There is nothing as convenient as shopping online. We can do it on our computers—even on our phones. With just a few taps of the screen, we can buy and ship just about anything. It seems so easy. But the truth of what’s actually taking place is far from easy. For every transaction that is seemingly processed online immediately, a copious amount of communication takes place between banks, customers, payment gateways, and internet merchant accounts.
Allied Wallet provides a wide range of payment processing options for your company. Contact us today to discuss payment gateways and merchant accounts for your business.
Gateway to Commerce
Payment gateways are the e-commerce equivalent to the device that swipe our credit and debit cards in stores. In other words, they transmit information from the online payment portal and the issuing bank.
Why Is It Called a Gateway?
The gateway acts just like, you guessed it, a gateway. The gateway allows certain information to pass through, and encrypts sensitive personal and financial information. This way it can process safely between merchant and customer, as well as between the merchant and the payment processor.
It may sound a bit confusing, but, ultimately, the payment gateway facilitates the secure communication of data to process and complete payment card sales online.
Merchant Account
Merchant accounts, including internet merchant accounts, are a kind of bank account that lets businesses accept credit and debit card payments. The merchant account can both hold funds and award refunds and chargebacks.
These funds are placed in the account through payment gateways. Payment gateways and merchant accounts work hand in hand to process and approve payment card purchases, while also holding and distributing funds.
It Takes a Variety of Accounts
There are a wide variety of merchant accounts available, depending on the type of business that will use the account. For traditional business models, like those conducted in brick and mortar buildings where the payment card is present, a regular merchant account may be available. However, for e-commerce and other businesses associated with online sales, varying types of internet merchant accounts may be required.
These accounts allow for transactions where the card and purchaser aren’t physically present.
Let’s Work Together
Payment gateways and internet merchant accounts work together. They allow us to make purchases while we’re waiting in line at our favorite coffee shop or while we’re sitting on the couch watching TV. They do the complicated work so our online purchases appear easy and painless.
Choose the Best, Choose Allied Wallet
Allied Wallet is an industry leader in providing safe, secure payment processing options. We offer a wide range of services to meet your business’ needs. From payment gateways to merchant accounts, we’ve got you covered. Call today to discuss your payment processing needs.
