What is Payment Gateway?

A payment gateway is a software platform that acts as a conduit between an e-commerce seller’s website and the bank that processes a consumer’s credit card transaction. A payment gateway can also process transactions using means such as eCheck (ACH) payments and debit cards. The main purpose of the payment gateway is to safely transmit the customer’s private credit/debit card and bank account information to the issuing bank and other parties involved in the transaction.

Payment gateways dispatch transaction details to acquiring banks and replies from issuing banks about whether a payment is approved or declined. In short, payment gateways aid communication between banks.

Security is a main aspect of all payment gateways as private information such as credit card details need to be protected from fraudulent parties. The card associations have stipulated security standards that must be followed by all entities with access to card information including gateways.

List of Payment Gateway Software Companies

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$29
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