It is the online equivalent of a physical card terminal that you might use when paying by card in a shop or restaurant. The actual payment details may be entered via the merchant's website or through a secure form provided by the payment gateway.
A merchant account is a special type of bank account that works behind the scenes to receive debit and credit card payments after a payment has been made through a payment gateway, physical card terminal or a virtual terminal. To take credit or debit card payments via website, you effectively need both a payment gateway to accept the payment details and connect to the payment networks and a merchant account to receive the funds.
However, some services effectively bundle these two elements together. If your business manages high-volume transactions, make sure that there are no caps on monthly processing volume. Fraud detection tools are also important. Compatibility is the most important feature to keep in mind when choosing a merchant account and payment gateway.
Some gateways restrict entire industries. Consider working with a reputable payment processor that offers both merchant services and payment gateway services. QPay Europe is an example of a business that covers the full range of payment processing needs. When you bundle your payment processing services, you typically benefit from lower-cost hosting, streamlined service, and seamless compatibility. Still confused? A merchant account is a holding account where information about payment transactions is collected.
For any business that accepts card payments, this is where funds are held. Once the payment is verified, funds are passed on to your business bank account. Without your station, the train has nowhere to depart from and return to; without the rail lines, the train has no way to move. A merchant account is different than a business bank account, a point that often causes confusion.
Returns are subtracted from whatever sits in the merchant account at that time; the remaining funds are then transferred to your bank account. Also, your payment gateway may be accumulating deposits from multiple sources. Rather than giving you five different deposits, it collects them in your merchant account and combines them into one single deposit for your bank account, making reconciliation easier.
Merchants sometimes think that when they change providers and therefore change the source of their merchant account they have to change their entire banking relationship. For instance, you could retain your existing business bank account with Bank A and still choose a payment provider that gives you a merchant account with Bank B — without altering your Bank A relationship.
Many payment gateway providers, like BlueSnap, are full-service payment solution providers, which means they provide merchant accounts to their customers along with a payment gateway and processing solution. BlueSnap can give you everything you need — a payment gateway, merchant account, and a host of advanced processing features — to sell anywhere in the world successfully. Our All-in-One Payment Platform is easy to use you can turn functionality on or off in a snap, as you need it and flexible you have options for extending coverage as your business grows.
You can also rely on us for personalized guidance and support when you have questions, or set out to conquer new sales territories. Do you have payment challenges we can help with? Search Search. BlueSnap Blog. Popular Posts Merchant Account vs.
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