What is a Merchant Account?
A merchant account is a type of bank account that allows businesses to accept payments by debit or credit cards. A merchant account also serves as an agreement between a retailer, a merchant bank and payment processor for the settlement of credit card and/or debit card transactions.
What is a Payment Gateway?
A payment gateway is an e-commerce application service provider service that authorizes payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. It is the equivalent of a physical point of sale terminal located in most retail outlets. Payment gateway protects credit cards details encrypting sensitive information, such as credit card numbers, to ensure that information passes securely between the customer and the merchant and also between merchant and payment processor.
What is an IPSP Provder?
IPSP stands for Internet Payment Service Provider. An IPSP is a company that enters into an agreement with a bank and is approved by Visa to process and settle transactions on behalf of online merchants.