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Step 3: Authorization, settlement, and reconciliation The payment gateway software will now send your customer’s payment information to your PSP to verify, authorize, and settle the transaction. The provider must follow all industry security best practices including top-level encryption protocols and access controls.
Some offer hands-off support from the payment gateway provider while others require regular maintenance and support. That said, lets dive into the different types of eCommerce payment solutions: Hosted payment gateways Hosted payment gateways are provided by a paymentserviceprovider (PSP).
Last January, Segpay proudly announced that it has launched its new gateway payment platform: The Segpay Gateway can handle high volumes of merchant transactions in multiple currencies, keeping all data safe with the latest data security standards. Key Functions of a Payment Gateway: Encrypts and securely transmits paymentdata.
They play a vital role in facilitating various payment methods, such as credit or debit card transactions, digital wallet transfers, mobile payments, and electronic bank transfers. As a payment business dealing with card transactions processing, you’re subject to PCIDSS certification.
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