A Payment Gateway is a piece of technology that retailers use to enable client debit or credit card purchases. The phrase covers both the actual card-reading hardware used in brick and mortar retail establishments as well as the payment processing portals used in internet retailers. In contrast, during the past several years, Payment Gateways Integrationin brick-and-mortar stores have started to accept phone-based purchases via QR codes or Near Field Communication (NFC) technologies.
KEY TAKEAWAYS
The consumer-facing interfaces that are used to gather payment information are called Payment Gateways
Payment Gatewaysare the point-of-sale (POS) terminals used in physical establishments to take credit card data from customers using a card or a smartphone.
Payment Gatewaysare the "checkout" portals used in online retailers where customers enter credit card information or login credentials for services like PayPal.
Payment processors, who use customer information to collect payments on behalf of the merchant, are different from Payment Gateways.
Payment Gatewaysare also available to enable transactions in cryptocurrencies like Bitcoin.
The front-end technology that transmits consumer data to the merchant acquiring bank, where the transaction is then processed, is known as thePayment Gateway. It is a crucial part of the electronic payment processing system.
Technologies for Payment Gatewaysare constantly changing to match new consumer preferences and technological advancements. The use of magnetic strip credit cards and paper client signatures were prerequisites in the past while using terminals. The signature step might be eliminated in favour of a personal identification number (PIN) entered directly into the Payment Gateway hardware with the advancement of chip technology. Today, customers can also make contactless purchases, and many of them increasingly use their smartphones in place of physical credit cards.
Whether a Payment Gatewaysis an online payment portal or an in-store gateway, the architecture will vary. Application programming interfaces (APIs), which enable communication between the concerned website and the underlying payment processing network, are necessary for online Payment Gateways. A POS terminal that electronically links to the payment processing network over a phone line or an Internet connection will be used by in-store Payment Gateways.
Payment Gatewaysare an important feature of the digital economy. By allowing customers to safely and securely share their credit card information, these systems reduce some of the barriers to online commerce. While the first Payment Gatewaysconsisted of simple card-reading devices, they are now sophisticated systems to collect and authenticate PIN numbers, signatures, and other data for merchant transactions.
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