This is its function; however, its mechanization is way too complex then it can be seen in this definition of payment gateway. The backend process is too complicated. Functions
You see, all these payment options are a separate entity so the payment gateways do the tie-ups and integrate all of them in one checkout form, which requires a lot of technical work, coding and collaborations with each of them including banks, wallets, etc. It is responsible to facilitate the online payments and its back and forth transfer between the various entities. The sending of the request and responses to and fro is done by the payment gateway. Payment Gateway is responsible for a secure payment transfer between the parties and that the details are transferred in a safe and secure way. For that, they need to have strong security compliances and standards to be followed. A payment gateway is to be integrated on the eCommerce website. In simple words, it needs to be added technically with the help of codings.
Merchant account vs payment gateway business
Using them, they can seamlessly and securely manage credit and debit card payments from a mobile or computer with an internet connection. FAQ:
Who is the merchant in a transaction? A merchant is a vendor or store that sells goods or services to the cardholder. What are credit card merchant services? Credit card merchant services offer all components you (merchant) need to accept funds offline and online. What is an example of a merchant? Since a merchant is a person engaged in the business of trading or selling goods and services, a retailer or wholesaler is a merchant. What is ISO merchant services? In simple terms, an ISO is a third-party payment processing company that is approved to handle merchant accounts for businesses. Is amazon a merchant? Amazon is an e-commerce platform owned and maintained by Amazon that enables third-party sellers to sell used products on a fixed-price online marketplace alongside Amazon's regular offerings.
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Getting your money
With a dedicated merchant account most of the time will get your money in about 2 days. That means 2 days after the sale on your website, the money will be sitting in your normal, business bank account. With an aggregate merchant account it will usually take longer. For example, Stripe holds your money for 7 days before transferring it into your bank account. PayPal will hold your money in your PayPal account indefinitely until you either spend the money by paying for something with the money in your PayPal account or you request the money to be transferred to your bank account. Once you request the money to be transferred, it takes about 5 business days to arrive in your bank account. Our Recommendation
Having worked with a large number of e-commerce stores, it is our opinion that the minor amount of savings you get from having your own dedicated merchant account is not at worth the lengthy amount of time and trouble you have to go through to get one. The rate structures are very complicated with qualified and non-qualified rates and other confusing ways you get charged.
What is the difference between a payment gateway, a payment processor, and a merchant account? - Quora
Merchant Account vs. Payment Gateway
Are you having trouble understanding the difference between a merchant account and a payment gateway? If you are learning how to accept credit card payments, you've probably seen both of these terms. People often get them confused or use the words interchangeably. While they sound similar, they are not the same. Merchant Account
A merchant account is simply an agreement with a processor to enable your business to accept credit cards. It provides an account to receive payments that have been processed through credit and debit cards into your regular bank account. You will find hundreds of merchant account options, but the basic structure and features are very similar across competitors. While it is okay to pay attention to fees and rates, the real difference between merchant account providers is found in the service and support that you receive. Asking the right questions can help you make an informed decision. (add link)
Payment Gateway
When you have a merchant account, you can accept money from credit cards.
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