Exploring the Essentials Aspects of Payment Gateways
In the digital landscape, where commerce and transactions thrive, payment gateways stand as pivotal conduits enabling secure and swift monetary exchanges. Whether you're an e-commerce entrepreneur, a customer making an online purchase, or a business professional handling financial transactions, understanding the fundamental aspects of payment gateways is indispensable. What are Payment Gateways? Payment gateways are virtual channels that facilitate the seamless transfer of money between a buyer and a seller during online transactions. Acting as a bridge between the merchant's website or platform and the financial institutions, these gateways encrypt sensitive information to ensure secure transactions. Functionality and Workflow A online payment gateway's primary function is to validate the customer's payment information, encrypt it for security, authorize the transaction, and ensure the transfer of funds from the buyer to the seller's account. The process involve...