Ecommerce Essentials: A Merchant Account and Payment Gateway - Merchant Stronghold
If you're only beginning your eCommerce business, searching to find a merchant bank account as well as the payment gateway is the top priority. With a merchant account, a payment gateway will allow users to take online payments via credit cards on your site. There is a myriad of options in terms of merchant accounts and payment gateways, but they will differ. The payment gateway acts as the internet-based equivalent to a point-of-sale device (like the payment machine) at a brick-and-mortar store. If a customer on the internet clicks "Pay Now" on a website, their information regarding payment is sent via your secured server an intermediary, who acts as a link with your institution and bank of the customer. The transaction details will be sent by an electronic payment processor to your bank account. The bank that manages your merchant account requests authorization from the issuing bank to make the transaction. The bank that issued the authorization can either approve o...