Payment gateways are the first step in the online payment process, and they have been crucial in helping e-commerce companies and online payment providers more easily accept online transactions.
The best payment gateways serve as the online version of a payment terminal and front-end processor for online and mobile sellers. They often sell bundled services that include payment acceptance, data reporting, and fraud management.
Insider Intelligence expects that as global retail e-commerce volume continues to rise, revenue the companies processing these payments can collect as fees will increase from $82 billion in 2018 to $138 billion in 2024.
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