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Payment Gateway Vs Payment Processor- Everything You Wanted To Know In Brief

Find out how payment gateway works and more on payment gateway vs. payment processor. Read on to know more.

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Payment Gateway Vs Payment Processor- Everything You Wanted To Know In Brief

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  1. Payment Gateway Vs Payment Processor- Everything You Wanted To Know In Brief The terms payment gateway and payment processor are not unheard of and most people are aware of how they work. However, few are not aware of the terms and most importantly, the differences. So, in this brief article, let us find out more about the same. Payment gateway vs payment processor While the two terms are used for any credit card processing solution, the two are not the same. Before we try to understand the differences between the two, let us find out the main elements in any credit card transaction.

  2. When your customer is making a payment with the help of a credit card, a series of processes going on behind the scenes and there are many parties involved in the same. So, if you are an entrepreneur that has just started, you must be aware of the role each one plays in this series of processes. So, look at the parties involved in the credit card payment gateway process. The issuing bank This is the bank that issues the plastic card to the customer. When the customer makes a transaction with the card, this bank will deduct the spent amount from the cardholder’s account and pay to the bank that is acquiring it. Acquiring bank This is also known as the merchant account provider, this bank aids in depositing funds from the credit card sales to the merchant account. Interchange fees are deducted from the amount that is purchased by the acquiring bank and paid to the issuing bank.

  3. You can read the full content:https://www.businessupside.in/payment- gateway-vs-payment-processor-everything-you-wanted-to-know-in-brief/ Business Upside India Email ID: support@businessupside.com Phone No.: 1800-270-3002 Visit Us: https://www.businessupside.in/ Stay Connected Via: https://www.facebook.com/businessupside https://www.youtube.com/c/BusinessUpside https://twitter.com/BusinessUpside1 https://www.instagram.com/businessupsideusa/ https://www.linkedin.com/company/businessupside/

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