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Thinking of taking payments online? Three things you should know about choosing a payment gateway
One of the most lucrative ways to make money online is to sell a product or service that people want, need and/or desire.
But to do this, you need to have a good, reliable and secure payment gateway to accept those payments. Without this, you’ll be stuck on the Dark Ages, and will be losing out on potential sales – we all want things as quickly and as fast as we want these days, and if we can’t get it from one place, we will go to the next. Don’t let your customers start going to your competitors because you don’t give them the ease of purchase that they do.
What is a Payment Gateway?
Payment gateways allow websites to accept payments from customers electronically (i.e. card payments or payments from the balance of the customer’s payment account).
A payment gateway is not the same as a merchant account
Many people confuse merchant accounts with payment gateways but they are not the same. Merchant account services act, for the most part, as a liaison between your business bank account and the payment gateway. When a customer orders a product from your website their card is processed via the payment gateway. The money is then moved over to the merchant account service. The merchant account service then moves the money to your business bank account.