A payment gateway is an online service provider that connects an electronic shopping cart or virtual terminal/pOS to an electronic payment processor. It is your gateway to other payment infrastructure that allows you to accept payments electronically.
The gateway's primary management function is to pass authorization, payment, payment gateway system architecture，and settlement data securely and from the enterprise merchant's website and the merchant's processor to. The merchant processor is in turn connected to a card association, which is communicatively connected to the issuing bank. The articles in this section will introduce more players in the payment ecosystem and put gateways in the right context.
payment value chain
Due to the high degree of specialization, the payment ecosystem is very fragmented, and any given payment transaction usually goes through at least five or six different parties, which we call the payment value chain. The following sections describe the different players in the payments ecosystem, and the nuances in their functionality.
When a customer pays by credit card, the point-of-sale system typically prompts the customer to sign or enter a pIN in seconds, then complete the transaction and print a receipt. Demonstrates the robustness of China's e-commerce payment management system, i.e., the ultimate realization of user information. Often we are fully developed without fully realizing the complexity of the underlying pipeline, which allows them to leave their homes without a single percentage point in their pockets. , and armed with their credit or debit card, with complete confidence that they will be able to make purchases of the goods and services they desire.
The term payment gateway can often be easily used to describe various payment service providers or pSps in order to accept electronic payment methods. However, in the strictest sense, a gateway is an intermediary between a merchant's virtual pOS (point of sale) or online shopping cart, acting as the first interface from the merchant to the rest of the payment value chain.
Gateways basically pass information between merchants and payment systems. This information can be card authorization, capture (or settlement) transaction, blank or chargeback. In all of these cases, the information flows to the merchant and the card issuer (usually a bank or credit statement).
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What are the four architectural phases?
Recognizing the four architectural phases Conceptual.
How does the backend of the payment gateway operate?
Prior to delivering the card data to the acquirer, the payment gateway encrypts the card information and does fraud checks. The card schemes do additional fraud checks on the data that the acquirer securely submits to them, and they then pass the payment data to the issuer for payment authorization.
What are the many sorts of payment gateways?
The technology that merchants employ to receive debit or credit card payments from customers is known as a payment gateway. The word covers both the online shopping cart payment processing portals as well as the actual card-reading hardware present in real retail establishments.