If you are a consumer, and you go to the convenience store near you, the possibility is that you can swipe your credit card using an electronic point-of-sale machine, and your coffee, gas, and donuts will be paid. What happens if you're the business owner and your store is online?
It's not as if you can swipe cards on every single customer's computer! It must be possible to manage this data. This is the function that the online payment gateway device performs for online merchants.
Payment gateways enable online sellers, proprietors or sellers of auctions to take credit card transactions on the internet. They approve the credit card of the customer. That is, they verify that the buyer can pay with their credit card to pay the cost.
They then put an order on the money so that the purchaser is unable to return and spend the identical amount elsewhere until it's transferred to the merchant account. Banks refer to the process in terms of "the technology required to conclude a transaction."
A lot of people confuse merchant accounts and payment gateways but they're different. Merchant account services work in the majority of cases as a link between your bank account for business with the credit card processor.
When a client purchases an item via your business's website, their credit card is processed through your payment processor. The funds are transferred into Merchant Account Service.
Payment gateways do not just let you collect profits from your sales they also provide various security features that can assist you in avoiding becoming the victim of fraudulent purchases! They will make your eCommerce easier to manage and a more enjoyable experience for both your customers and yourself.