent years, it is seen to adapt many secured processes by which customers and merchants do prefer this technology for any transaction.
The payment process is secure, and the money transfer process does happen in seconds by debiting money from customers to directly move it to a merchant account.
Features of Payment Gateway
Here 25penny.com presents some basic points that let you understand Payment Gateway and its basic features that one can use in day to day life.
- It is the interface that customer face to pay and merchant collect payments
- The payment machine in-store to swipe your card does have an interface
- In an online store, the gateway site to fill in your card details to complete the transaction.
- One tap payment by contactless machine to avoid any contact
How Does Payment Gateway Work?
It is a key for electronic payment processing, and it is a front face responsible for sending the information of customers to the merchant bank during transactions.
Payment Gateway through Card
Whenever a customer swipes his card into the machine the gateway does process the system by debiting the amount from the customer account once they enter a PIN number.
The successful confirmation will be printed overslips once the customer account gets credit with the amount, and the chip-enabled in the card does allow the transaction to take place and it can only be processed with an unique PIN which a customer does have.
Payment Gateway Through Card Contactless
The Contact Less payment through a customer card is enabled by the Bank for transactions of limited amounts, where the customers just need to hold their card over the money lending machine, and through the Chip enabled the WiFi contact gets deducted to debit your amount.
This is easy and rather needs to be used carefully, as a payment gateway through a contactless card will not ask for customer PIN.
Payment Gateway Through Online Website
The gateway on a website can be brought while paying for a product or any, and here customers are asked to fill in their card details manually along with CVV which is the most dedicated number of cards.
Once the details are filled in, you should click on the pay button and an OTP will be sent to your registered mobile number, and only after filing these OTP numbers, the transaction will be processed and will be marked as successful.
Frequently Asked Questions
Can I spend a large amount through a Contactless Card?
No, every contactless card when used through a gateway which will only allow for a limited transaction, and if a customer wants to debit a large amount which is slightly larger than the normal limit, will be asked to swipe the card or directly enter a PIN to verify, and these make the transaction secure and as well flexible for customer usage.
Does Payment Gateway ask for service charge?
There is no service charge laid on the customer for using a payment. On the other side, every gateway lending machine or online website does have a fee that needs to be paid by a merchant, where no excess charges than the actual amount will be asked to pay by a customer.
Does Payment Gateway secure for payment processing?
Yes, the payment processing through a Payment Gateway is fully secure, and as it asks for PIN number, OTP number and does try to verify the transaction with the customer in all the possible ways, and only once a customer fills their PIN number the transaction will be processed for successful payment.