Category Archives:Merchant Account
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What is the difference between Merchant Account and Payment Gateway?

Question by M Shadows: What is the difference between Merchant Account and Payment Gateway?
Online Shopping

Best answer:

Answer by imisidro
Merchant account is a bank authorized account which allows you to accept major credit cards, electronic checks, etc. Note though that rates banks will charge you are higher if you are operating an online store because the “card is not present”

Payment Gateway is a software which actually processes customer order information, address, credit card number, etc. The data is sent to a credit card authorization network which verifies that the credit card is valid and verifies that the shipping address matches the billing address. Example of payment gateway is Authorize.net http://www.authorize.net

If you have only a few items, you can operate without a payment gateway and only with a merchant account — as long as you can manually assess the order and identify signs of fraud. All you need is a merchant account and a terminal where you can manually key in the credit card information

With a payment gateway, the order and credit card information is directly sent to your merchant account. So if the customer pressed the BUY NOW button twice, their card can be charged twice, as against when you manually key in the number, you can ignore the duplicate order

Add your own answer in the comments!

Residents targeted by credit card scammers

Residents targeted by credit card scammers
When the wife contacted Ipayment to inquire about the account, she was told that a business account was opened under Timberwood Construction in September. The woman told the deputy that although the account was opened using the correct address, …
Read more on Coeur d’Alene Press

KKR third-quarter earnings beat expectations amid surge in cash
Its economic net income (ENI), a metric of profitability that takes into account the mark-to-market valuation of the portfolio, was $ 419 million on a post-tax basis, down from $ 571 million a year ago. This translated into … KKR's divestments in the …
Read more on Reuters

Lastest Merchant Account News

Baidu World: Focus On Offline-to-Online E-Commerce
Upon typing in a mobile search query (by inputting “@merchant name”), users will be redirected to the merchant's Zhida Account page and can book/purchase services through the account page, with payment and social sharing enabled. As such, Zhida …
Read more on Barron’s (blog)

State of extremes
Or a merchant's description of Virginia City as "the greatest aggregation of toughs and criminals that ever got together in the west." Strahn begins with an autobiography of William Clark's slave York, and … We learn about "hurdy-gurdy houses" in …
Read more on Missoula Independent

MyECheck to Provide Mobile Payment Services to Sionic Mobile
… fraud prevention and mobile account services. Atlanta-based Sionic Mobile is a mCommerce company utilizing mobile devices and cloud technology to connect merchants with nearby, ready-to-spend consumers. The company is the maker and provider of …
Read more on KSWT-TV

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e-commerce merchant account shopping cart question?

Question by lindsay g: e-commerce merchant account shopping cart question?
If i set up a merchant account, will I get software to put a shopping cart in my site? i built my site with dreamweaver, and they have a shoppingcart, and i use hostmonster.com for a host and THEY have a shopping cart/merchant account package… but i also have a friend that sells merchant accounts.. what should i do>???

Best answer:

Answer by drachma
This is a complicated question —
It depends on the merchant account package.
Sometimes the merchant account gives you access to eCommerce packages i.e. Miva Merchant or open source osCommerce. You get full functionality but will not have the ability to customize it fully – but some you might.

Some times merchant accounts only provide SSL and ability to install shopping carts easier…through 1 click button as opposed to your own installation.

My advice is get to know eCommerce packages if you’re going that route. Any web host can add SSL and you yourself can install packages like Miva/osCommerce/XCart/ZenCart etc…

Get a Merchant account only if they take care of software installs, upgrades, etc. Or better – go with an e cart solution like goecart.com for example.

Hope that helps.

Know better? Leave your own answer in the comments!

Atlanta-based BitPay hooks up with PayPal to expand bitcoin adoption

Atlanta-based BitPay hooks up with PayPal to expand bitcoin adoption
Merchants using Payments Hub can create a BitPay merchant account. PayPal customers with a bitcoin wallet will then be able to pay with bitcoin for games, music, videos, news, ebooks, and other digital content. “PayPal's Payments Hub is the ideal first …
Read more on Atlanta Business Chronicle (blog)

Payments Processor Braintree Confirms Bitcoin Integration Rumors
In its blog post regarding the announcement, Coinbase indicated that Braintree businesses will need to open a new merchant account with Coinbase in order to complete the integration upon its release. However, Braintree merchants that want to get in …
Read more on CoinDesk

