Understanding of payment gateways

We all must have used online payment gateway for online transactions at some point or the other. Many of us may might be using it on regular basis. So have you thought what goes behind the safe and secure working of these popular payment gateways that make your money transactions so smooth and safe.

Let’s jump into the explanation part:

• It gets started when a customer places an online order from a seller or merchant that have payment gateway.
• Your order information is securely transferred by the merchant to the payment gateway.
• Thereafter the transaction gets routed to the 3D secure page or the issuing bank requesting transaction authentication.
• Once the authentication process is cleared, the transaction gets either authorized or declined (depends upon the funds available in the customer’s bank account) by the issuing card or the bank.
• The merchant or seller receives a message from the payment gateway of the transaction status.
• Payment gateway gets money from the bank and then the payment is transferred to the merchant/seller.

That’s it, it’s done!

Some Useful tools of Payment Gateways

• Checks the AVS
• Analysis of velocity pattern
• Identification of morphing detection
• Computer fingerprinting technology
• Verification of delivery address
• Finding Geolocation
• Calculation of tax amounts for request authorization transmitted to the processor.

Anatomy of elements in Payment Gateways

• A merchant account. With exceptions like PayPal, a merchant account is not required or else provided with one.
• An account with the payment service provider.
• A unique web page along with a button to initiate the transaction process. Here, either the code provided by your service provider can be used or specialized software of the shopping cart.

Top 5 Payment Gateways

• PayPal
• Amazon Payments
• WePay
• Authorize.Net
• Stripe

Payment gateway is indeed a boon for the buyer and seller both as it provides security and also data like credit card information or bank details are hidden. At Inheritx we offer successful integration of only the popular and best payment gateways into your ecommerce site. Get in touch with us today. Pay us a visit at www.inheritx.com