Dictionary of all accounting terms
An online payment is an electronic exchange of currency for purchased goods or services. Online payments are facilitated by 'payment gateways' or 'payment service providers'.
Collecting money through the Internet means accepting online payment. The most common payment forms online are credit card and debit card, others are e-wallet, bank transfer, bitcoin wallet and smart cards.
Online payments need to be done over secure encrypted connection in order to decrease chances of having the personal and billing information stolen.