Payment related Terminologies: Payment Gateway and Merchant Account, what do they mean?

Looking for information regarding terms related to payment such as payment gateway and merchant account? 

In case of a merchant account, you can consider it to be a holding account where all the payments made by your customer will be deposited. 

To transfer the money from the credit card of your customer to your account, you would need a payment gateway.

Payment gateways receive credit card information of customers from your sale terminal and after authentication and authorization, they will charge the account. Once the payment is approved, they transfer it to your merchant account.

The merchant account will have the money for a while, or a holding period, after which it will be transferred to your actual bank account. Once the sale is complete, you will get the money released to your account. In case of independent sales organizations, they might have a contract with a payment processor.

Now, a payment processor provides all the background payment processing that is needed by a merchant.

If you are looking for any payment gateway, online payment processing or online credit card processing, feel free to get in touch with UniPay payment platform as we offer a wide range of solutions to cater to your business needs. 

Visit #UniPayGateway website to learn more.