For brick and mortar businesses in Canada, credit card processing can be as simple as getting a point of sale payment processing machine, a merchant account, the necessary security and payment processing services, and a merchant’s bank account. And there are a number of merchants for whom that really is sufficient. But for the rest, those that do a fare amount of e-commerce, accept payments by phone, or need to be able to bill customers without physically seeing them, an electronic merchant payment gateway is the answer.
Specific business accounts and credit card processing merchant accounts add a significant degree of flexibility that merchants can pass onto their customers in the form of easier payment methods. The basic merchant account is usually something a merchant has to negotiate with a credit card payment processor. This account is the main component that compliments a business account with the businesses bank, and which includes all the services and transactions necessary to deposit money from a customer’s credit or debit card payment into the merchant’s bank account.
Basic merchant accounts can come with a variety of different payment options, fee structures, and hidden penalties, so getting the right one that will provide acceptable service at a decent price requires diligence and persistence. There is a wealth of information available about how to go about navigating all these complexities to choose a merchant account and payment processor.
Unfortunately, the same types of difficulties tend to confront merchants looking for electronic payment gateways. Between the technical language and requirements that a payment gateway must meet to protect the merchant’s and customers’ security, different options, bells, and whistles available, and the various ways payment and pricing can be set up, there is an entire learning curve associated with finding the right e-payment provider.
However, in both the case of electronic payment gateways and merchant accounts, the legwork required for a good deal is more than worth it. Once acquired, these payment tools make customers much happier and that is essential for running a successful business.