with multiple banking

A payment gateway is defined as

When it comes to payment gateways, you must first understand what a gateway is. The saas payment gatewaygateway's role is to establish a communication link between networks, which includes two basic functions: inter-network connection and protocol conversion. Similarly, the payment board in the merchant business system establishes a link between the merchant business system and the bank payment system, which serves a similar function and can be viewed as a gateway. As a result, the payment gateway design we'll be discussing today is actually the payment board design of the merchant business system.

The beginnings of a payment gateway

Merchants supported a bank by docking to a system interface provided by that bank when electronic payment was not yet popular. Then, as the payment industry evolves, merchants are no longer satisfied with supporting only one or two banks in the payment process. At this point, the merchant's payment system must simultaneously interface with multiple banks and deal with many of the resulting derivative issues, such as reconciliation and clearing. The labor and time required to develop such a system are also prohibitively expensive for merchants.

Third-party payment institutions were born at this point to develop and operate a system to replace the merchant in order to achieve the function of interfacing with multiple banking systems at the same time, and then to provide a unified interface for merchants to use. At this point, the payment gateway is the system of the third-party payment institution.

Payment gateway basic functions include not only the link between the merchant business system and the bank system, but also many other basic payment business functions such as order management, channel management, risk control management, routing configuration, billing management, clearing management, merchant management, and user management, among others.

With the advancement of online payment, there are an increasing number of third-party payment institutions, and the problem merchants must now solve is not how to access multiple banks, but how to access multiple payment institutions. At this point, the merchant's payment system demand has also changed, and the gateway's position has advanced, putting higher demands on the merchant's payment system.

The difference between the payment gateway and the traditional payment gateway at this time, from the merchant's perspective, is that there will be fewer points of concern, and the merchant will only need to focus on orders, channels, risk control, account management, and routing configuration.

 

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