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Settlement Date
The date an exchange of funds will be reflected on the books of the Federal Reserve Bank.
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Surcharge
A surcharge is an extra fee that’s added to the regular total amount.
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Payment Gateway
A payment gateway is an application service provider that authorizes credit card, debit card and electronic check payments for businesses. A payment gateway facilitates the transfer of information between a payment portal (such as a website, mobile phone, or interactive voice response service) and the front-end processor or acquiring bank. When a customer orders a product from a payment gateway-enabled merchant, the payment gateway performs a variety of tasks to process the transaction.
