Payment Gateway-Everything You Need to Know About It. -

A payment gateway acts as a channel to transfer money from your bank account to the platform you need to use. It is software that permits you to carry out an online transaction using various payment methods, including net banking, credit card, debit card, UPI, or one of the several online wallets readily available today.

Your bank accounts funds are safely transferred by a third party, known as a payment gateway, to the merchant’s payment portal.

How Does It Work?

Payment gateways send the card issuer information as a request, and the card issuer decides whether to allow or deny the transaction. The payment gateway then sends the merchant the permission or denial.

Payment gateways are required to protect customer and financial data due to the sensitivity of the information being communicated. So, they employ a range of technologies. These include encryption that complies with standards like PCI compliance and network tokenization.

Benefits of using a Payment Gateway

This trend has many benefits for merchants:

Secure transactions.
Expanded customer base.
Faster transaction processing.
Save your time.
Improved customer Experience.
Accept Worldwide Payments.
Reduce Declined Transactions.
Enhanced Cash Flow.
Payment Automation.

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Vineet Katial

Vineet Katial is the founding director of Sky7 Ventures and the Owner of VistaMoney. This veteran businessman and investor is a founding member of TIE Detroit Angels and is on numerous boards for start-ups and charitable organisations. Mr. Vineet Katial has over 30 years of excellent professional experience. Vineet Katial played a significant role in the accomplishments of the organisations he previously worked for. Vineet Katial was a member of the group that established one of India’s earliest call centres, which is today among the biggest in the world. An enthusiastic businessman, Vineet has consistently provided advice, knowledge, and experience to new firms.

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