What is a payment service provider? Payment service providers(or PSPs) are companies that provide a variety of services to a business to help them get paid. They commonly provide both a merchant account and a payment gateway to a business, helping the business collect and manage its payments...
What’s the difference between a payment gateway and a payment switch?The payment switch is part of the payment gateway and is responsible for making sure incoming payment requests (transactions) are directed to the right place. When the gateway receives a payment request, the transaction is ...
A payment gatewayis the “gateway” between merchant and payment processor and is responsible for obtaining the customer’s credit card information and payment data from the merchant. It passes this data to the payment processor securely to be processed. A payment gateway allows you to use on in...
Are payment gateways the same as payment processors or payment providers? Payment gateway is not the same as a payment processor or payment provider. They each have distinct roles: Payment gateway: responsible for collecting, encrypting, and transmitting customer information. Payment processor: custome...
A hosted payment gateway is easy to set up and integrate into your online store. On top of this, it’s secure, with fraud protection and PCI compliance. The drawback is that you can’t control your customer’s checkout experience - this is in the hands of the PSP. Additionally, webpa...
Today, we’ll dive into why Usio is a top contender and why it might be the best payment gateway for your SaaS or ISV. What to Look for in a Payment Gateway Before delving into Usio, it’s essential to understand the key features and criteria you should consider when selecting a ...
4. The payment processor sends an authorisation request to the customer’s bank The payment processor, often a bank or financial institution, receives the transaction details from the payment gateway and sends an authorisation request to the customer's issuing bank. This is to verify the transactio...
Value), is the separate, usually three-digit number found on the signature strip on the reverse of both credit and debit cards. Once the customer clicks the ‘Pay’ or ‘Buy Now’ button, the payment gateway comes into action to provide back-and-forth checks before the payment is accepted...
Once the payment is approved, the acquiring bank initiates the settlement process. The payment gateway receives the funds from the customer’s issuing bank and transfers the payment to the merchant, typically within a few business days. After the settlement is complete, the customer receives a con...
Using payment gateways severely reduces the risk of credit card fraud for three main reasons: The customer’s card information is securely transmitted to the payment gateway. This means that only the customer and their issuing bank will be able to access their information. Every payment gateway mu...