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How to create a payment gateway? Cost, benefits, use cases, challenges, opportunities

By becoming a part of the online payment ecosystem, startups and enterprises can benefit from this increasing digitization of payments. A crucially important cog in this near-flawless digital payments system, payment gateways are digital point of sale (POS) terminals that serve several vital functions facilitating the digital payment ecosystem. Before diving deep into building or to create a payment gateway, let us first understand how payment gateways work.

When we walk into a brick-and-mortar store, completing a (non-cash) transaction involves swiping a card on the POS terminal, which captures our card information while sharing it with the relevant parties for authorization and completing the transaction.

When we replicate this on a digital storefront, the payment gateway acts as the POS terminal capturing the consumer’s card information. However, other vital functions are happening simultaneously.

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