Click here

payment gateway

The service that automates the payment transaction between the shopper and merchant. It is usually a third-party service that is actually a system of computer processes that process, verify, and accept or decline credit card transactions on behalf of the merchant through secure Internet connections. The payment gateway is the infrastructure that allows a merchant to accept credit card and other forms of electronic payment. When referring to payment gateways used for Internet transactions, it may also be called an IP payment gateway.

See gateway  for further understanding of how a gateway works.



Top Terms
  • 1

    Consumerization of IT

    Consumerization of IT is a phrase used to describe the cycle of information technology (IT) emerging in the consumer market then spreading to...

    Read more »

  • 2

    ERP - Enterprise Resource Planning

    Short for enterprise resource planning, ERP is business management software that allows an organization to use a system of integrated applications...

    Read more »

  • Click Here!

Connect with Webopedia

Did You Know? Archive »

  • Quick Reference Archive »