Trickier still, many providers will provide the function of a payment gateway without explicitly calling it such, and are likely to bundle it into a larger package with other tools and services required for you to take payments. There are a huge number of payment gateway providers, which can make the choice feel overwhelming. acquirer, acquiring bank, or merchant bank).Īuthorization - After this information makes its way through the card network and to your customer's issuing bank, authorization of the transaction will make its way back to your payment gateway, where you and your customer are informed whether the transaction is successful or not. Transfer - The payment gateway securely transfers your customer's credit card details and details about the transaction to your payment processor (A.K.A. Within the process of online payments via credit or debit card, a payment gateway does the following:Ĭollection - When your customer navigates to the checkout on your website to enter their credit card details, the payment page will either be provided by your payment gateway or will securely transfer the details to it. Payments go to the PSP and are then transferred on to you. ![]() They commonly provide both a merchant account and a payment gateway to a business, helping the business collect and manage its payments. Payment service providers (or PSPs) are companies that provide a variety of services to a business to help them get paid. To take payments online you need both a payment gateway and a merchant account, but they are not the same. Payment gateways are often confused with merchant accounts. Funds received from customers are temporarily held here before being deposited into your bank account. ![]() ![]() What is a merchant account?Ī merchant account is a special type of bank account businesses use to accept credit or debit card payment from their customers. As such, different people and organisations commonly use these terms with differing definitions. It's worth noting that "payment gateway" and many related terms in the area of credit and debit card payments may not be defined in any legal, regulatory, or "official" documentation, depending on where you are located.
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