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Secure Payment Gateway

The document discusses online payment gateways. It begins by explaining that payment gateways allow secure online transactions by encrypting sensitive customer information. It then describes the basic process a payment goes through, including the customer entering their payment details, the gateway sending this to the bank for authorization, and the bank settling funds with the merchant if approved. The document notes benefits like security, ease of use, and rapid setup for merchants. Potential limitations discussed include leaks of customer data and bugs causing service disruptions. Finally, it outlines important features to consider when selecting a gateway, such as encryption standards, transaction speed, and usability.

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Gul-e-hasnain Waseem
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329 views3 pages

Secure Payment Gateway

The document discusses online payment gateways. It begins by explaining that payment gateways allow secure online transactions by encrypting sensitive customer information. It then describes the basic process a payment goes through, including the customer entering their payment details, the gateway sending this to the bank for authorization, and the bank settling funds with the merchant if approved. The document notes benefits like security, ease of use, and rapid setup for merchants. Potential limitations discussed include leaks of customer data and bugs causing service disruptions. Finally, it outlines important features to consider when selecting a gateway, such as encryption standards, transaction speed, and usability.

Uploaded by

Gul-e-hasnain Waseem
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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SECURE PAYMENT GATEWAY

Abstract – E-commerce is a boom in today's gateway protects cardholder information,


business. E-commerce means electronic ensures money is accessible, and allows
commerce. Ecommerce is the purchase and sale businesses to be paid. This section describes the
of goods and services, as well as the payment gateway process, as well as some other
transmission of funds or data, over an electronic features and parameters that affect the digital
network, Internet. As online transactions payment experience.
continue to increase and become a significant
2. 1. How does payment gateway work?
part of the global economy, the ability to accept
payments online becomes more important for
Throughout the process, a payment gateway
businesses. This paper discusses the evolution of
prioritizes the protection of the customer's
payment gateways, their processes, benefits, confidential information. It ensures privacy by
limitations, and a set of parameters that encrypting data provided by the customer, such
influence payment gateway performance. as credit card and bank account information.

The basic steps of how a traditional payment


1. Introduction
gateway operates are shown below.
A payment gateway is software that gathers
payment information. Payment gateways are the  A customer places an order and then
"checkout" portals used in online stores to enter clicks the Submit or Checkout button on
credit card information or credentials for the website.
services such as PayPal. Customers and  The user is then directed to a payment
businesses must collaborate to complete a gateway, where he or she enters all the
transaction when using a payment gateway. necessary information about the bank or
card being used to make the payment.
Online shopping by credit card or debit card is The payment gateway then navigates
most common in today's e-commerce the customer to the issuing bank's page
applications. The ease of buying and selling or a 3D secure page where they can
products over the Internet, is now a convenient authorize the transaction.
and efficient way to perform transactions via  The payment gateway responds by
electronic payment (e-payment) services, sending a message to the vendor. If the
which is the primary reason for the growth of e- bank says "No," the dealer sends the
commerce. client an error message, informing them
of the problem with the card or bank
The primary goal of this work is to evaluate the account. If the bank portal responds
method of payment involved by using a credit with a "Yes," the merchant asks the
card/debit card.  A considerable need has bank for the transaction.
been arisen for secure and efficient payment  The bank settles the money with the
systems that can operate over the internet. payment portal, and then with the
merchant.
 After this procedure is completed, the
2. Secure Payment Gateway customer will receive an order approval
letter. [1]
A payment gateway is a piece of software that
collects and transmits data from customers to 2.2. Benefits of payment gateway
acquirers, and then sends payment acceptance
or rejection to the customers. A payment Secure transaction: The payment gateway
verifies and reviews online transfers. It Customers have a variety of payment options,
safeguards all retailers and consumers against so having the right payment gateway is critical
frauds. for businesses. When selecting a payment
gateway, they should look for one that is not
Ease of use: Anyone with a basic understanding only secure but also convenient for customers.
of computers can use payment gateways to
conduct business transactions. It is simple and Here are some characteristics to look for when
straightforward and open to everyone. deciding on a payment gateway for your needs:

Rapid Deployment: A retailer can immediately 3.1. Secure Socket Layers (SSL)

use a payment gateway service for their online SSL (Secure Sockets Layer) [2] is a
store. They do not have to wait for an cryptographic Internet authentication protocol.
excruciating amount of time for his business's Netscape introduced it in 1995 to ensure
payment gateway to be set up. He'll be able to privacy, authentication, and data integrity in
get it as soon as possible. Internet communications. The predecessor to
today's TLS encryption standard is SSL. A
2.3. Limitations website that uses SSL/TLS has "HTTPS" in its
URL rather than "HTTP." TLS (Transport Layer
Personal Information leak: A payment Encryption) is a widely used security protocol
gateway company will keep notes on all that helps to ensure data privacy and security in
confidential customer information, such as Internet communications.
addresses, bank statements, credit card
numbers, and passwords. Crooked and unethical 3.2. SSL Certificate
people would gladly spend exorbitant sums of
money just to gain access to this classified SSL certificates enable websites to switch from
material. Payment gateway providers may be HTTP to HTTPS, which is a more secure
able to sell this information to third parties protocol. An SSL certificate is a data file that is
without the knowledge of the customers. kept on the origin server of a website. SSL
certificates enable SSL/TLS encryption by
Glitches and bugs: Payment gateways, like any containing the public key and identity of the
other software, may experience glitches while in website, as well as other information. This file
use. When this happens, it can have negative would be used by devices attempting to connect
consequences such as customers being unable to to the origin server to access the public key and
access information or make purchases on the validate the server's identity. The private key is
internet, or the website becoming unavailable to always kept secure and stable.
merchants. Troubleshooting the problem and
restoring merchant websites to normal operation 3.3. Secure Communication tunnel:
would take time—possibly weeks or months.
Responsible to provide a secure way for
Customer’s uneasiness: When conducting communication between i.e., Customer to
online transactions involving the disclosure of merchant and merchant to payment gateway
personal information, they prefer to avoid using which help to communicate two or more parties
any web-based applications. If a retailer obtains securely.
a payment gateway service but its customers
refuse to use it for whatever reason, the 3.4. Transaction time
merchant will lose the deal. Payment processing times can range from 24
hours to three days. This delay is caused by the
3. Features / parameters to look for in fact that the transaction procedure involves
payment gateway
several stages to transfer funds from one bank
account to another. The time it takes for a
ecosystem. This paper evaluate how online
merchant who accepts credit cards to receive
payment methods are increasingly being used
payment and have the funds deposited into the
for daily online and on-site transactions. This
merchant's bank account varies depending on the
paper describes the benefits and drawbacks of e-
type of bank account used by the business
payments, their associated processes and the
owner.
factors that affects the payment gateway.
3.5. Ease of use Furthermore, digital payments will account for
3/4th of total payment volume, while cash and
Another thing to look for in a payment gateway
checks will account for a quarter.
is user experience. Basic things to consider
include easy-to-use navigation, a useful site Reference
search, clear design, standard UX, and 24-hour
[1] S. P. S. Parikh, “razorpay,” 20 June 2020.
customer service. These components have a
direct impact on how customers interact with the [2] “Cloudflare,” [Online]. Available:
system. https://www.cloudflare.com/learning/ssl/what-
is-ssl.
4. Conclusion:
[3] Jay Patel, "Secured and Efficient Payment
The massive development of electronic
Gateways for eCommerce". G H Patel College
payments has caused significant changes in
of Engineering & Technology (2021)
the market

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