Payment Gateway
Definition
A service that authorises and processes online payments between a customer, the merchant and the banks, securely passing card or account details and returning an approval or decline.
Related Terms in Banking & Payments
Merchant Account
A type of bank account that lets a business accept card and electronic payments, holding funds from sales before they are settled to the business's regular bank account.
Chargeback
A reversal of a card payment initiated by the cardholder's bank, usually after a dispute or fraud claim. The merchant may lose the sale amount and a fee unless the chargeback is successfully contested.
NACH Mandate
An authorisation under India's National Automated Clearing House system allowing a company to collect recurring payments — loan EMIs, insurance premiums, SIPs — directly from a customer's bank account.
Virtual Account
A unique account number issued on top of a single real bank account so that incoming payments can be automatically identified and reconciled to the right customer or invoice.
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