What is payment gateway and Payment processing Solutions?

payment gateway is ‘software we use to transfer transaction data from the merchant to the acquiring bank. This software serves as an interface between the payment form on the merchant’s website and an acquiring bank.’

Payment processing is ‘a company or a financial institution chosen by a merchant to process his online payments.’

For more comprehensive information, check out the article in the footnotes. It covers everything you need to know about payment processing, payment gateways, and merchant accounts.