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How do Shopify payment gateways work?
A payment gateway is like a virtual bridge that links your online store to the vast network of banks, credit card companies, and payment processors. We can state that a Shopify payment gateway is a technology-driven intermediary that facilitates secure payment transfer information between a client’s bank (or financial institution) and an online merchant.  So, when a customer adds a product to their online shopping cart and proceeds to check out, they are presented with payment options. They enter their payment details, including credit card information or other payment methods like PayPal. The Payment gateways send the encrypted payment data to the client’s bank or credit card company for authorization. Further, the bank checks the transaction against the available funds and security checks.  Once the payment gateway initiates the transfer of funds from the client’s bank to the merchant’s account, this process can take a few working business days, but it ensures that the merchant receives the payment.Top Payment Gateways for your Shopify store
Gateways | Supported countries and currencies  | Transaction Fee | Chargeback fee |
Shopify  | 22 countries & 130 currencies  | 2.9% to $0.3 per transaction  | $15 per dispute |
Paypal  | 200 countries & 25 currencies  | 2.9% to $0.3 per transaction   | $20 per dispute  |
Stripe | 47 countries & 135+ currencies  | 2.99% to 0.3 per transaction  | $11 per dispute  |
Amazon Pay | 16 countries & 12 currencies  | 2.9% +$0.3 per transaction | $20 per dispute |
Verifone  | 200+ countries & 100 currencies  | 3.5% to $0.35per transaction  | $18 per dispute |