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Credit and debit cards, digital wallets , ACH transfers , and other digital payments have become the norm. To accept electronic payment methods fast and securely, you need a payment gateway. But not every gateway is the best payment gateway for your business. Learn More What is a Payment Gateway?
From independent sales organizations (ISOs) and payment facilitators (PayFacs) to acquirers, cardassociations, and beyond, each entity plays a unique role in shaping the payment industry. The global payment gateway market is projected to reach $49.7 billion by 2027 , but must navigate security and regulatory challenges.
Here are the inside details about what defines a payment solutions provider, how processing works, the credit card processing fees , risks, and more. TL;DR There are several parties involved in credit card processing. They include: the merchant, cardholder, cardassociations, acquiring bank, issuing bank, and payment processor.
More specifically, the OCC labels a merchant processing activity as: “the settlement of credit and debit card payment transactions by banks for merchants through various cardassociations.” Gateways securely pass sensitive customer data from your website or point-of-sale (POS) system to your payment processor.
A secure payment gateway is one of the main ways merchants can protect their business and customers. How to Comply with Payment Security Standards The Payment Card Industry Data Security Standards, or PCI DSS , are the North Star for payment processing security. Digital wallets (e.g.,
Issuing banks Issuing banks, or issuers, are entities that issue customer credit cards and handle the transfer of funds to the merchant’s account. Credit card networks Also known as credit cardassociations, credit card networks manage the technological infrastructure and regulations of credit card processing.
BIN Sponsorship A service provided by payment processors that enables merchants to accept payment cards from multiple card issuers. Bluetooth Card Reader A wireless device that connects to a mobile device or computer to process payment card transactions.
In addition to online payments, if an organization wants to accept offline donations via credit cards, a merchant account is used alongside a hand-held credit card reader. A cardassociation is a group of banks that sets the terms for all credit card transactions.
As Randel told Webster, “In the last 10 years, we’ve seen the development of gateways. So, now you’ve got business software potentially integrating into a gateway, and the gateway is boarding the transaction to the cardassociations for authorization and settlement.
Implement Required Security Controls This may include deploying firewalls, encryption technologies, anti-virus software, and access control measures for your Point-of-Sale (POS) software, your payment gateway software, and any other place your payment card data and sensitive information like card numbers and account data may be accessible.
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