How Main Street Will Pay for Home Depot's Data Breach
When a credit-card company identifies fraud, it wipes the payment off the cardholder's account and notifies the merchant. Unless the store can prove the payment was authorized, the credit-card company debits money from a merchant's checking account, …
Read more on Businessweek

Lans Holdings Update

Lans Holdings Update
2. by striving to become well known in the card processing space to merchant account providers, which will be receptive to alliances and partnerships in the future; and. 3. by attracting talent that has deep roots in the payment processing space. In …
Read more on Baystreet.ca

Sensex rallies over 400 points; Nifty hits 8850 as ECB unveils QE
NEW DELHI: The S&P BSE Sensex rallied as much as 402 points in trade on Friday to hit its fresh lifetime high of 29408.73, as sentiment in global markets turned bullish after the European Central Bank announced it will buy bonds worth 60 billion euros …
Read more on Economic Times

Lastest Merchant Account News

Alaric Introduces New Version of Fractals to Modernize Payment Fraud Detection
“The latest version of Fractals arms fraud teams with the best possible technology to protect their account holders and, ultimately, their bottom line.” The latest release incorporates new features designed for merchant acquirers, developed in …
Read more on MarketWatch

DataPath Provider Payments Simplifies Reimbursements for Workers
How it Works: DataPath manages the entire payment process, including provider registration. Once registered, providers are reimbursed for services by entering a secure account number on their merchant terminal. Through a customized portal, payers can …
Read more on PR Newswire (press release)

Android Apps for Mobile Payments Will Make Processing Simpler for Your
Like Square and PayPal though, you will need to buy the card reader and open a merchant account with them. Its strengths are support for many payment gateways and reasonable transaction fees. You can either pay them per transaction or a monthly fee …
Read more on Tech Cocktail

Google PLAs Get Automatic Item Updates

Google PLAs Get Automatic Item Updates
Google announced the launch of automatic item updates for Product Listing Ads. This enables changes made on your website to be reflected automatically in your ads. With the holiday season approaching, and businesses preparing to offer numerous deals …
Read more on WebProNews

American Express OptBlue: Negotiating Processing Rates
In “American Express OptBlue Program May Reduce Processing Cost,” my article in July, I explained how the new OptBlue program could reduce processing rates for ecommerce merchants, as it allows merchant account providers to set the rates and fees …
Read more on Practical Ecommerce

The new Bitcoin ATM: No cash in, no cash out
Instead, the account opening process involves purchasing an NFC-enabled Bitcoin debit card for 5 Australian dollars ($ 4.36). While purchasing a Bitcoin card, Diamond Circle ATM users can also purchase bitcoins to put in it using a credit … The …
Read more on ATM Marketplace (press release) (blog)

TransFirst Named Eighth Best Merchant Service by topcreditcardprocessors.com

TransFirst Named Eighth Best Merchant Service by topcreditcardprocessors.com
The recommendations are updated monthly to account for the latest developments within the industry. In order to obtain a more in-depth outlook of the service, the topcreditcardprocessors.com research team also communicates with customer references.
Read more on Digital Journal

Samsung Sees Role as Third Player in the Credit Card War
“One less thing to carry is one less thing to worry about or lose,” Graylin writes. “They want to use the cards they already have, at their favorite merchants, on the devices they own. Their wallet account is personal. It should belong to them, and not …
Read more on Tech.pinions

Merchants' Choice Payment Solutions Partners With CardFlight for Customized

Merchants' Choice Payment Solutions Partners With CardFlight for Customized
CardFlight is a leading provider of mobile POS technology and tools that makes it easy for anyone to accept swiped card-present payments in any mobile app with virtually any merchant account. They offer both turnkey mobile applications and robust …
Read more on PR Newswire (press release)

Coin, Wocket, Plastc: The all-in-one cards trying to sprint ahead of Apple Pay
In most cases, credit card information is just being transferred to the merchant's terminal like it would be through a traditional magnetic stripe card. The difference is that Coin, Wocket, and Plastc have all integrated security features that are …
Read more on Ars Technica

MiFID II, MiFIR, Block Trade Washes, AlphaMetrix, Charges for Cash, Bitcoin
No intermediated clearing through a futures commission merchant will be permitted. Before any order of a participant is effectuated, the participant must have all necessary funds in an approved depository account or collateral in the form of the …
Read more on The National Law Review