Once the customer submits his or her order: The payment details go to the gateway. The gateway encrypts cardholder data and sends it to the payment processor. The payment processor communicates the approval or decline back to the gateway. The gateway alerts the merchant and customer of the decision.
Advantages of merchant accounts and payment gateways The primary purpose of a merchant account is to enable businesses to accept credit cards and other electronic payments. Setting up a merchant account can help you: Improve cash flow Increase sales Remain competitive in a challenging market Traditional payment gateways are ideal for eCommerce and mobile retailers, but can be used by merchants of all types to provide a frictionless purchasing experience across all channels including: Integrated payments within accounting, CRM, or ERP software Card-present transactions at a point-of-sale system Contactless payments tapped or waved over a near field communication NFC device Which one is right for my business?
Get the best insights about Clover, delivered weekly to your inbox. Which payment gateway has the smallest fees? Payment Gateways Fee Calculator. Adding a payment gateway system or a merchant account to your online store is a critical part of enhancing your business bottom line. I hope this post has been helpful in your search for the differences between payment gateways and merchant accounts.
Differences between Payment Gateway and a Merchant Account. What is a merchant account? What about a payment gateway? Merchant Accounts: When shopping for a merchant account, you want to go with a provider that lets you settle in your preferred currency. You should have on-demand access to your account information, and you should always watch out for hidden fees. If your business manages high-volume transactions, make sure that there are no caps on monthly processing volume.
Fraud detection tools are also important. Compatibility is the most important feature to keep in mind when choosing a merchant account and payment gateway. Some gateways restrict entire industries. Consider working with a reputable payment processor that offers both merchant services and payment gateway services.
Pros: convenient, typically fast to get set up. Separate Payment Gateway and Merchant Account Other providers offer payment gateways and merchant accounts as separate products. Pros: typically cheaper for all but the smallest merchants. Where to Go From Here?
Compare merchant accounts Compare payment gateways.
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