Safe Money Transfer: Payment Gateway

by Josh Biggs in Finance on 1st June 2021

Non-cash payments and transfers are probably the most popular ways of money transactions these days. People believe that it is convenient and safe. Today, almost all countries worldwide have developed their own payment systems. However, scammers still manage to hack and get into the transferring systems.

How to Secure a Payment System

Since all payment services work with customer data and operate with huge amounts of electronic currency, an appropriate level of security is essential. Payment technologies use the most advanced cybersecurity, which includes 2FA protocols, SSL encryption, Norton Secured monitoring, and the most popular one is the payment gateway worldwide system.

A payment gateway is a technology used by businessmen to accept purchases with debit or credit cards. Basically, it works as a channel between a bank that authorizes (or rejects) a customer’s credit card payment and an e-commerce store. In simple words, a payment gateway refers to a service that sends all credit card transactions to your credit card processors.

Key Points of Understanding Payment Gateway

1. All the data is safely encrypted;

2. Works at any time of the day;

3. Sending an authorization request;

When the owner has entered all their data, the gateway first checks whether there are funds in the account by requesting to the issuing bank to see if there are restrictions on the card. After receiving a response, the payment gateway sends the data to the merchant.

4. Filling in the order;

5. Confronting fraudsters.

For security, each service has fraud tracking systems that comply with all international security standards.

How It Works

When a client decides to buy your product and types in their credit card information, the gateway initializes the following process:

  • Data encrypting and sending it forward to the system;
  • Receiving and processing data for giving the details of the operation to the issuing bank;
  • The bank sends a request to the payment system;
  • The issuing bank sends the code used to verify the credit card and approve it when buying or selling to the system in order to complete the transaction;
  • The payment system sends an authorization code to the payment gateway and addresses the merchant afterward;
  • Deal confirmation.

Integrating a Payment Gateway: Best Solution for Your Business

A payment gateway acts as an intermediary that processes information entered during checkout, for authorizing and transferring payments to merchants. It undertakes the encryption of important information and helps your website meet certain standards by ensuring secure transactions between you and your customers.

In addition, payment gateways save time and reduce workload. They also provide flexibility in the payment methods that customers can use. This increases the likelihood of making a sale by empowering customers to choose the appropriate payment method.

To be PCI DSS-compliant, you have to install expensive encryption systems on your site or find a gateway that provides tokenization capabilities. If you decide to integrate the gateway into your website, check out the Maxpay payment gateway that meets all modern security and reliability requirements.

Maxpay is an online payment gateway system that has been designed to provide optimal and safe transaction terms for its users. The company also provides a safe b2b paying experience. Maxpay is a trusted partner for over a thousand platforms, helping to make their payments as convenient, simple, and secure as possible. It provides many functionalities for various business industries.

The company has successfully developed efficient fraud prevention software and continues to build on its expertise as it expands into new markets and widens its portfolio of payment processing solutions. Additionally, Maxpay is quite flexible and can offer its customers a customizable payment environment to meet the specific needs of your clients. To start using Maxpay, you can check the pricing of the service and choose the option that suits you the most.

Categories: Finance