Payment gateway

Payment gateway,

Definition of Payment gateway:

  1. In electronic commerce, the coding program that transmits an online customers credit card order to and from an acquiring bank or the merchant account provider.

  2. A payment gateway is a technology used by merchants to accept debit or credit card purchases from customers. The term includes not only the physical card-reading devices found in brick-and-mortar retail stores but also the payment processing portals found in online stores. However, brick-and-mortar payment gateways in recent years have begun accepting phone-based payments using Near Field Communication (NFC) technology.

  3. The payment gateway is a key component of the electronic payment processing system, as it is the front-end technology responsible for sending customer information to the merchant acquiring bank, where the transaction is then processed.

How to use Payment gateway in a sentence?

  1. Payment gateways are the consumer-facing interfaces used to collect payments.
  2. In online stores, payment gateways are the “checkout” portals used to enter credit card information or credentials for services such as PayPal.
  3. In physical stores, payment gateways consist of the point of sale (POS) terminals used to accept payments by card or by phone.

Meaning of Payment gateway & Payment gateway Definition