Business Description
A "payment processor" is a third-party service that makes it possible for payments to be made between an online store's website or mobile app and the acquiring bank. On the other hand, a payment gateway is a piece of software that uses encryption to send customer payment information securely from a merchant's website or application to the payment processor. Thus, in order to conduct transactions, a payment processor must cooperate with a payment gateway. A financial service provider known as a payment processor manages the electronic transfer of payments between a transaction's buyer and seller.Payment processors oversee the safe and prompt movement of payments from the buyer's account to the seller's account and could also provide other services like chargeback management and fraud prevention. Payment systems like PayPal, Stripe, Square, and Adyen are a few examples. With a "payment gateway," an online retailer may send transactional data safely from their website or application to the payment system. The payment gateway verifies the operation and encodes sensitive material, including credit card numbers, before sending the information to the payment processor for settlement.
Payment gateways are a crucial part of e-commerce since they enable companies to receive client electronic payments. Shopify Payments,Paymentsclarity, Authorize.Net, and Braintree are a few examples of payment gateways. Together, payment processors and payment gateways make it possible for buyers and sellers to conduct electronic transactions. A secure portal serving as a link between the merchant's website or application and the payment processor is the payment gateway.
The payment gateway safely gathers and encrypts the transaction data, including the client's payment details, when a consumer makes a purchase. The payment processor then receives this information from the payment gateway and uses it to validate the transaction and get the cardholder's issuing bank's consent.
If the deal is accepted, the payment processor will transfer the money to the merchant's acquiring bank, which will deposit it into the business's account. Together, the payment processor and payment gateway make sure that the transaction is carried out quickly, safely, and with the necessary precautions taken to guard against fraud and preserve sensitive information.
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