Search
iCharts logo
  • Home
  • Business
    Random
    • James Richman: Why the self-made billionaire thinks humans should not be scared of artificial intelligence

      Hannah Campbell
      January 19, 2021
      Business
    Recent
    • How to Make the Most Out of Internet Marketing?

      Gin Byakuya
      June 16, 2022
    • Advantages And Disadvantages Of Online Courses For Interior Designers

      Gin Byakuya
      June 9, 2022
    • How to Grow Your Business Internationally

      Gin Byakuya
      June 1, 2022
    • Should You Outsource Your IT?

      Gin Byakuya
      May 31, 2022
    • 7 Ways to Boost Your Audience Development Strategy

      Gin Byakuya
      May 30, 2022
    • 5 Forex Trading Strategies for Total Beginners

      Gin Byakuya
      May 20, 2022
  • Health
    Random
    • Healthy Eating Guide for Runners; Best Food for Runners

      Charlotte J. Moore
      May 19, 2020
      Food, Health
    Recent
    • How to Locate Veins on Dark Skin Using Vein Finder

      Iva Miller
      June 23, 2022
    • 8 Positive Effects Ormus Can Have on Your Body

      Gin Byakuya
      June 10, 2022
    • Global PPE Supplies Market Size Growth Forecast

      Gin Byakuya
      April 28, 2022
    • 2 UV Disinfection Installation Methods

      Gin Byakuya
      March 30, 2022
    • 4 Reasons Why Teledentistry Will Help Change Oral Health

      Gin Byakuya
      March 23, 2022
    • An Inside Look into the Relation Between The Heart & CPR

      Gin Byakuya
      March 22, 2022
  • Education
    Random
    • 5 Things to Consider When Choosing a College

      Arni Barni
      July 27, 2020
      Education
    Recent
    • Make a Career in Aeronautical Engineering

      Gin Byakuya
      June 10, 2022
    • How to Get Math Homework Help Online: 5 Easy Steps to Follow

      Gin Byakuya
      June 2, 2022
    • 5 Tips and Tricks for Converting Metric Units in Your Head

      Gin Byakuya
      April 29, 2022
    • A College Planning Guide for High School Students

      Gin Byakuya
      April 13, 2022
    • How to Choose the Best Essay Writing Service

      Gin Byakuya
      April 8, 2022
    • Why Hiring a Tutor Can Help You Achieve Your College Dreams

      Gin Byakuya
      March 16, 2022
  • Gaming
    Random
    • The Best Games Being Released - 2022 Review

      Charlotte J. Moore
      February 22, 2021
      Gaming
    Recent
    • Block Puzzle is an Addictive Game! Why?

      Giny Senbonzakura
      June 18, 2022
    • The Pros and Cons of League of Legends Coaching

      Gin Byakuya
      April 11, 2022
    • A Gamer’s Guide to Choosing the Best Mobile Data Plan

      Gin Byakuya
      February 22, 2022
    • Which Wow Shadowlands Raid Is the Most Fun to Play?

      Gin Byakuya
      February 10, 2022
    • 5 Money Saving Tips for Buying a New Gaming Laptop

      akela
      December 8, 2021
    • Easiest and Hardest Dungeons in Wow Shadowlands

      Iva Miller
      December 6, 2021
  • Ecology
    Random
    • Best Solar Powered Gate Openers in 2022

      Wilfredo E. Keeling
      January 20, 2021
      Ecology, Home & Garden
    Recent
    • Turning Up The Heat! What Global Warming Means For The Soil If You Are A Farmer.

      Sinman
      January 20, 2021
    • Simple Fruit Trees to Add in Your Backyard

      Arni Barni
      August 6, 2020
    • Innovative Packaging Solutions for Sustainable Companies

      Wilfredo E. Keeling
      July 11, 2020
    • How Does Your Employer Manage Exposure to Hazardous Substances?

      Sinman
      June 11, 2020
    • 4 Most Common Renewable Energy Options for Your Home

      Hannah Campbell
      May 29, 2020
    • How Does Air Quality Affect Your Health?

      Ana Wilkinson
      May 26, 2020
  • Finance
    Random
    • Useful Banking and Finance Tips For Small Businesses - 2022 Guide

      Sinman
      February 21, 2021
      Business, Finance
    Recent
    • How to Save on Recurring Expenses?

      Gin Byakuya
      June 1, 2022
    • How Much Should High School Graduates Know About Finance?

      Gin Byakuya
      May 25, 2022
    • 7 Ways a Mortgage Broker Can Save You Time And Money

      Gin Byakuya
      April 18, 2022
    • 9 Tips For Entering The Working World Of Financial Management

      Gin Byakuya
      March 25, 2022
    • Interesting Facts About How Big is the International Money Transfers Market

      Gin Byakuya
      March 24, 2022
    • How Does Halving Affect the Price of Bitcoin?

