WHAT IS A PAYMENT GATEWAY?
A payment gateway is a user interface that authorizes the buyer to do the payment online where the seller accepts it. A payment gateway comes with various payment modes such as credit/debit card, net banking, UPI and Mobile Wallet. It can be considered as a middleman which carries out a secure transaction of funds from the bank account of the buyer to the seller’s payment gateway.
HOW DOES PAYMENT GATEWAY OPERATES IN MAURITIUS?
Payment gateway relocates the payment acceptation or decline back to the customer. A payment gateway validates the customer’s card details securely, ensures that the funds are available and eventually allows merchants to get paid. Let us see in detail how it works:
- A customer selects item from the merchant’s web site and adds them into shopping cart then click the check-out button.
- The e-commerce platform will divert the customer to the secured payment gateway page where he chooses the payment methods and enters the payment card details.
- The customer will have to wait for the issuing bank to request transaction authentication .
- After authentication the transaction can be successfully authorized or it can be declined by bank or by Master card, visa, Maestro or American Express. This can happens if the card is expired, there is a shortage of funds or the credit limits is exceeding.
- The bank fixes the money with the payment gateway which afterwards is settled with the merchant on a basis of the settlement period.
- Once the payment is completed, the customer gets a message of confirmation for his order.