ayment gateway refers to an e-commerce service that process, verify and accept or decline direct payments or credit card processing on behalf of merchants using secure internet connections. It is assigned to fulfill the important roles in e-commerce transaction process between merchant and customer. It is used to help to facilitate online transactions and get approved by the issuer bank.A payment gateway is important in e-commerce as it helps to transfer the information regarding a transaction between the payment portal and the front-end processor or bank. It uses special encryption and verification technology since online shopping will involve distance and anonymity. It is to ensure the legitimate transactions are securely transmitted to the processor.
Tokenization does not simply stop anonymous criminals but it does protect sensitive info from those connected to your organization too such as employees, suppliers, and vendors. A random generated token IDs are only readable by the payment processor only, not anyone else. The reduction of PCI DSS scope can save merchants significant time and money. Noncompliance can be costly, and can include fines of thousands of dollars and a per-card fee for each card that has to be canceled.Tokenization works both with the plastic credit card and gift cards like BCard, NFC payments, and Samsung Pay.You can protect the data of your customers no matter how you choose to send and receive money. Tokenization is easy to set up and cheap. You do not need all the extravagant hardware since most of the changes happen on the payment processor’s side.