Payment Gateway
An e-commerce service that processes credit card payments for online and traditional brick-and-mortar stores, acting as an intermediary between the merchant and the payment processor.
Related terms
ACH (Automated Clearing House)
A network used for electronic payments and money transfers. ACH is popular in the United States for domestic transactions, including direct deposit, payroll and bill payments.
Read full definitionEFT (Electronic Funds Transfer)
The electronic transfer of funds from one account to another, including direct debits, online payments and wire transfers.
Read full definitionMore in Payments
BACS
Bankers’ Automated Clearing Services, the process for making sterling payments via domestic UK banks. Mostly used for direct credits and direct debits, BACS payments tend to take three business days to clear.
Read full definitionBIC (Bank Identifier Code)
Also known as a SWIFT code, a standard format used to identify a specific bank during an international transaction.
Read full definitionCash Transfer
The movement of funds from one entity to another. When moving cash from one country to another, the term is often used interchangeably with currency transfer, foreign exchange and currency conversion.
Read full definitionCHAPS
Clearing House Automated Payment System, a faster way of making sterling payments that are usually cleared on the same working day.
Read full definitionClearing House
An organisation, institution or third party that settles a financial obligation between a buyer and seller, ensuring all parties honour and settle the agreements they have committed to.
Read full definitionCross-Border Payment
A transaction involving a money transfer between two entities in different countries. These payments typically involve currency conversion and are subject to foreign exchange regulations.
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