Payment gateway
A service that securely takes and processes payments by card or other methods; the contract and fees are usually between the business and the payment provider.
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Why it matters
A payment gateway takes card details securely without passing them through your own server, handles bank approval and transfers the money to your account. The commission rate, settlement time, instalment options and 3D Secure support affect both your costs and how many customers complete payment.
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Example
A shop considers building its checkout so that card details are entered on its own server. Using the payment provider's secure payment form instead means card data never enters the shop's systems and the security burden drops.
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Common mistake
Looking only at the commission rate. Settlement time, the refund process, extra fees in the contract and the quality of support can cost more than a difference of a few points in commission.
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Related terms
Related services and guides
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