What is Payment Gateway?How does it work?
What is Payment Gateway?
The Payment Gateway (PG) enables merchants, corporate and Government entities to process online transactions via the use of debit (ATM) and credit card payments. PG supports online payment whether on the Internet or any other electronic channel such as Interactive Voice Recognition (IVR), kiosk, and call center with secure protection and integrity. Benefit’s Gateway accepts all locally issued debit (ATM) cards, VISA, MasterCard, AMEX, and JCB credit cards. Even more, the Gateway can be customized to accommodate and fit the payment process requirements of any entity.
How does it work?
Benefit’s Gateway checks for validity, encrypts transaction details, ensures they are sent to the correct destination and then decrypts the responses which are sent back to the shopping cart / billing / account system. It is integrated with a variety of shopping cart software, databases, Internet merchant accounts and protocol exchange servers. Further on, it is also certified by VISA and MasterCard for the electronic commerce transactions via the Internet, by mandating all their rules and protocols as per VbV (3D Secure) protocol of VISA and Secure Code protocol of MasterCard.
Advantages Of Online Payment Gateway
Following are some of the benefits of Online Payment Gateway in making payment process secure and fast
- Accept Credit Cards: Payments using credit cards and debit cards are very common these days. Online Payment Gateway is known for making the transactions made by credit card more easy and efficient because of its batch upload features. This facilitates submission of multiple transactions in a single file and also verification of accounts swiftly and safely.
- ACH Payments: Banks are allowed for sending money back and forth electronically by Automated Clearing House (AHC) system. This system helps the merchants to accept ACH payments through Online Payment Gateway. Different kinds of transactions like bill payment, business-to-business transaction and e-commerce processing can be accepted with this system.
- Recurring Billing Options: Flexibility and convenience are the USP of online payments. With the recurring billing options of Online Payment Gateway, customers can get receipts of weekly or monthly payments directly sent to their inbox.
- Secure Processing: Online Payment Gateways that are in compliance with PCI DSS standards are reliable. They keep the data of customers secure and protect also provide protection to merchants from heavy fees. Moreover, they help in preventing dangerous results of getting data compromised.