Payment Gateway
A payment gateway is a technology service that authorizes and processes credit card and digital payments between merchants and customers. It securely transmits transaction data between the payment portal and the acquiring bank.
Key Details
- Payment gateways encrypt sensitive card data to ensure secure transmission during online transactions
- Gateway fees typically include per-transaction charges, monthly fees, and sometimes setup costs
- Popular gateways include Stripe, PayPal, Adyen, Square, and Braintree with varying features
- Gateway settlement reports are essential for reconciling transactions against bank deposits