What is a Payment Gateway?
A payment gateway is a technology that enables online transactions by acting as an intermediary between a merchant's website and the bank that processes payment. It ensures that sensitive customer data, such as credit card numbers, are securely transmitted and processed. Payment gateways are essential for e-commerce businesses, as they facilitate quick and secure transactions.
For example, when a customer purchases a product online, they enter their credit card information on the merchant's website. The payment gateway then encrypts and securely transmits the data to the bank that processes the payment. Once the payment is approved, the gateway sends a confirmation to the merchant, allowing them to complete the transaction.
A reliable payment gateway provides customers with a seamless and secure checkout process, which can improve customer loyalty and increase sales.
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