Credit card services are meant to accommodate a payment component that any merchant may need to accept in the non-cash world of online or offline payment. Offline pay comprises of POS infrastructure, merchant accounts and check support, etc.
What is a payment gateway?
One of the widely known and accepted credit card merchant services is payment gateway. This is a virtual credit card machine which facilitates payment processing. The technology is used for collecting payment securely, storing it and routes it to the payment processors. Merchant services providers offer these payment processing solutions.
Credit card merchant services versus payment gateways: Understanding these services
When it comes to services, payment gateways differ from the merchant service providers in the role that they play in running online businesses. Merchant service providers offer the business services from the setting up of a merchant account to the assisting of charge back disputes. The merchant account is guaranteed as soon as the application gets approved.
Payment gateways fall into three broad groups when it comes to the merchant accounts:
There are some gateways that offer house revenue in their own merchant accounts, and they are super convenient.
There are some gateways that provide a dedicated merchant account.
There are some other types of gateways which do not offer a merchant account. The applicator has to obtain the bank account to accept payment with these types of gateways.
The final word:
The time it takes to get the payment gateway up and accept the payment can range from a few minutes to ten days. You can apply whenever; setting up a merchant business account takes a few days to some weeks.
In short, a credit card merchant account is a special type of bank account which enables POS businesses and e-commerce to accept the payments done by credit cards. But, it is important to note that not all banks provide merchant accounts. Technology is changing fast, so anything could happen with this innovating field. For example, iphone credit card processing square is even possible. To learn more, contact a trustworthy provider today.
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CreditCardProcessing
Toll Free: (888) 395-7158
Office: 128 Vision Park Blvd #300 • Conroe, TX 77384
Website: https://www.creditcardprocessing.com/