What is a payment gateway?
A payment gateway is a service that authorizes and processes debit / credit card payments for online merchants and traditional retail, offline merchants. A payment gateway facilitates the smooth passage of such transactions by encrypting confidential data and transferring them between the payment portal (website or mobile device) and the bank / payment processor.
The principle of the payment gateway
In general, payment gateways facilitate the connection between your website or specialty store, a payment processor, and the bank that issued the credit card used to make the purchase. Security is the main component of all payment gateways, so every transaction that occurs between the merchant and the issuing bank is encrypted to protect confidential financial information.
Although the transaction process takes only a few seconds, several steps are taken during this short period of time. As soon as a client receives a request for a secure payment page and places an order, transaction data (credit card number, date, CVV code) is encrypted and sent to your payment processor through the gateway. The payment processor contacts the credit card issuing bank and receives feedback in the form of a confirmation or rejection of the transaction. Then the response is transmitted to the payment gateway, which sends it to your site. Finally, the information is interpreted and a corresponding response is generated. If the transaction has been approved, the seller completes the order.
5 widely used payment gateways in 2020
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Authorize.Net
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WePay
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- 2.9% + 0.3$.
- ACH — 1% + 0.3$.
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Skrill
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- MasterCard — 4.99%.
- Visa — 7.5%.
- Bank Transfer — 5.5 EUR.
PaySpace
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1.2% + 0.3$. 20$.
2Checkout
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The company offers its customers a commission of $ 2.9% + $ 0.3 for enterprises whose turnover is less than $ 50,000 per month on cards. For international transactions, an additional fee of 1% is charged.
The charge for the chargeback is $ 20.