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24 July 2024

Payment Gateway (Glossary)

Automation Crowdfunding and finance Digital transformation eCommerce and digital commerce Sanjay Sauldie Glossary

The term payment gateway originates primarily from the areas of eCommerce and digital commerce as well as crowdfunding and finance. A payment gateway is a technical service that ensures that online payments can be processed securely and smoothly. When someone makes a purchase in an online shop and pays by credit card, PayPal or other digital payment methods, a payment gateway is almost always used.

The payment gateway works like a digital "middleman". It receives the buyer's payment data, checks whether the data is correct and whether there is enough money in the account, and then forwards the payment to the seller's bank. The payment gateway is active in the background for customers, who usually don't notice it.

An illustrative example: Anna orders a pair of shoes in an online shop and wants to pay with her credit card. The payment gateway checks her card details at lightning speed and forwards the payment. If everything is OK, Anna immediately receives a confirmation and the retailer receives the money.

Secure and fast online payments would hardly be possible without a payment gateway - it is an important building block for success in digital commerce.

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Find out how a payment gateway secures online payments - find out now and optimise your digital commerce!

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Sanjay Sauldie

Sanjay Sauldie is a digital strategist, speaker and developer of the transruption toolkit, which companies can use to make their digital transformation measurable, human and sustainable. With kiROI - the AI-based approach to value creation in the digital age - he helps self-employed people and companies to integrate artificial intelligence into their processes in a practical way. With his outstanding marketing strategy iROI, he has already led countless companies to greater visibility and thus more profits. He combines digital innovation with disruptive thinking models for a sustainable business strategy. He studied mathematics and computer science at the University of Cologne, completed a Master of Science in Digital Disruption at the University of Salford (UK) and a Design Thinking programme at MIT/EMERITUS Singapore. As a multiple award-winning expert - including the Golden Web Award and the Innovation Award of the Initiative Mittelstand - he advises SMEs and corporations. His motto: "Digitalisation is not an end in itself - it must serve people."

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