Online payment processing is the secure transfer and verification of financial data (ex: customer credit card information). This secure transfer of data is initialized from a merchant's e-commerce website or virtual terminal to a merchant's bank account. The communication vehicle to deliver this information between the entities is the payment gateway.
Hence, the gateway securely passes and receives information from financial institutions that have a part in the transaction. In most cases those parties are the Payment Processor (the company that coordinates the authorization, decline and applicable settlement of funds), Acquiring Bank (The affiliate bank that represents Visa/MasterCard) and Issuing Bank (the financial institution that extends the available credit of the card holder backed against the card holder's bank account)
Please visit Alto Global Processing
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