Confused Between Merchant Account and Payment Gateway?
Merchant Account and Payment Gateway: The Basic requirement for starting up and running a business is having a Merchant Account and a Payment gateway. Both have an equivalent ratio for the smooth and balanced working of the business. A businessman who has really started up with new e-commerce venture requires a point from where he can connect to the customers. Now we need to figure out how?
The foremost thing to run an e-commerce site is to have a proper cash flow in it. Hence, where do we need that money from; from the customer? Any entrepreneur running a High or Low-Risk business requires a Merchant Account and a Payment Gateway.
A type of an account that allows accepting online payment from the customers through many ways under legal wings of the payment service provider.
Merchant Account is created under the mutual agreement between a merchant and merchant’s acquiring bank, so to further proceed with future online payment.
The next genuine question from your side: What Is Payment Gateway?
A payment gateway is a software program that works behind the scene. It is basically a process that enables the flow of the payment securely. It’s a secure way to transfer your customer’s money safely into your merchant account. It’s really very important to have a payment gateway for the following reasons:
- Prevents your money from fraudulent activities.
- Creates a trustworthy aura between you and your customers.
- Keeps you away from any future threat.
- Maintains a good graph in the competitive world.
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Short Review on Merchant Account and Payment Gateway
Above mentioned content shows the nature of the account, now below we can compare both of them:
- Merchant Account is an account where the funds are deposited and payment gateway is the channel from which we receive our payments.
- Merchant account holders get their amount through the payment gateway
- Merchant Account holds the money, which they earn from selling their goods/services and with the help of a payment gateway they get their amount secured under the safety of the acquiring bank.
- Payment Gateway gives a piece of evidence for the particular transaction for future Disputes.
Still jumbled up with the words?
We care for high-risk businesses and the funds they put on stake. We give services to secure your money and guide you on a correct path. We undertake many responsibilities such as Opening Merchant Accounts, Merchant Account Underwriting, Secure Payment Gateways, High Risk Merchant Account & Low Risk Merchant Account profile management and much more.
If the vision is still vague, you can approach us frequently through our website https://www.merchantstronghold.com/or through our telephonic support, we are available here 24*7. Contact us on +1 (888) 622 – 6875.