When you plan to provide payment gateway services to sub-merchants, you will have to know more about acquiring bank. They process all your transactions for your sub-merchant and hence, along with payment gateway software, acquiring bank also forms a vital part of your payment processing. Hence, it is recommended that you pick an acquiring bank or merchant bank carefully before you decide on your payment processing software.
Why should you be careful about an acquirer bank?
The main reason you will have to be careful about an acquirer bank is because it forms the backbone of all your payments. They underwrite you and hence, you will have to ensure that the risks involved are minimal. They should support the MCC codes of all the sub-merchants who are associated with you and they will also have to provide with all the credibility and verification measures to avoid any risks. The acquirer bank should also be able to integrate with the payment processing solution that you use and hence, it is essential to pick a proper acquirer bank or merchant bank to benefit your business in the long run.
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