In this article, we are going to be discussing is merchant and payment gateway all in one solution. Also, we will talk about the different people who are involved in an online payment transaction.
Merchant account and payment gateway one was the solution?
There is a different kind of services that are involved in the making and then taking the combination. PayPal and 2Checkout is an example of this merchant account and payment gateway example. You can combine the different services offered by the merchant and payment gateway for best use. This combination will allow anyone to take any major credit card payment at favourable costs.
There are also banks and accounts which will not charge or a very small amount of fees. Also, you will not have to pay any kind of monthly fees to these people as they have broken your product. The most common dark side of this is that they did not provide swift payment in the past.
The customer will be asked to pay using the setup which you are currently using. Also, if there is anything wrong with the transaction, the people will get redirected. It will happen so that this gateway can keep the data about the transaction safe from any hacker.
This is untrue that with PayPal, the business owner can choose the payment experience of the customers. This has to be done immediately as the faster you put up the equipment, you can make the payment. It is a very important thing with PayPal to provide the give good fess and return to its customers.
A total of 60% of the world’s online payment is done by PayPal alone. So it is suggested that if you are taking PayPal, you should take something else also. This way, the shopper can have a choice from where they can make the payment from.
People involved in online transaction
There are only three people who are important when it comes to the processing of the payment. This payment process can be done from anything is that from a debit card to a credit card. It is also the involvement of technology which can connect the buyer and seller. This is also known as take card payments on the go because it is a fast process.
- You or the merchant
To accept credit card payment, you need to partner up with a merchant bank. This merchant account will help you to take payment using credit and debit cards in your business.
For your customers to buy and make a payment, they will need a payment gateway. The payment gateway is a link that redirects someone on the website to the payment page. Also, this will link the merchant bank as well as issuing bank that is a bank of the customer.
There are around two main technologies that let you and the customer transact the business. The first is that the payment gateway will link with your shopping cart for the final amount of money needed. The last is the payment processor that does all the heavy work, like making sure the transaction happens.