An Ecommerce gateway is necessary to make online financial transactions. To close an online deal one has to forward a bill to the client and receive payment from the client. The client pays by keying in his credit card number, which is verified by the bank who issued the credit card. The website of the bank is connected and the client’s credit card number is verified. Then the payment amount is debited from the client’s account to the seller’s account, which may be in a different bank. Therefore, the seller’s bank website opens and the money is transferred to the seller’s account. Thereafter, the seller’s bank website and the buyer’s bank website both close.
The buyer’s gets a confirmation saying that the transaction was successful. The buyer may reside in another country than the seller and so the transaction comprises of transfer of foreign exchange, which is subject to the rules and regulations of the seller’s country. All this takes place in a 128-bit encrypted, and password protected secured environment within few seconds.
