A payment gateway is a hardware and software complex that processes payments for financial services. It encrypts the processed data and is responsible for the correct authorization of clients.
A payment gateway only provides switching between the buyer and the seller. Payment systems are responsible for accepting funds.
How does the payment gateway work?
The principle of operation of the payment gateway is as follows:
- The client orders the product in the online store and goes to the payment page. Then they enter the bank card details on the payment system website. The payment gateway transfers the received information to the acquiring bank;
- Next, the bank sends an authorization request to one of the international systems through which the payment is made (Mastercard, Visa). She confirms the payment by sending an authorization code through the acquiring bank;
- If the payment is made using 3D secure technology, the user may be asked to enter a one-time password. The password comes in the form of SMS and is valid for several minutes.
The payment process itself lasts a few seconds, but delays are possible. It happens because of the large number of concurrent requests that come through the payment gateway.
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