Is Credit Card Payment On Your Payment Gateway Safe?

By Author: Prashant Bhurke
Total Articles: 15
Comment this article

Payment gateways are a vital part of an online eCommerce. They are the applications through which online merchants reach millions of consumers over the web for selling products/services and for collecting payments.

Defining The Payment Gateway

A payment gateway is essentially an eCommerce application that is provided by the online payment service provider. The payment gateway authorizes a number of online transactions (including credit card transactions) for the e-businesses, online business websites, the brick-and-click and the brick-and-mortar stores. It is the payment gateway that facilitates the transfer of financial information between the website/smartphone/ or IVRS (Interactive Phone Response Service) and the acquiring bank.

Use of Credit Card

The credit card payment gateway transaction and process of an eCommerce passes through the following steps:

● The customer ...
... purchases some product or service on the website and then subsequently enters his/her credit card number during checkout.

● The website sends the credit card information to the payment gateway for further processing.

● The payment gateway forwards the received financial information to the bank of the seller.

● The seller’s bank then transfers this information to the buyer’s credit card issuing bank.

● The credit card issuer bank either denies or approves the transaction (the approval is subject to availability of funds and other aspects). The information is then sent bank to the seller’s bank.

● When the transaction is approved, the credit card issuing bank deposits the funds to the merchant account of the seller at some pre-scheduled time. The merchant account is an online digital account that temporarily stores funds of the online merchant until it gets transferred to his/her original bank account.

● The details are sent by the payment gateway to the eCommerce.

● The buyer gets to know whether the transaction was successful or not through an online notification.

Security of Credit card Transactions

As we can see, the credit card financial transaction process passes through different web servers on the internet. That is why the security of payment gateway is of paramount importance. The modern and futuristic payment gateways like EBS use SSL or Secure Socket Layer encryption technology so that the financial information remains secure on the web. These payment gateways also use online secure vaults for storing any information in a safe way.

The compliance of a Visa payment gateway towards the PCI: DSS, or Payment Card Industry Data Security Standards norms is very important. The reputed payment gateways (for ex. EBS) fully comply with the latest PCI: DSS 3.0 norms and are also ISO certified.
The modern EBS payment gateway goes far beyond the usual measures of providing security to financial transactions on the web. The payment gateway has a range of technological features and modules, including Device Fingerprinting, IP Geolocation tracking, Cross Merchant Intelligence, Powerful Rule Set and other features that provide for best-in-class security.

Multiple Card Processing

Your payment gateway should be able to process transactions and payments that are made through all kinds of credit cards, including International credit cards like Visa, MasterCard, Diner, Amex, Discover and others. EBS is one payment gateway that processes all card issuers. The EBS payment gateway also enables your eCommerce to receive payments through other kinds of payment modes as well, and these include debit cards, net banking, cash cards and digital wallets among others. EBS allies with more than 50 leading banks and financial institutions in India, so that your business website never fails on receiving payment. Apart from these, the best of payment gateways also enable you to collect payments in multiple currencies, so that you can easily expand your business across international borders.

Innovative Features

The leading payment gateways have innovative and modern technological features that provide for improved payment success rates. For instance, the EBS payment gateway offers an EMI payment collection of 8 major credit cards. Hence, customers can easily go in for the high-value purchases and pay for the products in easy installments. The online merchant does not have to bother about the payment collection at each subsequent interval, as the payment gateway automatically completes the transactions at each EMI term. The features provide for increased revenues. EBS also offers IVRS payment collection, so that a customer can easily purchase a product on the phone, in an entirely safe environment.