Payment gateway vs Payment processor vs Merchant account
The payments industry is a fast-paced market that is constantly changing due to the introduction of new payment systems and new technologies. We're seeing payment technology companies play a bigger role in the payments industry, particularly as technology advances—and many of them are even integrating with traditional financial institutions to appeal to the new consumer and merchant preferences. Unlike in the past, when payment processing was simply about facilitating the flow of money, the latest payment processing players are completely redefining the customer experience and enabling business owners to operate their businesses with remarkable ease. On the surface, the payment processing industry appears to be easy, but there are many parties involved in what appears to be a simple procedure. When a customer swipes their credit or debit card at a payment terminal, the transaction usually takes just a few seconds—but the procedure itself requires several steps and several players ...