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Gateway or merchant account? Do I need one or both? | What is a gateway? | B2B Vault | Episode 170
Description
Demystifying Payment Processing 101
Gateway vs. Merchant account
What is a gateway?
Popular – gateways – but there are many now - Auth.net – NMI
What is a merchant account?
Understanding the difference is crucial for businesses.
A payment gateway acts as a virtual terminal, sending transaction data between the customer, the business, and the payment processor.
Uses – virtual terminal - text – email requests, invoicing, e-commerce.
A merchant account is a “bank account” that allows businesses to accept credit cards,ach, and other electronic payments from customers, and then that money goes into the business operating account.
Choosing the right gateway and merchant account will ensure smooth – secure – payment processing.
Also, setting up your security settings, velocity settings on your VT -
In today’s digital age – understanding how you can get a customized solution for your business is of the utmost importance –
Today – everyone is looking for a bespoke – custom – payment platform to do everything they need to do.
So how do you choose your technology?
Then you need a merchant provider that works with your business type.