payment-gateway

Vocabulary Word

Definition

'Payment gateway' is a technology that online businesses use to accept payments. It's like a digital version of a cash register. It takes credit card information from customers and makes sure the money gets into the business's bank account.

Examples in Different Contexts

In technology infrastructure, a 'payment gateway' connects a merchant's website to the payment processor. A solution architect might explain, 'The payment gateway ensures secure data transmission between our site and the bank.'

Practice Scenarios

Tech

Scenario:

We're working on enhancing our ecommerce platform's overall performance. This includes improving payment speed and reducing errors. Any suggestions?

Response:

Integrating a high-performance payment gateway could make the payment process faster and reduce errors significantly.

Business

Scenario:

Our online sales have been increasing. However, we have noticed a significant number of transaction failures. What can we do to improve our system?

Response:

Perhaps it's worth considering a more reliable payment gateway to ensure a secure and seamless transaction process.