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All payment gateways functions under one and the same principle, but their pricing schemes and checkout processes may vary. One of the main distinctive features of Internet Payment Gateway is that its various types can require your merchant account or their one. The aim of this account is to make a connection with a bank and accept, for instance, credit card payments. Let’s consider the case when you use your merchant account for Online Payment Processing. In this situation you have to open an account with a bank; discount rates are negotiated with this bank. For every transaction a bank will charge a certain percentage. If you want to use Online Payment Gateway and you already have an account, you should inform your bank that you want to use Internet Payment Gateway. After establishing of a merchant account, you can link it with your gateway. You should remember that discount rates policy is determined by a bank, but you may discuss the terms of your business transactions with bank representatives. The main factor to determine the amount of discount rates is the number of transactions per month. If the volume of transactions is very high, you may expect lower rates. Sometimes Online Payment Gateway may offer to use its own merchant account. Being a customer there is no difference which type of an account to utilize. In this case discount rates are charged by a gateway. With the help of Online Payment Processing you may view and modify transactions data. Moreover, there is a possibility to transfer all the funds to a bank account. All in all, different factors determine whether to choose a bank account or account of Internet Payment Gateway, but the main one is the number of your transactions. Therefore, if the number of business transactions per month is expected to be high, it is better to open your own account with a bank and get an attractive discount rate. But if the majority of your customers regularly use other forms of payment (for instance, bank transfer) and the number of transactions is not very high, it is wiser to use Online Payment Gateway that offers its own merchant account.
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Internet Payment Gateway, Online Payment Processing, Online Payment Gateway,
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