How Payment Gateways Guarantee Secure Online Transactions These days where businesses have become more popular in the internet, it is important to create a secure connection where customers feel comfortable to transact. If you are running an online business which offers numerous goods and services, it is important that you invest in an efficient payment gateway so that you are able to accept credit or debit cards from customers online in a hassle-free manner. A payment gateway enables a business to provide a good and secure place for customers to pay the items and services they bought online. If you are planning to get a first-class gateway for the purpose of online billing solutions, it is imperative that you acquaint yourself with the knowledge of the process. How Do Payment Gateways Work? A payment gateway helps the customers to know whether their credit cards have been approved or not by a particular website or a company. Here is a step by step process that provides detailed information about how payment gateways work: •
Customer Places Orders: The very first step would be when the customers place their orders and add them to the shopping cart. After this, they will be required to enter and submit their credit card details.
Authorization: The information supplied by the customers is sent to the web server of the merchant in an encrypted form with the help of the Secure Socket Layer (SSL) encryption. The merchant then transfers the information to the credit card issuing bank to know whether the transaction has been approved or rejected.
Settling the Transactions: At the end of the day, all your transactions made online will be combined together by the Internet payment gateway and transferred to your processing bank. It normally consumes one or two days to settle all your transactions and receive the payment.
Reporting: In this step, you can view the record of all the transactions and have a quick look at the settlement batch reports. The gateway also provides you the facility to download the reports for future references and store it in your computer system.
It is important to select a renowned Internet payment gateway provider that provides outstanding services and helps you topple your competitors in the market. It is important to provide a safe online billing solution for your customers so that you can increase your profits and expand your business.