What is Payment Gateway in Magento 2 and How does it Work?

 A payment gateway is a third-party service that your e-commerce store needs to accept payments. Just like cash, a payment gateway enables you to accept payment from your customers through payment gateways. Payment gateway accepts credit or debit card details, UPI and other sources of payment from your customers verify their detail and encrypt them before processing them for you.

Thus, sensitive financial information is securely shared from a customer to the store owner and then between the store owner and the bank.

 


As an intermediate between a merchant and a bank, an eCommerce payment gateway keeps customers’ privacy and reduces monetary problems for a merchant. But how does the Magento payment gateway works? Let’s know more about this process below.

 


  • Customers select the product they want to place an order for by filling in their card details, followed by pin number and OTP. the information is encrypted and transferred to the payment gateway.

  • The payment gateway gets the order and authenticates the store with a Digital Certificate (a sort of your online shop ID). A customer gets some options to choose a preferred payment method, and the payment gateway transfers the details to either the acquiring bank or a merchant account.

  • The transaction is then accepted or denied (depends on the balance available in the customer’s bank account) the registred account with issuing bank or credit card (Mastro, Master, VISA, American Express) authenticates the transaction. 

  • The bank transfers the money via the payment gateway, and the payment gateway transfers the processed payment to the vendor account. Depending on the speed of the payment gateway, it may take a few minutes or a few working days for the money to transfer to a merchant account.

This entire process takes a maximum of 2-3 seconds. The last step to redirect the money may take a few days, but it is sure that with a suitable payment gateway your customer will check out in just an eye blink


Location: United States

Comments

Post a Comment

Popular posts from this blog

How Does The "Show Price After Login" Module Work?

Image
Giving a personalized approach to website visitors is essential nowadays. It necessitates that people register and log in to your web store. Webiators Technologies has created the Show Price After Login extension to hide the product price and add a cart button for guests.  This module can help manage product pricing visibility for website visitors and encourage them to register in your store. The extension gives the store owner complete control over the visibility of prices and the add-to-cart functionality. Aside from that, you can delete or replace the 'Add to cart' option with a custom button to encourage users to provide contact information or take the action you require. Admin can enable the "ask for a quote" button in the admin setup and configure the button text. You can also ask for the recipient's email address where the admin sends the requested contact info. This plugin only allows registered users to see the price, while non-registered users see the Q
Read more

Revolutionize Your Shopping Experience with Magento 2: Order on WhatsApp

Image
In today's digital age, e-commerce has become a cornerstone of modern shopping. Magento 2, a robust and highly customizable e-commerce platform, has taken the industry by storm. With its user-friendly interface, extensive features, and seamless integrations, Magento 2 empowers businesses to create exceptional online stores. Convenience Redefined - Ordering on WhatsApp As e-commerce evolves, so do consumer preferences. In response to the increasing demand for seamless and personalized shopping experiences, Magento 2 introduces an innovative feature: magento 2 order on whatsapp . This cutting-edge functionality bridges the gap between online shopping and real-time communication, enabling customers to place orders directly through WhatsApp. How "Order on WhatsApp" Works The process is remarkably simple. Shoppers browsing your Magento 2-powered online store can now add desired items to their cart as usual. When it's time to check out, instead of the traditional process, t
Read more
Image
In the ever-competitive world of e-commerce, optimizing your online store's performance is crucial. Magento 2, one of the most popular e-commerce platforms, offers a powerful tool to help you achieve this: the reindex process. What is Reindexing in Magento 2? Before we proceed, let's clarify what reindexing means in the context of Magento 2. Magento is a complex platform, and to deliver rapid query results, it uses an indexing system. This indexing system stores essential data in a precomputed, optimized format, enabling faster search and query performance. These indexes include data related to products, categories, prices, and more. Reindexing is the process of updating and refreshing these precomputed indexes to reflect the most accurate and current data. When you make changes to your products, such as adding new ones, changing prices, or updating descriptions, the indexes need to be recalculated to ensure that your customers see the most up-to-date information when they brow
Read more