A Secure Payment Gateway can be integrated on eCommerce Store allowing the business to accept credit cards payments for their businesses. It’s used to encrypt sensitive information to ensure that the information is secure between merchant and customer.
These payment gateways come with tools to detect frauds before sending it to the processor. There are a number of other tools such as Velocity Pattern Analysis, Black list lookup, Computer finger print, Delivery address verification, Geo location, Basic AVS, and Identity Morphing detection. Payment gateway has to be acquired by the merchant and integration will be done by Merchant Stronghold. Different type of payment Gateways exist, their basic working principal could be found below.
How Payment Gateways work?
It may sound difficult to some merchants, but the entire process is simple. There is a step by step processes of how payment gateways processing transactions –
- When a customer purchases a product from your Adult Book Store, it’s sent to web service in an encrypted format. The encryption is done with the help of SSL (Secure Socket Layer).
- All the transaction information sent to the concerned Payment gateway.
- Payment gateway then sends this information to merchant’s acquiring bank.
- The acquiring bank then sends this information to issuing bank. Customer’s credit card belongs to issuing bank so the transaction will be approved by them.
- Issuing bank sends a message back to Payment gateway. This message will have information about whether the requested transaction was approved or decline. If there is declination then reason is also sent to the gateway.
- Gateway sends response to the merchant’s server.
- When the response reaches server, it is encrypted again and sent to the customer. This will inform customer whether the transaction was successful or not. If order is placed then customer is informed about it.
- This entire process takes not more than 5 seconds. At the end of day or as per policy, acquiring bank deposit the amount in merchant’s account. If it takes more than 5 seconds to complete whole process then payment gateway is not good enough.
Why you need a payment Gateway?
If you are running an Adult Book Store then payment Gateway is the first thing you need. You can’t receive online payment without a gateway. It is the main building block that acts as a bridge between banks, and authorizes payment for Businesses. You can also call it a physical Point of sale terminal that is located in your store. It encrypts sensitive information such as card number, name, and address to ensure that information is secure between customers and merchants.
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