In a digitalized era, where everything, even finance is technology driven, the term payment gateway has become the meat and potatoes of the fintech solutions. A payment gateway is an ecommerce service that processes credit card payments for online as well as for the brick and mortar stores. Payment gateways drive these transactions by transferring key information between payment portals such as web-enabled mobile devices/websites and the front end processor/bank.
Payment gateways play an important role in the ecommerce transaction process, authorizing the payment between merchant and customer. Payment gateways vs. Payment processors: what's the difference? A payment processor analyzes and transmits transaction data. Payment gateways authorizes the transfer of funds between buyers and sellers.
How payment gateways work