      Kara Schmidt
      January 11, 2022
  • Style
    Random
    • 9 important facts about Kanchipuram pattu sarees you didn’t know

      Wilfredo E. Keeling
      March 5, 2019
      Style
    Recent
    • Top 4 Trends in Women’s Winter Wear

      akela
      November 4, 2021
    • How to Create Your Personal Fashion Style

      akela
      October 27, 2021
    • 4 Things To Expect From The Air Jordan 5 Shattered Backboards

      akela
      September 28, 2021
    • 9 Tips to Help You Identify Good From Bad Quality Sunglasses

      akela
      September 23, 2021
    • 7 Smart Ways to Save Money When Buying Kids & Baby Clothing Online

      Michelle Lozano
      September 15, 2021
    • Cool Men’s Gold Chain That Will Level Up Your Style

      akela
      September 14, 2021
  • Tech
    Random
    • Benefits of Phone Tracking 

      Wilfredo E. Keeling
      June 15, 2019
      Tech
    Recent
    • How to Recover Virus Infected Files and Data – 2022 Guide

      Gin Byakuya
      June 2, 2022
    • The Best Tech Apps You Need To Have On Your Phone

      Gin Byakuya
      May 9, 2022
    • 6 Best Underrated but Reliable Microphone Brands in the World

      Gin Byakuya
      May 1, 2022
    • Traditional SDLC vs Agile SDLC Model: Differences That Matter Most

      Gin Byakuya
      April 27, 2022
    • 7 Cool and Useful Things Can You Do with a VPN

      Gin Byakuya
      April 14, 2022
    • How to Get the Most Money for Your IT Equipment

      Gin Byakuya
      March 31, 2022
  • Travel
    Random
    • The Basics of Travel Insurance for Your Next Trip

      Arni Barni
      April 3, 2020
      Business, Travel
    Recent
    • My Experience So Far as a Malta Passport Holder

      Kara Schmidt
      June 21, 2022
    • Advantages of Renting a House for Your Vacation in Nantucket

      Gin Byakuya
      March 16, 2022
    • 10 Fascinating Destinations in Turkey for History Lovers

      akela
      December 3, 2021
    • Top-Rated Tourist Attractions in Egypt

      akela
      November 20, 2021
    • Travel in Style at These 5 Fantastic Airports

      akela
      November 19, 2021
    • San Francisco: 8 Reasons to Make It Irresistible

      akela
      November 5, 2021
  • Menu logo


Payment Gateway vs Merchant Account – Which One You Go With?

Charlotte J. Moore
March 20, 2019
Business

A smooth and secure online payment process is the very foundation of any successful e-commerce business. And that foundation is held together by two, mutually-reinforcing pillars – payment gateway and merchant account.

Payment Savvy has boiled down those seemingly complex terms to their most essential features.

source:themindstudios.com

Page Contents

  • Payment Gateway
  • Payment Gateway VS Payment Processor
  • Payment Gateway Features
  • Multiple Payment Methods
  • Fraud Protection
  • Automation
  • Payment Analytics
  • Merchant Account
  • Aggregate Merchant Account

Payment Gateway

A payment gateway is like a middleman that connects all merchants, online or not and payment networks. It’s what enables merchants to process and accept any payment besides cash or cheque.

A payment gateway is so seamless and fast, it’s easy to take for granted all the essential security operations it carries out in the matter of milliseconds. It takes every transaction through a few phases that work together as follows:

source:themindstudios.com

1. The customer gives the merchant his/her payment details like card number, digital wallet, etc.
2. Those details are then sent to the merchant account so funds can be transferred back and forth between this account and the customer’s bank/payment service provider. This dispatch is protected by tools the gateway provides that encrypt the customer’s valuable payment data.
3. The details are then sent to the acquiring bank to process for the merchant.
4. Then, the details reach the card network where fraud screening takes place,
5. before reaching the issuing bank (the one that issued the customer’s card) where another fraud check occurs.
6. Then basically, it all comes full circle, with a positive or negative answer at the end of it, depending on whether the data checked out.

Payment Gateway VS Payment Processor

At first glance, the functions of a payment gateway may sound like the ones you’d think a payment processor has. However, what payment processors do is they directly connect merchants and credit card networks like Visa, for example.

source:tidalcommerce.com

Payment gateways are basically an extra security step above that, connecting merchants with processors, and it’s a step both processors and merchants benefit from taking. In fact, most large processors don’t even work with online businesses directly.

Payment Gateway Features

The fundamental stages which a payment gateway takes an online transaction through are not to be confused with the specific features different gateways may have.

source:k2bindia.com

Some robust features most e-commerce merchants would benefit from are:

Multiple Payment Methods

Beyond credit cards, digital wallets and online payment services are becoming ever-so-popular, in addition to direct debit and bank transfers.

source:themindstudios.com

Basically, the more payment options a gateway supports, the better, as it expands the range of clients the merchant can work with, both in terms of geography and mere payment method preferences. There are many cases of sales falling though at the last minute because a merchant doesn’t provide the respective payment method of choice.

