In payment processing, any network that connects merchant POS terminals with transaction processing and settlement networks, such as the MasterCard and Visa settlement networks. Gateways can also provide related services, including transaction management and reporting. Gateways more commonly refer to an Internet Gateway, such as Authorize.Net, which allow merchants to set up shopping carts or accept transactions when the card is not present.
Type of stored-value card used for payment of products or services commonly issued by retailers and banks. Gift cards are preloaded with a set value.
One who guarantees an obligation and has a legal duty to fulfill it.