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

A 'payment gateway' in e-commerce is a service that processes credit card payments for online and traditional merchants. An e-commerce manager might say, 'Choosing the right payment gateway is crucial for securing customer transactions.'

Practice Scenarios

Design

Scenario:

We brainstormed on the checkout design last week. We need to make it more streamlined and appealing. What do you think we should focus on?

Response:

I believe focusing on the choice of payment gateway can make a significant difference. It should be simple, secure, and fast, creating a positive user-experience.

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.