Pay Your Bills Securely In Seconds
‘Bank Fraud 1’, my call list showed this name after almost a year and then I remembered that fraudulent calls still happen and our ATM transactions are always at risk in spite of having improved vigilance. If a simple phone call can extract all our personal and financial details, then what about the numerous online transactions we do through mobile and laptops?
Payment gateways are not just entrance and exit points for your beloved earnings, but a foolproof money transmitting channel fully secure from encryptions. Payment service providers give utmost priority to the privacy and security of the data passing through their gateways.
What are actually payment gateways and how are they different from merchant accounts?
You have money in your account maintained at a bank or financial institution. There is an online retailer who has a merchant account into which you are entitled to pay the amount for the products you are buying. This transfer of payment takes place through a dedicated private channel called the payment gateway. It is actually a merchant service by a provider who is authorized to maintain a passage for online and virtual machine payments and not exactly an account where you save and deposit money. Apart from standalone payment service providers, banks and other financial institutions can also provide gateways to their customers.
Through a payment gateway, you can carry out financial transactions through the following modes:
- Credit cards
- Debit card/ shopping card from banks or the source of your account
- Membership cards from merchants and shopping sites
- Digital wallets or online payment systems
- Internet banking through your bank account
- Digital currency payments like bitcoin (make sure your bitcoins are earned from authentic platforms and do not go by unidentified reviews or claims like QProfit System scam)
- Other financial service providers
How does it work for security?
When you proceed for payment after completing the order details through any of the aforementioned modes, the financial details from your browser is sent through a Secure Socket Layer or SSL encryption to the web server of the merchant. Thus your transaction details including the amount are directly sent to the payment gateway making you free from further login, logout and security checks in the merchant account. The payment gateways provider gives an additional security through a second SSL encryption and converts this XML message to that handled by the electronic transfer switches and then to your account or card provider for authentication through the respective payment processor.
The authorization message is again picked up by the payment processor and sent to the payment gateway and the authorization process is continued usually till the merchant ships the order and finally, the order is cleared after repeated cycles of authorization.
Too many steps but, at ultrasonic speed? Everything, for your security and completing your order in seconds.