What is the actual difference in business payment gateway?
Only when the businessmen could able to differentiate all those merchant account details, payment gateway, or else the white labelling process and finally the processor, it would be easier to manage all of these business issues. By this, we can make some differentiation of white label payment gateway software , merchant account, and the processor one.
1. Merchant account
First of all the merchant account is just mean by the system or else the transaction flow that has a look of actual movement of money. Here the facilitating might cross over until the completion of the entire process which means we can have the actual output like when the amount is debited from the sender account and at what time it reaches the account of the receiver. It is harder to take credit card payment money does an actual movement. And it expects few comparisons, and merchant account is much important from a pricing perspective. Anyhow, most people would expect how much do the bank would pay them back once they have deposited a large amount of money. Finally, the merchant account is one of the percentages pay whenever you run a card.
2. Payment Gateway
And this concept is one of the technical services where your website would interact with when it wants to process a transaction. It feels a bit harder to understand the concept of it, let us have a shortcut for the payment gateway as it would generate automatically generally the site would indicate that the customer would expect one hundred dollars to be debited into his account. It does not complete its work just by informing it serves the actual account information and customer’s details too. Here the actual conversation is all about between the payment gateway and your official site. if you are worried about the cost management then it would suggest the customers pay a flat cents per transaction fee.
3. Payment processor
We are at the final discussion at payment discussion, while comparing to the payment gateway and merchant account it is a bit confusing concept to understand and also to implement a real-time application. Normally when the non-industrialist and the business owners talk about the payment process or their credit card processing or their merchant provider these are the terms that always look interchangeable. According to the second concept when your website needs any suggestion it automatically asks the payment gateway by sending an automatic request to it. Now whatever the dealings move on them, it might be a dealer with the payment gateway to the VISA, MasterCard, and some other info’s. every time it acts as a switch that creates a route and makes the data stored in a particular route.
Even the separation of payment is also made by itself, after identifying whether the customer uses the VISA transaction it marks it as a VISA transaction, and if it is a MasterCard then it would be marked as a MasterCard transaction. So this is how all of the three concepts might have the differentiation of each, but anyhow without the actual dealing with these, we cannot move forward to the business development.