In this article, we are going to be discussing what a merchant account is and also what is a payment gateway. Also, we are going to talk about how to take card payments on the go.
What is a merchant account, and what is a payment gateway?
This has been the traditional method of making payments that is the combination of the two. Merchant account and payment gateway are the two things that are used in traditional payment. The different providers that come in this category are eWay, Authorize.Net and SecureNet.
A merchant account is a kind of special bank account that lets a person accept payment made by credit card. The online payment gateway is the connection between the merchant account and the store. This helps to process the transaction that takes place between various parties.
It will mainly include the bank in which you have an account and the card issuer’s bank. This is also called the digital form of the POS machine used in an offline or physical store. Fees is taken by both the parties who are involved in the transaction for the bank to welfare also.
There is a lot of option out there on the internet and the world from which you choose. Some people take less transaction and set up cost of this kind of payment service. While some do not take the setup cost of putting up all the equipment for taking card payment.
If you are planning to take this combo, you will need to fill the form of both. This means that you will have to fill the form of the merchant account as well as the payment gateway. It will take some time for the documentation to process and also the equipment to get installed and working.
After both the things have been installed and set up correctly, you can now link both. This means that you will join them using the API keys, some shared secret, and also the tokens. The benefit of the payment gateway is that it is open 24/7 for anyone to pay and receive. The payment gateway offers good control over the security rules and customization. They may be a fit for big business.
How can a person take card payment?
The person will first have to search for a bank that either you have an account or a new bank. That is because they will have to open a merchant account and also a payment gateway. They can either do it from the same bank or two different banks and link them manually.
Payment on the go is an express service that can be availed by everyone, especially the people with membership. Then after the account is open, the person will have to register themselves on the account. This will make sure that they get the payment service as well as the gateway where people can make payments.
People can also pay very quickly to a business by using a QR code scanner on the code of the company. This is a randomized code that everyone has unique, and also, no one is allowed to share these.