What is the Difference Between a Payment Gateway and a Payment Processor?

If you are a business owner, the terms payment gateway and payment processor are likely not foreign to you. In fact, they are likely something you have spent a lot of time thinking about. However, understanding the difference between the two may at times seem difficult. Yet it does not have to be so complicated. The reality is, these similar tools for payment processing are not hard concepts to understand with just a little explanation. So what exactly is the difference between a payment gateway and a payment processor? Let’s find out the answer to that question below. The Four Entities of a Credit Card Transaction Before we look at the difference between payment gateways and payment processors, it is helpful to first look at the different entities involved in a credit card transaction. There is the customer, the merchant, the acquiring bank and the issuing bank. The acquiring bank is…

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4 Things to Consider When Choosing a Credit Card Processor

Choosing a credit card processor is likely not something you want to think about. However, it is necessary. With everything being done digitally these days, there is simply no way to be a cash only company and still successfully build a business. This being said, we do understand that it can be a difficult decision to make with an overwhelming amount of considerations. That is why we have put together this comprehensive list of factors to take into account when choosing a credit card processor. Fraud One of the most important things that a business owner can take into consideration when it comes to payment processing is fraud. Fraud can be incredibly costly to your business and you want to find a payment processing company that will take the appropriate measures to help you avoid it at all costs. It is true, fraud is more difficult now than it has…

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