Setting up a payment gateway account, distinct from a merchant account provider, is the initial stage in small business credit card processing. All of your transactions, regardless of type, are routed through a payment gateway.
The role of the payment gateway is to deny or approve a transaction. Here’s an explanation of how payment gateways work:
The customer completes the checkout procedure and uses their credit card to pay for a product or service.
The authorization must then be verified. The payment gateway service routes the transaction data to the merchant bank’s processor, which then routes it to the cardholder’s bank.
The transaction must now be validated. The transaction will be approved or declined by the cardholder’s bank. The information will then be sent back to the credit card processor. The data is subsequently passed on to the cardholder and the merchant by the processor.
Goods or services are delivered in exchange for a card that was accepted.
The transaction is finished.
The customer’s bank sends the monies to the credit card processor.
The money is forwarded to the merchant’s bank by the processor. After researching the various payment gateway choices, contact the one that is best for your business to get started. When selecting a gateway account for your business, keep the following aspects in mind.
