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TL;DR You get to choose from traditional payment methods like cash and checks, online payment methods like digital wallets and ACH transfers, and emerging payment methods like BNPL services and cryptocurrencies. Its role is to encrypt and securely transfer your customers payment data to your payment processor.
Payment gateway – The service that encrypts and securely sends payment details from the customer to the payment processor and back to the merchant. Payment information is encrypted and sent for authorization – The payment gateway encrypts and sends the payment details to the payment processor.
Payment gateway – A secure system that transmits encrypted transaction data between your website or terminal and your processor. Payment processing solutions that support mobile wallets, Apple Pay, Google Pay, and Buy Now, Pay Later (BNPL) options help you meet those expectations. Todays consumers expect flexibility at checkout.
While enterprise systems like ERP and CRM often have strong security protocols, these systems don’t operate in a vacuum. Why Traditional Defences Fall Short Historically, businesses have relied on layered security controls like encryption, firewalls, and access policies to protect payment information. That’s where the real risk lies.
They can range from traditional payments, such as credit/debit cards and ACH payments , to modern alternative methods, such as digital wallets, mobile transactions, Buy Now Pay Later (BNPL), and cryptocurrency. The details are then encrypted and transmitted to a third-party payment gateway for authorization.
Ensure the gateway offers PCI DSS compliance, encryption, tokenization, and fraud prevention tools to safeguard transactions. The payment gateway collects and encrypts sensitive customer payment details and then securely sends them to the payment processor. Learn More What is a Payment Gateway?
Key features to look for in a POS system include sales processing, inventory management, customer relationship management (CRM), reporting, multi-location & omnichannel selling, and security & compliance. On the other hand, on-premise POS solutions store data locally on in-store servers and are limited to in-store use.
Merchant Sends Transaction Request : The merchant’s POS system or online payment gateway encrypts and transmits the transaction data to the acquiring bank or payment processor. Software solutions that integrate inventory management, reporting, and customer relationship management (CRM). Final Confirmation 0.5
Opt for a PCI-compliant gateway with encryption, tokenization, and fraud detection tools to protect customer data and prevent chargebacks. Additionally, your gateway should support multiple payment methods, including credit/debit cards, ACH, digital wallets, and BNPL options, ensuring a frictionless payment experience for customers.
Supporting Players in the Payment Ecosystem Payment Gateways: Payment gateways serve as the secure link between merchants’ systems and payment processors, they encrypt and transmit sensitive data. The global payment gateway market is projected to reach $49.7 billion by 2027 , but must navigate security and regulatory challenges.
Transaction Processing MMS integrated with payment gateways enables merchants to accept multiple payment methods, including cards, UPI , wallets, and BNPL. Integration Capabilities Ensure that the system offers seamless integration with existing infrastructure, such as payment gateways and CRM platforms.
Key Features Configurability : Integrates with 60+ third-party systems and supports 15+ loan products, allowing seamless customization with CRM, core banking, and operational platforms. Customer Notification Engine : Automated updates for loan approval, disbursement, and repayment, enhancing customer engagement at every stage.
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