What does a gateway do?
A gateway (or payment gateway) is a digital way of accepting payments. Gateways include virtual terminals, invoicing, secure customer data storage, and additional features to manage your digital payments.
A gateway (sometimes known as a virtual terminal) is a digital way of accepting payments. Traditionally, gateways were used only as a virtual terminal, but this has shifted in the past decade or so. Most gateways will have both an online terminal you can access from a computer, as well as a mobile processing solution you can download from your respective app store so that you can access your gateway anywhere. A gateway will also allow you to connect to your website’s shopping cart for online payments directly from your customer.
Ultimately, a payment gateway's job is to get real-time authorizations from your cardholder's issuing bank. That's the "core" job. But nowadays, gateways also typically have:
Fraud protection tools to help you mitigate potentially dangerous transactions
Advanced integrations with websites, CRMs, and accounting softwares
Mobile options to allow for in-the-field acceptance, and tap-to-pay
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