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A payment gateway facilitates a payment transaction by the transfer of information between a payment portal (such as a website, mobile phone or interactive voice response service) and the front end processor or acquiring bank.
In 2007, FreedomPay developed a gateway for credit card processing (FreeWay) that captures detailed transaction data. That data can be mined for real time intelligence from disparate systems, giving merchants insight into their sales.
The following is a list of notable online payment service providers and payment gateway providing companies, their platform base and the countries they offer services in: (POS -- Point of Sale)
A payment service provider ( PSP) is a third-party company that allows businesses to accept electronic payments, such as credit card and debit card payments. PSPs act as intermediaries between those who make payments, i.e. consumers, and those who accept them, i.e. retailers. [1]
TransNational Payments supports ACH payments, credit card and debit card processing, gift card and loyalty programs, mobile payments, online payments, payment gateways, virtual terminals and point of sale systems. In March 2018, TransNational Payments unveiled a payment gateway API, called Pi APi.
Worldpay provides payment strategies and technologies to over 1,400 financial institutions, including more than 700 credit unions throughout the U.S., supporting over 33 million debit cards and processing more than 15.7 billion transactions each year.
A payment processor is a system that enables financial transactions, commonly employed by a merchant, to handle transactions with customers from various channels such as credit cards and debit cards or bank accounts. They are usually broken down into two types: front-end and back-end.
PayNet is Malaysia's premier payments network and central infrastructure for financial markets. Bank Negara Malaysia (BNM) owns a majority share in PayNet, along with eleven other local financial institutions as joint shareholders.
WorldPay started as an online multi-currency payment system in 1997. The founder Nick Ogden partnered with National Westminster Bank to provide the financial systems and Andrew Birch of Symbiant to provide the end user payment gateway.
Instead of entering card details on the purchaser's site, in this system the payment gateway allows one to specify which bank they wish to pay from. Then the user is redirected to the bank's website, where one can authenticate oneself and then approve the payment.