A payment gateway is a service that secures and automates the payment transaction between the shopper and the seller. It is a system of computer processes that transmits credit card detail securely to the payment processor as well as transmits the approval code and confirmation to the shopping cart program.
It is a tool that allows business owners to accept payments through credit cards and any other forms of electronic payment. Business owners usually affiliate with a third party provider to manage all the authorization and settlement services for any credit card transactions.
When the transaction is initiated, all details of the credit card will be transferred to the payment processor. It will then verify if the credit card number, the expiration date, the security code are all correct and updated. It also checks if there is enough credit to process the transaction. After checking, it will then transmit the information back to the shopping cart through the payment gateway. There is no need to worry because payment gateways guarantee a secure transmission of information over the internet.
There are certain shopping carts that are not compatible with some payment gateways. It needs special programming to test the set up of the shopping cart with a specific payment gateway. So make sure to review your shopping cart to know which preferred payment gateway fits for your cart.
Always remember to consider the payment gateway when you think of using shopping cart and payment transaction system in your online shop. This will help in achieving your goals at the same time provide convenience and satisfaction to your valued customers.
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