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How does a payment gateway work?

How A Payment Gateway Work

Not everyone has the technology or budget to handle customer payments through a merchant bank account.

Paying a small fee to a secure payment gateway will handle all your transactions on your behalf 24x7 from your website. The inability to process payments defeats the entire purpose of an e-commerce site.

Payment gateway providers can help you handle and process payments easily. This is where payment gateway providers can help you make handling and processing payments an easy process.

What is a Payment Gateway?

A Payment Gateway is a service that allows you to accept credit card payments on your website.

A payment gateway is an intermediate system that connects the merchant’s website to the credit card and banking networks. The payment gateway is in charge of making sure that money is sent safely between the customer and the merchant.

The most common type of payment gateway is an e-commerce gateway, which is used by merchants to sell goods or services online.

Payment Gateways make it possible for businesses to accept payments from customers, who may be located anywhere in the world, securely and conveniently.

How to Process Different Types of Payments with a Payment Gateway

Payment gateways are an essential part of any payment system. They are the link between your business and the customer.
There are two main types of payments: card-based and cashless transactions. Card-based transactions require a credit or debit card, while cashless transactions do not require a card or any other form of payment, but instead use some form of electronic payment such as mobile wallets or contactless cards.

There are many different types of payment gateways available on the market with different features for specific needs. The most common ones include Paygate, MoneyMatrix, Yoco, PayFast, Netcash, Peach Payments, SnapScan, PayU, SiD Payment, Pay Genius. Read more here

These gateways offer a wide range of features that can be tailored to your business needs, such as fraud prevention and international reachability, to name just a few.
Conclusion payment gateways and how they work. Payment gateways are a way for websites to process payments from their customers. They are used by both small and large companies to accept credit card payments, PayPal, Bitcoin, and other methods of digital payment.

How does a payment gateway process transactions from a shopping cart?

1. An online customer adds products to a shopping cart.
2. When they finished shopping, they clicked on "check out" and entered their billing information.
3. The customer is transferred to a secure payment gateway. You don't need an SSL certificate as the payment gateway does the secure transaction.
4. The payment gateway then transmits to the processor.
5. The processor transfers the information to the bank that issued the credit card or EFT.
6. Then verify the card and check to make sure that the requested amount is available on the card or EFT.
7. The process takes 2-4 seconds from the time that the customer enters their information and, on approval, is sent back to the e-commerce website where the customer's order page details are displayed.
9. The payment gateway transmits the approval code back to your website where the customer made the purchase.
10. The payment gateway emails the customer a payment receipt and the website emails you, the website owner.

What You Need to Know About the Online Shopping Market Based on eCommerce Statistics:

The majority of online shoppers were women aged between 18 and 39.
The majority of South Africans spend between R250 and R1000 when making a purchase online.
33% of those polled made 10 or more online purchases per year; and
28% of shoppers make online purchases using their mobile phones.
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