A payment gateway is a user interface that authorizes the buyer to do the payment online where the seller accepts it. A payment gateway comes with various payment modes such as credit/debit card, net banking, UPI and Mobile Wallet. It can be considered as a middleman which carries out a secure transaction of funds from the bank account of the buyer to the seller’s payment gateway.
HOW DOES PAYMENT GATEWAY OPERATES IN MAURITIUS?
Payment gateway relocates the payment acceptation or decline back to the customer. A payment gateway validates the customer’s card details securely, ensures that the funds are available and eventually allows merchants to get paid. Let us see in detail how it works:
- A customer selects item from the merchant’s web site and adds them into shopping cart then click the check-out button.
- The e-commerce platform will divert the customer to the secured payment gateway page where he chooses the payment methods and enters the payment card details.
- The customer will have to wait for the issuing bank to request transaction authentication .
- After authentication the transaction can be successfully authorized or it can be declined by bank or by Master card, visa, Maestro or American Express. This can happens if the card is expired, there is a shortage of funds or the credit limits is exceeding.
- The bank fixes the money with the payment gateway which afterwards is settled with the merchant on a basis of the settlement period.
- Once the payment is completed, the customer gets a message of confirmation for his order.
WHAT ARE THE SECURITY MEASURES OF A PAYMENT GATEWAY?
There are different methods and protocols that are used to strengthen the security of payment gateway.
One of the main security methods used in payment gateway is the Data encryption. Other persons cannot alter these data while transmitting through the network. So, it increases the integrity of data between the merchant and payment gateway and between the customer and the payment gateway. This data encryption protects customer’s information from being hijacked or misused. Data field encryption also called end to end Data wards off the reading data at the moment of entry by using the industry standard encryption.
Only authorized parties can access the decryption key. After that the payment gateway has encrypted these sensitive credit card data, the the decryption key will decipher the encrypted data. So this reduces the possibility for access to customer’s data by unauthorized parties while it relays from gateway to acquiring bank.
ADVANTAGES OF PAYMENT GATEWAY
Payment gateways are important in Mauritius as it establishes trust with the esteemed customers and merchants. Adding payment gateways increases the possibilities of attracting more customers to your site. Payment gateways are one of the major reasons online shopping has grown in popularity.
Finding the right online payment partner is a crucial decision to your business, that is why we recommend Web Companies which offers payment gateway solutions in Mauritius, with more than 25 years of experienced in this field.