Payment gateways are secure digital platforms that enable the processing, authorization, and acceptance of payments between a merchant and customer. Payment gateways enable merchants to accept payments through multiple payment methods such as credit cards, debit cards, digital wallets, bank transfers, and alternative payment methods like Apple Pay or PayPal. Payment gateways are responsible for authorizing transactions, authenticating transactions with card issuers and payment networks, ensuring customer payment data is kept secure by encrypting information passed between the merchant and customer’s browsers, and providing helpful analytics on transaction data. Furthermore, payment gateways can automate the reconciliation process so merchants don’t have to manually reconcile payments with their financial institution. By using a payment gateway, merchants can rest assured that their customers’ information is secure while making it easier for customers to make purchases online.
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