What is the role of payment gateway?

 The most important role of online payment gateway is to conduct confidential transaction between customer and merchant, payment gateway plays a very important role during transaction between merchant and customer, it makes the payment method very easy for customer. The payment gateway service is either provided directly or by the bank or through a payment service provider that is directly connected to the bank.   How Payment Gateway Works?  Now you may be wondering how the payment gateway works, let me tell you that its job to settle your every type of payment, like if a customer places an order after that the if he goes to the payment gateway then his payment is done easily. For this he has to follow some steps.1. When the customer places the order then he has to fill some details like if the customer wants to pay with his credit card then first of all he has to fill the details of his card. 2. If the order is being made through a website, the customer's web browser encrypts the card details sent to the company's web browser in a secure way so that it can be easily connected to the merchant's web server. 3. After this, the merchant sends the payment details to the payment gateway, these details are also fully encrypted. 4. The payment gate way convert the XML message into ISO 8583 or Variant Message Forward and then processes the transaction information and sends it the merchant Bank. 5. After this, the transaction of the payment process is forwarded to the card association. 6. After this, the card association tells the bank that this card is completely fine and a request is sent bank to the processor. 7. After this, processor gets authorized access in the payment gateway    and the   payment gateway receives response and processes it for payment. It takes 2 to 3 seconds to complete the entire process. 8. After this, merchant fulfills the order. 9. All payments received by the merchant are received by the next business day.