Merchant Services Terms Beginning with G

Gateway - A gateway is a company that provides the connection between a website, a terminal or any other credit card processing device and the credit card companies.

Gateway Fees – are the costs charged by companies like First Data Corporation for access to the networks that handle the financial data processing of credit card purchases. They are thus quite similar to the fees paid to the ISPs (Internet Service Providers) whose networks allow consumer’s access to the Internet.

Global Payment Systems – are worldwide electronic pathways that accept and reconcile payments in numerous currencies, through credit cards and other country specific financial instruments, in numerous languages and dialects.

Guarantor - A guarantor is a person or business entity that makes a financial promise, sometimes backed with collateral, for another person or business entity that is requesting either a loan, credit or some form of financial responsibility for which he or it is unable to qualify on their own. In the event that the primary person or entity requesting the loan or credit defaults, the guarantor is liable for any unpaid or overdue balances.