Fraud Protection

Of course, fraud protection is a fundamental of any payment gateway, however, that doesn’t mean all gateways are made equal in that sense. Don’t just take that aspect for granted – do some research before choosing a gateway.

source:themindstudios.com

Breaches in security can result in serious financial setbacks in the form of chargeback fees, penalties, and lost merchandise, not to mention the hit on your reputation which, unlike momentary monetary losses, might cause permanent damage to your business.

Automation

Automation is a true buzzword nowadays, especially in the world of e-commerce. It makes life easier, for both shoppers and merchants.

source:secure.americanexpress.com.bh

A robust, dynamic payment gateway that supports subscription sales models can streamline your operation tremendously. If that’s important to your business, look for a gateway that carries out automated billing, customizes billing plans, sends payment reminders, and updates customers’ subscription information.

In the long run, a gateway with such properties will be like an extra team member that happens to be a workhorse.

Payment Analytics

Insight into consumer psychology and shopping habits is invaluable in the business world. For that, a gateway that provides comprehensive payment data can make the difference between status quo and progress.

source:secure.americanexpress.com.bh

Features like payment conversions reports, sales intelligence, reconciliation, and cleanse reports will allow you to identify both your strong suits and weak chains and help you improve both, in addition to taking care of tedious tasks most business owners dread.

Merchant Account

Simply put, a merchant account allows merchants to process online credit and debit payments.

It’s like a temporary holder, a holding place for shoppers’ payments. Those funds are sent to the merchant’s actual business account only once the entire transaction checks out, as in no merchandise needs to be returned and respectively no paybacks are required.

Aggregate Merchant Account

Many businesses, especially in the small to a medium-size range, prefer aggregate, or shared merchant accounts, as in shared by all the merchants who use the same payment provider.

This is a very convenient option for regular Joes as it allows them to share the risks and costs of a merchant account while benefiting from almost the full arsenal of services, operating at their full capacity, which larger businesses get from a separate merchant account.

source:tidalcommerce.com

The main difference is that an aggregate merchant account is listed as a subsidiary of the payment provider’s master merchant account.

Payment Gateways and merchant accounts are not as complicated as they may sound, however, overlooking their role in your e-commerce business may result in some complicated issues and lost sales. But take your business needs and our advice into consideration, and your payment processes should be practically unnoticeable.

source:themindstudios.com


Merchant Accountonline transactionPayment GatewayPayment Savvytransaction

How to Make a Great First Impression on a Date
Advantages of Obtaining Cyprus Permanent Residency

Related Posts

  • 5 Reasons Why Dogecoin Is So Much Better Than Bitcoin

    Gin Byakuya
    May 4, 2022
  • Is It Possible To Reduce Your Bitcoin Transaction Fees

    Zunaira Pipeline
    June 20, 2022

Latest

  • How to Locate Veins on Dark Skin Using Vein Finder

    Iva Miller
    June 23, 2022
  • 10 Interesting Things to Know About Oilfield Construction

    Zunaira Pipeline
    June 23, 2022
  • My Experience So Far as a Malta Passport Holder

    Kara Schmidt
    June 21, 2022
  • How to Generate Corrective Schedules after Construction Delays

    Iva Miller
    June 21, 2022
  • How To Reduce Your Bitcoin Transaction Fees 

    Zunaira Pipeline
    June 20, 2022




Categories

  • Baby
  • Beauty
  • Blog
  • Business
  • Cars
  • Celebrities
  • Coronavirus
  • Cryptocurrency
  • Culture
  • Design
  • Ecology
  • Education
  • Entertainment
  • Family
  • Fashion
  • Featured
  • Finance
  • Flowers
  • Food
  • Gaming
  • Guide
  • Health
  • History
  • Hobby
  • Holiday
  • Home & Garden
  • How to
  • Jobs
  • Law
  • Life
  • Marketing
  • Motorcycles
  • Music
  • Net Worth
  • News
  • PC Case
  • Pets
  • Poet
  • Relationship
  • Religion
  • Science
  • Series & Movies
  • Social Media
  • Society
  • Sport
  • Style
  • Tech
  • Tips
  • Transport
  • Travel
  • Uncategorized
  • US
  • Vehicle

iCharts.net – Popular Web Magazine 2022

Contact us:
zoyamccoy [at] demotix.com

Recent Posts

  • How to Locate Veins on Dark Skin Using Vein Finder
  • 10 Interesting Things to Know About Oilfield Construction
  • My Experience So Far as a Malta Passport Holder
  • How to Generate Corrective Schedules after Construction Delays
  • How To Reduce Your Bitcoin Transaction Fees 

Amazon disclosure

iCharts.net is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. Amazon, the Amazon logo, AmazonSupply, and the AmazonSupply logo are trademarks of Amazon.com, Inc. or its affiliates.

Contact Us - Privacy Policy - Terms and Conditions