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Merchant Account Vs. Payment Gateway: What’s The Difference?

When it comes to keeping up with the latest trends and incorporating online payments in your businesses, the two terms that are most commonly heard are merchant account and payment gateway. And if you are new to the scene, it is very natural to know nothing about either of these terms. However, both of these things are mandatory if you truly want to see your business grow. If you want to know the differences between a merchant account and a payment gateway, you are in the right place. That is exactly what we intend to discuss today without confusing you.

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Merchant Account Vs. Payment Gateway: What’s The Difference?

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  1. Merchant Account Vs. Payment Gateway: What’s The Difference? When it comes to keeping up with the latest trends and incorporating online payments in your businesses, the two terms that are most commonly heard are merchant account and payment gateway. And if you are new to the scene, it is very natural to know nothing about either of these terms. However, both of these things are mandatory if you truly want to see your business grow. If you want to know the differences between a merchant account and a payment gateway, you are in the right place. That is exactly what we intend to discuss today without confusing you. Merchant account A merchant account is like a bank account that is specifically intended for business owners. You can open one with the help of a merchant account provider. This online bank account is where your money gets deposited after a transaction, once it is approved by a payment gateway. After a successful transaction, the money remains in the merchant account for 2 to 7 days. After which, it is transferred to the bank account of your choice. There are two main types of merchant account you can choose from- dedicated merchant account and aggregated merchant account. These days, you can also open an online merchantaccount with a few easy steps. Payment gateway A payment gateway is a technology provider that works with and sets the course for online payment. The payment data of a customer is captured and forwarded to the acquiring bank. The data is then forwarded ahead in an encrypted format. And at the end of the process, the customer is informed if the payment is accepted or declined. Now that you know the meaning of both these terms, all that is left to do is find the right partners who understand and value your business.

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