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Categories >>
Banking & Investment >>
What is a Payment Gateway
>>
Credit Card Processing
>>
Merchant Accounts
>>
Visa Master
Card >>
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by:
Bret
Morrison -
posted
(or last updated): 8th, January 2009
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| Back
to: Internet
Merchant Accounts page |
| |
Payment
gateway is a software system that connect
a "virtual store" on the Internet
to the banking networks for processing of
credit card, eCheck, and ACH payments.
To connect
to banks a series
of processes need to take place for security
and for integrity of the systems that facilitate
transaction processing between merchants
conducting business on the Internet and
the national and International financial
settlement systems operated by Visa, Mastercard,
JCB, American Express and the European Switch.
The gateway
comprises of a set of software programs,
encryption technology, secure network connections,
and database systems that together as a
whole act as the core technology which allows
the merchant to accept payments online over
the Internet and route them securely from
the “virtual store” for authorization
and settlement.
The core
technology uses a combination of protocols
in order to provide a secure transmission
of sensitive information during transaction
processing and all data is encrypted using
Secure Socket Layer architecture and both
the merchant and customer are provided with
a digital receipt.
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