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What is a Payment Gateway & What is its Need?

A payment gateway is the gatekeeper of your customer's payment data. But do you know how this process is carried out? Here is everything you need to know about

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What is a Payment Gateway & What is its Need?

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  1. A payment gatewayis indispensable for online stores. 82% of internet users in the US are foreseen to make an online purchase in 2024 alone. And the most suitable way for online stores to accept payments is with a payment gateway. Payment gateways enable online transactions while safeguarding sensitive cardholder data. This means customers can securely purchase items from your store without the risk of identity theft. The current business owner must consider aspects such as payment processor partners, PCI compliance, and point of sale transactions in addition to miscellaneous payment methods as credit card transactions and general commerce persist to evolve.

  2. Thankfully, those who require to process credit card payments, and desire to grow their business in a simple and straightforward fashion, can rely on partners like Card Cutters to guide them and streamline their payment processing operations. How Does a Payment Gateway Work?

  3. Payment gateways are the mediator between your store and your customer. The gateways permit the customer’s payment and encrypt the cardholder information. It then verifies the payment with the issuing bank and deposits the money into the merchant account. The gateway itself, besides being secured, is an effortless way to boost online transactions for your store. Here’s a more fleshed-out look at how payment gateways perform:

  4. The Customer initiates a transaction by adding their data on the merchant’s eCommerce site or by utilising their credit card in a brick-and-mortar store. • The payment gateway gives along with the customer’s credit card information to the acquiring bank (i.e., the entity that processes payments on behalf of the merchant). • The payment processor interfaces with the customer’s card network (e.g, Visa, Mastercard), which then routes the transaction to the issuing bank (the bank that gave the credit card to the customer). • The issuing bank confirms that there are funds available in the customer’s account to conceal the purchase amount. This step is also used to decide whether or not the transaction is fraudulent. From there, the bank will approve or decline the transaction. Know more about Merchant Account Service Provider in UAE

  5. HOW PAYMENT GATEWAY WORKS?

  6. Visit : www.card-cutters.ae Contact Number : 971 45668860 Sent your requirements to : sales@card-cutters.ae Address : Office 330, Emarat Atrium, Near Gulf News, Sheikh Zayed Road, Dubai

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