PAYMENT GATEWAY

APT-PAYMENT GATEWAY

APT-PAMENT GATEWAY
  • Project Name: APT-PAYMENT GATEWAY
  • Category: Banking
  • Start Date: 25-jan-2017
  • Status: Complete
  • Project Ranking: 
5/5

Payment Gateway

A payment gateway is an e-commerce service it facilitates a payment transaction by the transfer of payment details from the portal (such as a website, mobile phone or IVRS) and payment processor or acquiring bank.

E-Commerce stores need to integrate application programming interfaces (APIs) that plug into the online store through programming that enables their functionality.

The idea is to make payment processing easy, effective and secure.
Here is a step by step guide detailing how Payment Gateways work :

  • It starts when customers place an order from an online store and fill its credit card details.
  • The web browser encrypts the data to be sent between it and the vendor’s web server.
  • The gateway then sends the transaction data to the payment processor utilized by the vendor’s acquiring bank.
  • The payment processor sends the transaction data to a card association.
  • The credit card’s issuing bank views the authorization request and “approves” or “denies.”
  • The processor then forwards an authorization pertaining to the merchant and consumer to the payment gateway.
  • Once the gateway obtains this response, it transmits it to the website/interface to process the payment.
  • Clearing Transactions – is only triggered once the merchant has actually completed the transaction.
  • The issuing bank changes the “auth-hold” to a debit, allowing a “settlement” with the vendor’s acquiring bank.