What is a Payment Gateway & What is its Need_

A payment gateway is indispensable for
online stores. 82% of internet users in the
US are foreseen to make an online
purchase in 2024 alone. And the most
suitable way for online stores to accept
payments is with a payment gateway.

Payment gateways enable online transactions while
safeguarding sensitive cardholder data. This means
customers can securely purchase items from your
store without the risk of identity theft.

The current business owner must consider aspects such
as payment processor partners, PCI compliance, and
point of sale transactions in addition to miscellaneous
payment methods as credit card transactions and general
commerce persist to evolve.

Thankfully, those who require to process credit card payments, and desire to grow their business in a simple and
straightforward fashion, can rely on partners like Card Cutters to guide them and streamline their payment processing
operations.

How Does a Payment
Gateway Work?

Payment gateways are the mediator between your store and your
customer. The gateways permit the customer’s payment and encrypt
the cardholder information.

It then verifies the payment with the issuing bank and deposits the
money into the merchant account. The gateway itself, besides being
secured, is an effortless way to boost online transactions for your store.

Here’s a more fleshed-out look at how payment gateways
perform:

1. The Customer initiates a transaction by adding their data on
the merchant’s eCommerce site or by utilising their credit card
in a brick-and-mortar store.

2. The payment gateway gives along with the customer’s credit
card information to the acquiring bank (i.e., the entity that
processes payments on behalf of the merchant).

3. The payment processor interfaces with the customer’s card
network (e.g, Visa, Mastercard), which then routes the
transaction to the issuing bank (the bank that gave the credit
card to the customer).

4. The issuing bank confirms that there are funds available in the
customer’s account to conceal the purchase amount. This step
is also used to decide whether or not the transaction is
fraudulent. From there, the bank will approve or decline the
transaction.

Know more about Merchant Account
Service Provider in UAE

HOW PAYMENT
GATEWAY WORKS?

Visit : www.card-cutters.ae

Contact Number : 971 45668860
Sent your requirements to : [email protected]
Address : Office 330, Emarat Atrium, Near Gulf News, Sheikh Zayed Road, Dubai