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Payment Gateways

To do business on the Internet, you need a storefront, a shopping cart, a merchant account, and an electronic transaction processing system to receive the payment against the customers' credit or debit card. Several systems known as payment gateways can do this job. Payment gateways are the facilitators for payment to a merchant account against the customers' credit or debit card.

The following are examples of some of the facilitators for payment to merchants and act as a gateway:

(a) CyberCash (cybercash.com):

(b) NetBill(www.netbill.com)

(c) First Virtual Holdings and VirtualPIN (www.fv.com)

(d) Secure Electronic Transactions (SET).

CyberCash (cybercash.com).

CyberCash servers act as a gateway between the merchant on the Internet and the bank's secure financial networks.

Using dedicated lines, a typical sale transaction via the merchant's Website involves the following steps:

1. The customer places an order on the merchant's Website. He or she enters the payment and shipping information to initiate the purchase process.

2. The consumer verifies the information and clicks the appropriate button to submit the packet of information back to the merchant.

3. The merchant strips the, order (packet of information) and forwards the payment information digitally signed and encrypted to the CyberCash server.

4. The CyberCash server receives the packet, moves the transaction behind its firewall and off the Internet, unwraps the packets within a hardware-based crypto box (the same technology that banks use to handle PINs as they are shipped from their ATM network), reformats the transaction, and forwards it to the merchant's bank over secure, dedicated lines.

5. The merchant's bank forwards the authorization request to the issuing bank via the card association that settles credit card transactions (or directly to Visa, American Express, Discover, etc.) for approval or denial. The decision is sent back to the CyberCash server.

6. CyberCash then transmits the approval or denial code back to the merchant who presents it to the consumer. The merchant proceeds with the fulfilment phase to shipping the order.

7. The merchant is charged on a per transaction basis, the system is not economical for small payments.

Secure Electronic Transactions (SET). The system is administered jointly by Visa and MasterCard to ensure reliable, secure transaction processing in the electronic payment medium. It covers every aspect of online commerce from initial registration of a card holder with an online agency through the actual details of payment.

Among the services are: cardholder and merchant registration, purchase request, payment authorization, payment capture, purchase notification, authorization reversal and credit reversal. It authenticates the identification of the parties involved in the transaction by using a combination of cryptography systems along with a trust hierarchy of digital certificates.


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