Payment Processing Speed
Payment processing speed is an amount of time involved in receiving a response from the API call to the payment gateway. The entire transaction usually takes no longer than a few seconds.
How the payment gateway processes the payment?
- The customer makes an order on the merchant’s website.
- The merchant receives the client’s credit card information.
- A payment gateway sends an authorization request to the acquiring bank.
- If the card is 3DSecure, the system will redirect the user to a page where he is to enter the password. Then, the issuing bank checks and verifies the password. In case of successful verification, the latter sends a confirmation to IPS.
- The system redirects the information from the IPS to the acquiring bank.
- A payment gateway sends a request to the acquiring bank to subtract the order amount
- Acquiring bank redirects it to the IPS and the issuing bank.
- Issuing checks the user’s balance on the card in question. If there are enough funds, the issuing bank conducts transfer and sends confirmation of the transaction to IPS.
- IPS confirms the transaction to the acquiring bank.
- The acquiring bank returns it to the payment gateway.
- Finally, the merchant finds out about a successful transaction.
- Next, an immediate crediting of cardholder’s account in the merchant’s system takes place.
Once again, the entire process takes no longer than a few seconds.