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How Payment Gateways, Merchant Accounts, Payment Terminals Works

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    How Payment Gateways, Merchant Accounts, Payment Terminals Works

    A merchant account lets businesses accept debit and credit card payments from customers. It functions as a holding pen for money owed to you from card transactions. Funds taken from a customer's credit card will be deposited in your merchant account pending clearance. From here, authorized funds will be transferred to your business account. Having a merchant account will let you take card payments in-store, online or over the phone.

    To accept face-to-face card payments, you need a payment terminal you will usually be able to get a payment terminal from your merchant account provider. The payment terminal reads the card using EMV technology and contacts the customer's bank securely, ensuring fraud protection.

    To accept online card payments, you will need to set up an account with a payment gateway provider A payment gateway is a secure connection through which the customer's credit card details can be transmitted. It is the online equivalent of a payment terminal and insures PCI compliant encryption of card data.

    Phone payments are known as MOTO or Mail-Order Telephone Order. They can be accepted using a payment terminal that supports manual entry of the card number or through a virtual terminal.

    A virtual terminal is an interface that lets you enter card details without the cardholder present. Most merchant account providers offer virtual terminal services.

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