Virtual merchant payment gateway2/20/2024 The other advantage is that they're a one-stop shop, offering a single customer contact for the gateway, processor, and acquiring bank (for example, Chase Paymentech). Oftentimes the advantage of using a full service payment provider (those that provide a gateway, processing services, and/or merchant acquiring services) is that you get better processing fees and cheaper (often free) gateway services. Full Service Payment Providers: These are owned by merchant acquirers or processors, and connect only to the processors that are affiliated with that merchant account provider.The advantage of going with an independent gateway provider is that you are not bound to a particular merchant account provider, and could easily switch if offered a better price or superior services. Examples are:, Cybersource, Paypal Payflow, Verifi (some of the most popular gateways). Independent Gateway Providers: These are gateways that can connect to 3rd party merchant account providers or processors.In all these cases, messages travel to and from the merchant and the card issuing institution (typically a bank or credit union). These messages can be card authorizations, capture (or settlement) transactions, voids, or refunds. The gateway essentially ferries messages between the merchant and the payments system. However, in the strictest sense, a gateway is an intermediary that sits between a merchant's virtual POS or online shopping cart, and serves as the first interface from the merchant to the rest of the payments value chain. The term payment gateway is often used loosely to describe a variety of payment service providers that a merchant deals with in order to accept electronic payments. Merchant account providers (or merchant acquirers).In fact, the Internet payment processing ecosystem is very fragmented, due to a high degree of specialization, and any given payment transaction typically passes through at least five or six different parties, which we refer to as the "payments value chain." The fully-fragmented chain comprises: It is testament to the robustness of the electronic payments system that the end user is typically completely unaware of the complexity of the underlying plumbing that makes it possible for them to walk out of their homes without a cent in their pockets, armed with just their credit or debit cards, and have complete confidence that they will be able to purchase the goods and services their desire. When a customer swipes their credit card to make a payment, it usually takes just a couple of seconds for the point of sale system to prompt for a signature or a PIN, and another few seconds to complete the transaction and print out a receipt. It is your gateway to the rest of the Internet payment processing infrastructure. The merchant processor in turn connects to the card association (or "network"), which connects to the card issuing bank. The main function of a gateway is to pass authorization, payments, and settlement data securely to and from the merchant's website to the merchant's processor. A payment gateway for internet payment processing is an online service provider that connects an electronic shopping cart or virtual terminal/POS to an electronic payment processor. So you need a payment provider that you can trust to collect online payments. For many businesses, if you don't have have the ability to seamlessly collect online payments, you're going to be in serious trouble.
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