What is a payment gateway

The payment gateway is provided by the e-commerce application service provider UK Merchant Fleet. It can be provided not only by banks to customers, but also by specialized financial service providers as a separate service (such as payment service providers). payment gateways are similar to pOS terminals found in many retail establishments. In addition, authorize electronic credit cards and Automated Clearing House (ACH) payments, subscription payment gateway,providing businesses with seamless payment processing. In addition, it facilitates payment transactions through messaging between payment portals, such as mobile phones, websites, or interactive voice response services, and the front-end or receiving bank. The payment gateway encrypts and stores sensitive data to keep confidential information safe when processing payments.

A payment processing system consists of three main parts, including a payment gateway, a payment processor, and a merchant account. What is the main difference between them? There is a summary:

1. payment Gateway

Connect the e-commerce store to the payment processor and send transaction requests to the payment processor.

2. payment processor

Handle requests from the web and execute them. Collect money from customers and deposit into your merchant account or an account managed by a third party.

3. Merchant Account

This is where the money is deposited after a successful transaction. It's optional, no doubt, and you don't need to consider it an e-commerce business.

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