Meaning – The term payment server, refers to the electronic equivalent of a cash register that organizes and accepts payment for the goods and services selected for purchase. A payment server uses other components, such as a payment gateway and a payment management system, to complete the financial transactions.
A payment gateway is a technology used by merchants to accept debit or credit card purchases from customers. The term includes not only the physical card-reading devices found in brick-and-mortar retail stores but also the payment processing portals found in online stores.
Merchants can gain access to payment gateway systems through merchant acquiring bank partnerships, or else they can select their own payment gateway system.
Example of usage – “Payment gateway technologies are always evolving to reflect new consumer tastes and technical capacities. In the past, terminals would accept credit cards using magnetic strips, which would require paper signatures from the customer.”
