When a customer puts what they want into their cart, they go to the checkout - that's where the checkout process begins. While the entire payment process only takes a few seconds, what happens in the background looks rather complicated:
During checkout, the payment gateway generates a new order in the system. Customers will be required to fill in full credit card payment data. Once the system obtains the data, subscription payment gateway,the payment gateway will encrypt and store the data strictly in accordance with the security rules of pCIDSS, and send the data to the merchant's receiving bank.
02 From acquirer to processing center
The encrypted data collected will be transmitted to the payment network operated by the bank and then to the processing center.
03 Transaction successful or rejected
At this stage of development, the processing technology center authorizes payment methods and establishes social connections with the corresponding card issuers to ensure payment accuracy. The payment gateway will receive a response regarding the success or rejection of the business marketplace.
04 Successful transaction
When the card issuer approves the transaction, the payment gateway obtains the final result of the transaction and transmits the result to the merchant's website to notify the customer whether the transaction was completed or declined, as the case may be.
05 The payment security gateway feeds back the transaction data results to the merchant
06 payment and settlement
The payment gateway settles the payment to the merchant.
Do subscription boxes still have a following?
Do subscription boxes still have a following? Due to their convenience, personalized experiences, and unexpected selections that you simply can't obtain from merchants, subscription boxes and the industry surrounding them have experienced a spike in popularity in recent years.
Is UPI a gateway for payments?
A payment gateway is software that has been granted permission to carry out an online transaction using different payment methods including net banking, credit card, debit card, UPI, or other numerous online wallets.
Is Bhim a gateway for payments?
The Bharat Interface for Money (BHIM) app uses the Unified Payments Interface to enable simple, rapid, and effortless financial transactions (UPI). With merely a mobile phone or virtual payment address, you can send and receive money instantly between banks (UPI ID).