Protect your payment against fraud
Payment gateway is a modern day buzz word. The usage of physical currency is declining drastically and the usage of cards have skyrocketed to a great level. As of 2018 more than 14.4 billion credit cards are being used.
Payment gateways are an essential part of the e-commerce landscape: sitting between a merchant’s website or app and the payment source (such as a card network or an online bank account), they provide the technology that allows the merchant to accept payments online.
When you enter your card details into a form as you make an online transaction, you are interacting with a payment gateway. The payment gateway securely records your details from the form and sends them to your bank for processing – and then when an approval comes back from the bank, the payment gateway lets the website know, and your transaction can be completed. After this method was invented people’s life became easier and simpler.
This being said there is no rose without a thorn. In today’s technological world there are number of risks attached to this. Skimming devices are people among fraudsters who can get your card details with a skimming machine and misuse them for money theft. To protect the cards against this kind of fraud EMV technology was introduced. If you accept a chip-based credit card without an EMV-enabled terminal, you could be liable for any fraud that occurs as a result. When you use EMV, a cloned or counterfeit credit card will not work since the data needed to complete the transaction resides in the chip and is theoretically impossible to duplicate.
