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.

Related Terms

  • Acquirer

    An acquirer is a bank that processes credit and debit card transactions for a merchant.

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  • IVR (Integrated Voice Response)

    Integrated voice response or integrated voice recognition are payment systems that use the telephone to automate the capture of transactional information from a payer. Payers may either...

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