A payment gateway refers to the software that processes online payments, such as credit card processors and digital wallets. E-commerce platforms like BigCommerce incorporate payment gateways into their systems to provide a way to collect payments online. “Payment method” refers to the choices provided to shoppers at checkout. For example, the option to pay with a credit/debit card or a PayPal account is a payment method, and the actual processing is done by the payment gateway.
Take a glance at the most preferred online payment methods of the USA online shoppers: