What Is a Merchant Payment Gateway?

Payment Gateway is the interface between the bank's financial network system and the Internet network. It is a group of server devices operated by the bank to convert data transmitted on the Internet into internal data of financial institutions, or by a designated third party to process the business Payment information and payment instructions from customers.

Payment gateway

Payment Gateway is Bank Finance

Payment gateways ensure transactions

(1) Main control module;

(2) Communication module;

(3) Data processing module;

(4) Database module;

(5) Statistical clearing module;

(6) Query print module;

(7) System management function design module;

(8)

The first step is for a commercial customer to place an order with a seller. First, a "user order" must be issued. The order should include a series of product issues such as product name and quantity.

In the second step, after receiving the "user order", the seller inquires the supplier about the product status according to the requirements of the "user order" and issues an "order inquiry".

In the third step, after the supplier receives and reviews the "order inquiry", it returns the "order inquiry" response to the seller. Basically, whether there is any cargo or not.

In the fourth step, after confirming that the supplier can meet the requirements of the "customer order" of the commercial customer, the seller sends a "transport inquiry" to the carrier about the transportation of the goods.

In the fifth step, after receiving the "transport inquiry", the transporter returns the answer to the sales inquiry to the seller. Such as: the ability to complete the transportation, and the date, route, method and other requirements of the transportation.

In the sixth step, after confirming that there is no problem in transportation, the seller immediately gives a satisfactory answer to the "customer's order" of the commercial customer, and at the same time, sends a "delivery notice" to the supplier and notifies the carrier of transportation.

In the seventh step, the carrier starts to deliver the goods after receiving the "transport notice". The commercial customer then issues a "payment notification" to the payment gateway.

In the eighth step, the payment gateway issues a "transfer notice" and a bank settlement note to the seller for the successful transaction.

In the ninth step, the seller receives a notification and confirms that the information is correct.

Step 10, closing the deal

Decrypt the data packets from the Internet, and repack the data according to the internal communication protocol of the banking system; receive the response message from the banking system, convert the data to the data format transmitted by the Internet, and encrypt it. That is, the payment gateway mainly completes communication, protocol conversion, and data encryption and decryption functions to protect the bank's internal network.

Specifically, banks can use the payment gateway to achieve the following functions:

(1) Configure and install Internet payment capabilities;

(2) Avoid modification to the existing host system;

(3) Use intuitive user graphical interface for system management;

(4) Adapt to electronic payment methods such as debit cards, electronic checks, electronic cash, and microelectronic payments;

(5) Provide complete merchant payment processing functions, including authorization, data capture and settlement, and reconciliation;

(6) Monitor online activities by reporting and tracking transactions on the Internet;

(7) By using RSA public key encryption and SET protocol, you can ensure the security of network transactions;

(8) Make the Internet payment processing process consistent with the current business model of payment processors, ensure the consistency of merchant information management, and provide opportunities for payment processors to enter Internet transaction processing.

(9) Correction engine settings are available.