When making online payments, a payment gateway performs the following functions

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Basic terms
A payment gateway is a software solution that provides a connection between a website or mobile application and a bank, allowing online payments to be made.

Data Collection and Transmission: The payment gateway collects payment information from the customer such as credit or debit card details, shipping information, etc. It then transmits this information to the financial system to process the payment.
Payment Authorization: The payment gateway verifies the validity of the payment details provided. It contacts the acquiring bank or payment system to obtain authorization to carry out the transaction. The germany email list verification may include checking for sufficient funds in the account, as well as checking for any blocking or restrictions on the card.
Processing the transaction: If the payment is authorized, the payment gateway initiates the processing of the transaction. This involves transferring funds from the buyer's bank account to the merchant's account. It is important to note that the payment gateway may also charge fees for its services or apply additional payment processes, such as fraud screening.
Payment Status Notification: Once the payment is processed, the payment gateway sends a transaction status notification to the merchant and the buyer. This allows you to monitor the success of the payment and take further actions, such as confirming the order or delivering the goods.
Payment gateway

A payment system includes payment gateways and may provide additional components such as banking systems, financial institutions, data networks, and payment processing rules. A payment system sets standards and rules for making payments, ensures the security and efficiency of transactions, and handles accounting and reporting.