Payment gateway connects your online store to your payment system and makes online transactions possible and secure.

After integration with your online store, the payment gateway sends the transaction information to your acquiring bank, which performs the functions mentioned on the Internet Merchant Account page. The gateway then, based on your acquirer’s response, sends you an approval or rejection message.

From a technical point of view, a Payment Gateway is a software application that connects a website to an acquiring bank or electronic aggregator so that customers can pay the seller (merchant) on the website using a bank card.

A payment gateway is software that allows you to transfer transaction data from a merchant to an acquiring bank. This software serves as the interface between the payment form on the merchant’s website and the acquiring bank.

For security purposes, the system encrypts all information transmitted between the cardholder, the merchant, and the acquiring bank. Thus, confidential data is reliably protected inside the system.

A payment gateway can be provided by an acquiring bank or any other financial institution that complies with Payment Card Industry Data Security Standard (PCI DSS).

Types of commissions

What types of commissions can potentially exist for an Internet Merchant Account

  • Application Fees

  • Setup Fees

  • Yearly (or Monthly) Fee

  • Per-Transaction Fees

Payment system requirements for the websites of online Merchants

The main requirements of payment systems for the content of information on the Merchant website:

  • Description of goods / services, including prices

  • Terms and Conditions

  • Conditions and procedure for the return of goods / services, funds and cancellation of the transaction

  • Customer Privacy and Security Policy Notice

  • Customer support contacts

Electronic receipt after payment

The electronic receipt that the cardholder receives by e-mail must contain the following data:

  • Transaction Date

  • Transaction amount, indicated in Transaction Currency

  • Order number

  • Retrieval Reference Number (RRN)

    RRN is a unique 12-digit number to identify a particular transaction. It is basically the transaction ID or a reference number using which the transaction status can be tracked.

  • Authorization code, Approval

  • Description of the Goods or Services of Merchandise)

  • Cancellation / Return Policy, if applicable

  • Delivery terms, if applicable

  • Customer Support Contacts