With the advent of online credit card processing and online payment processing do you know all the terminologies associated with it?
To start with, a merchant account accepts the online payments and payments made from different terminals and holds the money. To move the account from your customer’s account to your merchant account, the processing is done by a payment gateway.
The payment gateway will process credit card transactions from different payment sources after you send the payment related information. They will authorize and process the transaction. Once the transaction is approved, the money is transferred to the merchant account by the payment gateway.
The merchant account is an intermediate account that holds the money received from the customer until the sale is complete, after which the money gets credited to your actual bank account.
Merchant services and merchant accounts are also provided by payment processors, who handle all the background payment processing required by a merchant, including the authorization and funds transfer.
If you are looking for a payment processor, merchant account or payment gateway to facilitate all your online credit card processing and online payment processing, reach out to Open Source, as we are the pioneers in the market and offer customized solutions for all your requirements.