Stripe Payment Gateway
The technology that merchants employ to receive debit or credit card payments from customers is known as a stripe payment gateway. The word covers both the online shopping cart payment processing portals as well as the actual card-reading hardware present in real retail establishments. However, in recent years, payment gateways in physical stores have started to accept phone-based purchases through the use of QR codes or Near Field Communication (NFC) technology.
Payment gateway: Operations
The front-end technology that transmits customer data to the merchant acquiring bank, where the transaction is then processed, is known as the payment gateway. It is a crucial part of the electronic payment processing system.
Technologies for payment gateways are constantly changing to match new consumer preferences and technological advancements. The use of magnetic strip credit cards and paper client signatures were prerequisites in the past while using terminals.
The signature step might be eliminated in favor of a personal identification number (PIN) entered directly into the payment gateway hardware with the advancement of chip technology. Today, customers can also make contactless purchases, and many of them increasingly use their smartphones in place of physical credit cards.
Whether a payment gateway is an online payment portal or an in-store gateway, the architecture will vary.
Application programming interfaces (APIs), which enable communication between the concerned website and the underlying payment processing network, are necessary for online payment gateways.
A POS terminal that electronically links to the payment processing network over a phone line or an Internet connection will be used by in-store payment gateways.
Payment gateway: How to acquire?
There are various payment gateways in the market that you can choose from as per the needs of your business and operations.
Let us take an example of the Stripe payment gateway and see how you can get it.
There are 13 simple steps to get a Stripe payment gateway:
Step 1. Login and create an account
Step 2. Click shop from the top menu.
Step 3. Click Shop settings from your left-hand menu
Step 4. Click payment gateways
Step 5. Click add gateway
Step 6. Choose Stripe
Step 7. Click the blue “connect with stripe” button
Step 8. Then a window will open with your browser, stating create. Would like you to start accepting payments with stripe.
Step 9. If you already have an account with Stripe, you may access it by clicking the “Already have a Stripe account? To log into your Stripe merchant account, click Sign In. Alternatively, if you haven’t signed up for Stripe, just fill out the web form and hit “Authorise access to this account” to submit it.
Step 10. Click on ‘ connect my stripe account ‘
Step 11. A new page reading “Connection to your merchant account stripe complete” will then appear. To continue, close this window. You need to be returned to the Payment Gateways portion of your Create account after dismissing the window.
Step 12. You will then see a stripe in the list of added payment gateways in your create account.
Step 13. Lastly, you will need to directly login into your stripe account to activate it.
Payment gateway vs payment processor
A payment processor, a service that links the customer’s bank to the merchant account and enables the actual movement of money, is different from a payment gateway.
You might think of these as the two parts of a transaction:
A payment gateway gathers client information for payment, and a payment processor makes contact with the customer’s bank and the merchant account using that information to debit one account and credit the other. If you want to get more information about payment gateway then contact Your Merchant Services rep.
