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What is a Payment Gateway and how does it work?

A payment gateway is a separate service and facilitates the authorization and settlement or funding of a credit card transaction. You submit a credit card transaction on behalf of your customer via the gateway to the processor; the processor submits the transaction to the credit card network; the credit card network routes the transaction to the customer’s credit card issuing bank; the customer’s bank approves or declines the purchase and passes the transaction results back to the credit card network; the credit card network relays the results to the processor; the processor relays the results to the gateway and the gateway stores the results and sends them to the merchant and/or customer

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