You can't imagine doing #B2B/#B2C #eCommerce business without a #paymentgateway integrated into your websites.
Let's go over this in more detail...
What exactly is a payment gateway?
A payment gateway connects your online store to the bank. The service can handle a variety of transactions:
Authorization - checking whether there is enough money on the customer's balance to purchase the product;
Capture - authorized payment processing and money transfer to the merchant account
Sale - The act of authorizing a buyer and then capturing (or not capturing) the money is referred to as a sale. It is typically used for one-time purchases, such as subscriptions.
Refund - If an order is canceled, a refund is issued.
Void - same as a refund, but applied when there wasn’t processed capture.
How does an #eCommerce #paymentgateway work?
A payment gateway encrypts sensitive data such as credit card numbers, CVVs, and expiration dates to protect against online fraud and ensure the security of all transactions.
Any #paymentgateway's infrastructure is actually more complicated than what customers see for 3-4 seconds while their payment is being processed.
There are two types of #paymentgateways available in the market: hosted and #non-hosted (integrated)
#HostedGateways - These are external payment services in which your #ecommerce website is redirected to a third party such as Paypal to complete the transaction before redirecting the buyer back to your #ecommerce website.
#NonHostedGateways - These are in-built systems of company #websites that have #APIs built to handle #payment transactions and are integrated with their #ecommerce website.
How do I incorporate a #paymentgateway?
Hosted payment gateways typically include Javascript code that adds a payment button to your website.
The #API is activated by clicking the button, and the rest is handled by the gateway.
Non-hosted gateways, on the other hand, are processed via APIs to your server. In this case, you'll need a development team to create and install the APIs.
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Good article! Most of the time the website may have to perform some basic operation with credit card info. During this process we need to make sure that all sensitive data is handled securely and encrypted wherever necessary. This is the place where we can bring in compliance such as PCI DSS for bringing customer trust in the whole payment process.