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Written by Segmentify

17 May 2023

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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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Related Terms

First-Party Data

First-party data is the data or information a company directly collects from its users or customers. It is collected through audience engagement, which can happen on the company website, app, social m...

Data Silos

Data silos refer to isolated management systems that operate independently without the ability to integrate with other systems. In the eCommerce context, these silos can originate from diverse sources...

CSAT

Customer Satisfaction Score (CSAT) is a metric used to measure how satisfied customers are with a product, service or their interaction with a business. CSAT is usually measured through surveys, which...

CRM

CRM is a software platform that assists businesses in managing their interactions and relationships with both potential and current customers. A CRM system may include: CRM aims to improve customer sa...

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