Search
iCharts logo
  • Home
  • Business
    Random
    • Are Brisbane Business Aware of the Value SEO brings to their business

      Wilfredo E. Keeling
      May 15, 2019
      Business
    Recent
    • How To Help Your Small Business Grow

      Gin Byakuya
      February 1, 2023
    • Set to Launch Your Fashion Label: Here Are a Few Pieces of Marketing Advice for You

      Gin Byakuya
      January 31, 2023
    • 5 Mistakes to Avoid in the Preconstruction Phase of a Project

      Biljana Denic
      January 25, 2023
    • What Does a Marketing Automation Agency Actually Do? Understanding Full-Funnel Advertising 

      Gin Byakuya
      January 24, 2023
    • Maximise Productivity by Promoting Occupational Health and Safety

      Gin Byakuya
      January 24, 2023
    • Here are Reasons why Your Start-Up Needs an Accountant

      Gin Byakuya
      January 24, 2023
  • Health
    Random
    • 5 Tips for Countering the Side Effects of a Sedentary Lifestyle

      Wilfredo E. Keeling
      January 21, 2020
      Health, Style
    Recent
    • The Key Elements in Finding The Best Pediatrician

      Gin Byakuya
      January 26, 2023
    • Eye Surgery

      Understanding and Managing Pain After LASIK Surgery

      Paulina Tucker
      January 23, 2023
    • 6 Reasons Why You Should Not Use PEMF Therapy

      Gin Byakuya
      December 17, 2022
    • An An Overview of the Different Parts of a Neuron: Structure, Function & Types

      Giny Senbonzakura
      December 16, 2022
    • Medical Equipment for Home Use

      Gin Byakuya
      December 13, 2022
    • What Are Hunger Suppressants & How Do They Work

      Nicole Downs
      November 27, 2022
  • Education
    Random
    • How to Make Your English Better in 2023

      Ana Wilkinson
      February 20, 2021
      Education
    Recent
    • A New Nurse’s Guide to Continuing Education Units

      Paulina Tucker
      November 21, 2022
    • 7 Milestones Every Student Needs to Pass In College

      Nicole Downs
      October 28, 2022
    • How Students Can Make Their Presentations Stand Out?

      Nicole Downs
      October 28, 2022
    • 4 Different Types of Thesis Statements and How to Write Them

      Gin Byakuya
      September 7, 2022
    • Why Students Are Encouraged to Work in Groups?

      Gin Byakuya
      August 1, 2022
    • How to Study Abroad: Guide for International Students in 2023

      Gin Byakuya
      July 21, 2022
  • Gaming
    Random
    • How to Improve Muscle Memory for Gaming?

      Charlotte J. Moore
      June 4, 2020
      Gaming, Health
    Recent
    • What Do Players Expect from A Good Gaming Site? 

      Gin Byakuya
      December 21, 2022
    • 1080p Gaming: Is It Still Worth It?

      Mike Smith
      November 17, 2022
    • Where Does a Casino Make Most of Its Money?

      Jovica Bermand
      November 10, 2022
    • NFT vs. Traditional Games — Where Is the Future for Developers?

      Nina Smith
      September 19, 2022
    • Why The Sims 4 Is The Next Game You Should Play

      Why The Sims 4 Is The Next Game You Should Play

      Kara Schmidt
      July 28, 2022
    • Destiny 2: Good Players vs Bad Players

      Gin Byakuya
      July 21, 2022
  • Ecology
    Random
    • The Top 8 Products Made From Crude Oil

      Wilfredo E. Keeling
      July 4, 2019
      Ecology
    Recent
    • How To Create Eco-Friendly Awards & Sustainable Trophies

      Biljana Denic
      September 15, 2022
    • Best Solar Powered Gate Openers in 2023

      Wilfredo E. Keeling
      January 20, 2021
    • 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
  • Finance
    Random
    • How Does Halving Affect the Price of Bitcoin?

      Kara Schmidt
      January 11, 2022
      Finance
    Recent
    • Pay Equity Analysis Best Practices

      Gin Byakuya
      February 1, 2023
    • How Do You Get a Title Loan in Houston?

      Gin Byakuya
      January 25, 2023
    • All About Personal Loan and its Benefits

      Giny Senbonzakura
      January 17, 2023
    • Long-Term Trading vs. Short-Term Trading – Which One Matches Your Financial Goals?

      Gin Byakuya
      December 30, 2022
    • Can I Use a Credit Card for Gambling? – Keep Your Assets Safe

      Gin Byakuya
      December 22, 2022
    • 6 Realistic Ways to Make Money Online in 2023

      Gin Byakuya
      December 15, 2022
  • Style
    Random
    • Sister Necklaces – a Connection Between You Two

      Wilfredo E. Keeling
      January 20, 2021
      Style
    Recent
    • 6 Factors To Consider When Getting Wigs For Sale

      Giny Senbonzakura
      November 26, 2022
    • 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
  • Tech
    Random
    • What Are the Main Features of Laravel PHP Framework?

      Nina Smith
      October 18, 2022
      Tech
    Recent
    • The Future of Robotics in Medical Devices

      Gin Byakuya
      January 31, 2023
    • The Most Common HIPAA Violations Health Providers Breach

      Gin Byakuya
      January 20, 2023
    • 7 Industries Where Cybersecurity Is Used 2023

      Gin Byakuya
      January 18, 2023
    • Data Center Services And Servers For Your Business

      Zunaira Pipeline
      January 17, 2023
    • How Much Does It Cost to Maintain an Angular App in 2023?

      Gin Byakuya
      January 11, 2023
    • Top 3 Dual Monitors And Docking Station Tips: How To Use Them Properly

      Giny Senbonzakura
      January 5, 2023
  • Travel
    Random
    • Essential Things You Need For Canadian Immigration

      Mar Co.
      March 6, 2020
      Travel
    Recent
    • How to Plan a Group Vacation That Appeals to Everyone & Make Sure Nobody Feels Left

      Gin Byakuya
      January 10, 2023
    • How to Plan an Epic Loire Valley Road Trip – 2023 Guide

      Gin Byakuya
      October 31, 2022
    • Top 5 Oldest Cities in Bulgaria

      Ammaarah Travers
      October 24, 2022
    • 5 Tips for Visiting Nusa Penida 2023: What Not to Miss

      Nicole Downs
      October 6, 2022
    • How Far Ahead of a Trip Should You Book a Rental Car?

      Ammaarah Travers
      September 20, 2022
    • A Few Tips for the Those Who Travel to China for the First Time

      Gin Byakuya
      August 2, 2022
  • 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 Smart to Sell Your Real Estate for Cryptocurrency?

    akela
    November 9, 2021

Latest

  • Pay Equity Analysis Best Practices

    Gin Byakuya
    February 1, 2023
  • How Long Will Your Pedestrian Accident Claim Take to Settle: Why Hire Legal Help

    Gin Byakuya
    February 1, 2023
  • How To Help Your Small Business Grow

    Gin Byakuya
    February 1, 2023
  • UK vs US Bankruptcy: What are the Similarities and Differences 

    Gin Byakuya
    February 1, 2023
  • The Future of Robotics in Medical Devices

    Gin Byakuya
    January 31, 2023




Categories

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

iCharts.net – Popular Web Magazine 2023

Contact us:
zoyamccoy [at] demotix.com

Recent Posts

  • Pay Equity Analysis Best Practices
  • How Long Will Your Pedestrian Accident Claim Take to Settle: Why Hire Legal Help
  • How To Help Your Small Business Grow
  • UK vs US Bankruptcy: What are the Similarities and Differences 
  • The Future of Robotics in Medical Devices

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