Payment Gateway
Category: payment
Technology that authorizes and processes online payments between customers, merchants and banks.
A payment gateway is a technology service that processes credit card and other electronic payments for online stores. Payment gateways encrypt payment data, verify transactions, and transfer funds between buyers, sellers, and banks. Popular gateways for cross-border e-commerce include Stripe, PayPal, Adyen, and Square. Gateway selection affects checkout conversion rates, available payment methods, and international processing fees.
Examples
- • A Shopify store using Stripe as its payment gateway can accept credit cards, Apple Pay, and Google Pay in 135+ currencies.
- • Shopify Payments (powered by Stripe) eliminates the additional 2% transaction fee that Shopify charges when using third-party gateways.
- • Adyen is the payment gateway used by many large marketplaces including eBay, Uber, and Spotify, offering unified global payment processing.