What is a Payment Gateway?
A payment gateway is a technology that provides secure transfer of payment information between a customer, a business, and the financial institution processing the transaction.
It acts as a digital bridge, making sure that payments made online or through a point-of-sale system are authorized and completed safely.
How It Works:
A customer selects a product or service and proceeds to checkout.
The payment gateway encrypts the customer's payment details and securely sends them to the acquiring bank.
The acquiring bank communicates with the issuing bank to verify and approve the transaction.
Once approved, the payment is transferred to the merchant’s account, and the customer receives a confirmation.
