What is a Payment Gateway?
You want to accept credit and card payments on your website. A payment gateway authorizes electronic credit card and Automated Clearing House (ACH) payments to provide seamless payment processing for businesses. It is similar to a POS terminal found in many retail establishments. Payment gateways encrypt and store sensitive data, including credit card numbers, ACH account numbers, AVV and CVV2 information, ensuring that confidential information is safe while processing payments.
These gateways are also responsible for transferring payment information to the customer’s acquiring bank. Payment gateways reduce a business’ liability and ensure that payments are processed securely.