Payment Terms

Payment Gateway

Definition

A service that processes credit card and electronic payments for businesses.

Overview

Payment gateways securely transmit payment information between customers, businesses, and banks. They enable online payments, recurring billing, and various payment methods.

Example

Stripe and PayPal are popular payment gateways that process credit card payments for invoices.

Best Practices

Choose gateways based on fees, supported payment methods, and integration with your invoicing software.

Common Mistakes to Avoid

Ignoring transaction fees

Poor integration

Limited payment options

Related Terms

Frequently Asked Questions

What fees do payment gateways charge?

Typically 2-3% plus a fixed fee per transaction. Compare rates across providers.

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