The payment gateway is what allows a merchant to accept credit card payments, whether it is online or physically so. They include the physical card-reading systems and payment terminals plus the portals for processing transaction payments. You’ve also noticed that most businesses have now implemented payment systems such as Google Pay and Apple Pay, thanks to the broad adoption of Near Field Communication technology courtesy, best known by its acronym (NFC).
It is important to distinguish that gateways for payments have differences from processors for payments. The former is takes care of approving or refusing a customer-merchant transaction while the latter is the facilitator of the transaction.
The gateway works by encrypting and safely transferring confidential information between merchants and customers. The transaction information is sent to the relevant bank, and it also shows which major provider is the issuer of a customer’s card such as a Visa or Mastercard, for example. All of the information is sent via a payment switch, along with the amount of the transaction. The bank will be conducting fraud detection to ensure the transaction ‘s authenticity and whether or not to provide approval for the transaction.
One Payment provides businesses is an all-in-one payment processing provider offering small businesses a mobile merchant account capable of handling mobile credit card processing. In addition to improving cost efficiency and ease of use, the mobile credit card processing solutions from One Payment will ensure that the company retains a strong competitive advantage in an increasingly competitive market. For more information on our credit card processing services, please call 855-609-7050.
