A payment gateway is what keeps the payment atmosphere working normally. It helps the online merchants to continue smooth transactions. If you are one of those business owners, maybe you don’t require any payment gateway expert, but understanding the functioning of the payment gateway India will help you to a great extent. Knowing the basics of how the cash flows in your bank account from your customer is surely worth your time.
Payment Gateway Or Processor: What Is It?
Payment gateway of India is basically a technology that helps in the transfer of payment data from the sender to the receiver, followed by the transfer of the information of the payment declination or acceptance back to the sender. It checks the authentication of the sender’s documents safely and makes sure that the funds are available and the merchants are able to get paid properly. Payment gateway of India acts as a bridge between the customer and the vendor. It ensures proper encryption of the card details and safely transfer the critical data to the respective banks of the merchants so that they can receive the payments.
A payment gateway acts as a bridge between a vendor and customer.
Briefly, payment gateway acts as an interface between the vendor and the customer, enabling the payment from the customer to get transferred to the vendor. It manages all the sensitive data between the two mediums.
How Payment Gateway Promises Secure Transactions For Your Business?
Payment gateway of India is responsible for the security of the online transactions. Fraudulent activities during any digital payment has become very common these days. It is important to know how much security your payment gateway provides. Let’s take a look at it without any further ado!
Encryption
A technique of securely concealing your payment information to steer clear of any fraudulent mishaps is called encryption. It usually appears like a series of codes that look like normal data, but in reality, they are very hard to decode. Encryption is the most used technique to keep the transmitting data safe and secure.
There are many different procedures for encryption. The selection of these procedures entirely depends on the kind and conditions of the information transfer. The most used encryption processes are — public key encryption and symmetric key encryption.
Secure Socket Layer / SSL
This is a very popular protection measure that is extensively deployed. And its main function is to provide safety and dependability over web transfers or communications. It develops a security shield safe for communicating between the machines working online. This is a crucial part of any payment gateway in India that aids security protocols namely Authentication, Encryption and so on. It also guarantees that the requested and submitted information are properly conveyed.
It improves the quality of transaction security and also makes it more attractive to customers for buying. SSL can be recognised by a padlock icon, easily available in the address bar and also make sure that the web address starts with “HTTPS.” Payment gateway India is bound to have an SSL certificate. So check it well-ahead. This SSL certification can be utilised to safeguard all the online payments.
3D Secure Verification
The Three Domain Secure (3D Secure) is a messaging settlement that includes three spheres in it — bank, the issuing and the technology that assists in transaction. This is another additional layer of security offered against fraudulent activities during online payments. Even the generation of one-time PIN (OTP) during any online payment is a security procedure for confirmation of the payment.
Secure Hypertext Transfer Protocol / S-HTTP
This is an extension of Hypertext Transfer Protocol that allows the safe transfer of information over the web. It provides an increased level of security. Any S-HTTP guarded website integrates effortlessly with HTTP to provide excellent security at endpoints to make online payments and transactions more safe and easier.
Two-factor Authentication
Another highly sophisticated measure for protection. You will mainly find this before your account login. This two-factor allows you to be more careful. And adds on to an obstacle for those trying to gain access in the accounts illegally.
Tokenization
An important text or piece of information gets replaced by a series of randomly generated characters so that it can reduce the risk of frauds. This replacement of the sensitive information to a random string of characters is done by tokenization. This is another excellent protection process. Ensure that you always use a token that symbolises an original payment card. After the authorisation of the transaction, all the sensitive data are transferred to a centralised system and stored securely there. The very famous one-click payments make use of this system.
Payment gateways with tokenization are much safer to use. They minimize the risk of any payment deceit. And there is absolutely no requirement for you to store your card details on the servers. Selecting the payment gateway after checking in all the necessary information automatically reduces the risk of fraud payments.
Bottom Line
Know the basic rules for making secure transactions for your business. Being a business owner, you have to learn how to work efficiently while using encrypted payment modes, erasing the card information after transaction completion and the application of the privacy policy to make your customers feel safe about the authentication of your services and payment procedures. Staying alert and using the correct solution can surely keep you secure.