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Merchant Gateways

Merchant Gateways

Guide To Setting Up Merchant Gateways

If you are looking to sell your products or services online you simply need to establish a payment gateway with a merchant account. There is an increasing number of businesses accepting payment online. Nearly every type of business – from antique dealers to trade show vendors, and from Etsy sellers to big box retailers – needs to accept credit card payments to stay alive.

Anyone whose business already accepts credit cards online is likely familiar with merchant gateways. But for the sake of those who are new to eCommerce, this post is set to guide store owners set up payment gateways with merchant accounts.

What is a merchant account?

Since the advent of credit cards, merchant accounts have been known to be very much in existence. This is simply a special type of bank account that enables businesses with the ability to accept credit and debit cards. While serving as contracts between a credit card processing company and a retailer, most businesses use merchant accounts to support their customers with secure, flexible, and fast payment options.

Any business that accepts credit cards can be called a “merchant.” It is quite important to know that online businesses operating with merchant gateways can accept multiple forms of payment, including ACH payments, debit cards, and credit cards.

How to qualify for a merchant account gateway

Owners of small businesses will have to qualify for opening a merchant account before seeking to integrate a gateway. To this end, a personal credit check will be performed which will require merchant account providers to inquire about sales information, products or services, the type of business and other business particulars.

While it’s best to own your own merchant account, it is, however, good to know that there are some organizations that may allow businesses owners use their merchant accounts to accept payments made via credit card from customers. Please note that in a bid to justify the risk, these organizations are going to charge larger fees or discount rate. Also, they are more likely to hold on to the received funds for a longer period of time so as to be able to guarantee that the transaction is not fraudulent.

In order to allow for complaints and returns, bear in mind that a merchant account provider may decide to hold on to the charges for an extended period of time or provide a small credit limit in order to find a way to reduce the risk especially if it does not require a credit check.

Payment gateway

In addition to an internet merchant account, online shop owners who are looking to take and process credit/debit card in real-time will require a payment gateway service. This is basically because due to some security reasons, the shopping cart applications are not allowed to send and receive the transaction information (i.e. communicate directly with payment processors).

Basically, merchant gateways serve as mediators for communicating the transaction information between payment processors and the shopping cart application. Before the requirement to communicate with payment processors is passed, all the lengthy and extensive process of getting approved would have been taken care of by the payment gateway service company.


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