17 May 2023

Payment Gateway

A payment gateway is a service that enables online transactions by facilitating the exchange of information between a merchant, a customer, and the bank that issued the customer’s payment method.

When a customer places an order on a website, the payment gateway securely captures and encrypts the payment information and sends it to the bank for processing. Once the transaction is authorised, the payment gateway communicates the status of the transaction to the merchant, who can then fulfill the order. Payment gateways are an essential component of eCommerce, enabling online businesses to securely process credit and debit card payments.

Written by Segmentify

17 May 2023

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Payment Gateway

Related Terms

First-Party Data

Data Silos

CSAT

CRM

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