So let\u2019s get started\u2026<\/em><\/p>\n We have a lot of people who ask, what is the difference between a merchant account, a payment gateway and a payment processor?<\/p>\n Here\u2019s a quick explanation\u2026<\/em><\/p>\n There are four parties involved with every credit card transaction:<\/strong><\/p>\n Here\u2019s how payment gateways, merchant accounts and payment processors differ in how they process these payments:<\/strong><\/p>\n A payment gateway securely enables you (the merchant) to take credit\/ debit card payments from your customers directly from your website. \u00a0If the payment is happening in-store, it usually is a POS (point of sale) physical card terminal machine that performs this action.<\/p>\n Examples of payment gateways include PayPal, Stripe, Amazon Payments, and Authorize.net.<\/p>\n A merchant account is a special type of bank account that works behind the scenes to receive debit and credit card payments after a payment has been made through a payment gateway, physical card terminal, or a virtual terminal. It is different from your normal business bank account, and it doesn’t need to be with the same bank.<\/p>\n Examples of merchant account providers include First Data Merchant Services, and WorldPay.<\/p>\n The payment processor executes the transaction by transmitting data between you (the merchant), the issuing bank (i.e., the bank that issued your customer’s credit card), and the acquiring bank (i.e., your bank).<\/p>\n Payment processors are the financial institutions that work in the background to provide all the payment processing services used by an online merchant.<\/p>\n So to sum up\u2026<\/em><\/p>\n To accept payments via your website, you need both a payment gateway (to securely verify the funds) and a merchant account (to receive the funds).<\/p>\n Some providers offer these two together they are called \u201call-in-one payment service providers.\u201d<\/p>\n Examples: payment gateway services such as PayPal and Stripe are effectively a payment gateway and merchant account combined, as you don’t need a separate merchant account.<\/p>\n Some providers offer payment gateways and merchant accounts as separate services. You can get them from the same provider or from different providers.<\/p>\n As you start reviewing different options, you\u2019re going to want to use this checklist to be sure you don\u2019t miss anything\u2026<\/strong><\/em>[su_note note_color=”#daeaf2″ text_color=”#1a2323″ radius=”0″]<\/p>\n Ask yourself:<\/p>\n It is best to choose a payment gateway that already is supported by or integrated with your platform.<\/p>\n Getting an account with one of the combined providers tends to be easier than getting a merchant account, and is also tends to involve fewer setup and monthly fees. The per-transaction fees tend to be higher, however. For these reasons, small merchants may want to start with a combined payment provider. Larger merchants can typically save money by having their own merchant account.<\/p>\n Are you accepting recurring payment as well? Then look for a provider that supports both one-off and recurring billing.<\/p>\n Make sure to understand which payment methods or card types people in your target market like to use, and then choose a payment gateway with support for those methods.<\/p>\n Ideally, the payment gateway should accept all major credit cards so you won’t lose customers or money due to the fact that your service doesn’t process those cards.<\/p>\n Make sure the provider is compliant with the DSS (Data Security Standards) established by the PCI (Payment Card Industry) so that you don’t run into legal problems for not being PCI compliant.<\/p>\n Payment processing is critical to your business, so you\u2019ll want to work with a provider who has a good reputation in the industry.<\/p>\n High-quality customer service support is also vital so that you can get the help you need to keep your business up and running.<\/p>\n Ideally, the payment form and check out step should be a seamless experience for the customers. However, not all providers support on-form one-page check out.<\/p>\n Note: iFrame embedding or redirecting to a secured, hosted payment page is still a widely used method. You get the form code from your payment gateway and embed this code on your site. Or you simply redirect customers to a secured hosted payment page.<\/p>\n The drawback of this method is that the hosted form usually doesn\u2019t match or look uniform with your site design, which can create trust issues and lower conversion rates. Also, forcing the customers to go through too many steps to check often results in them abandoning their shopping cart before the payment is complete.<\/p>\n Payment gateways and merchant accounts charge various fees such as:<\/p>\n And more. You need to be sure you completely understand and accept all fees before you sign up with a service provider. You\u2019ll need to:<\/p>\n In addition, keep these points in mind:<\/p>\n And vice versa: can you import your existing card data to the new provider?<\/p>\n Note: in order to ensure PCI compliance, and the integrity of the data, it’s important that card data pass directly from one PCI-compliant payments provider to another. If you handle the card data, your company could fall into legal problems for not being PCI compliant (and even worse, you put your customers\u2019 data at risk).<\/p>\n Mobile payment (m-payment) is a point-of-sale (PoS) transaction made or received with a mobile device. This allows you to take your business with you wherever you go, such as to trade shows or other events.<\/p>\n So now that you know what to look for when you\u2019re comparing service providers, it\u2019s time to take a closer look at your options.\u00a0 Inside this review we\u2019re going to share our experiences and thoughts about five popular payment gateway options, including:<\/p>\n Which one is right for you? Let\u2019s find out\u2026<\/strong><\/em><\/p>\n <\/a><\/p>\n 2Checkout<\/a>\u00a0(or often called 2CO) was founded in 1999. Today, it\u2019s a leading global payment platform that supports over 50,000 merchants in 211 markets and 87 currencies. Let\u2019s take a look at 2Checkout\u2019s main features to see if it\u2019s right for you\u2026<\/strong><\/em><\/p>\n Yes.<\/p>\n 2Checkout<\/a> is a service that\u2019s very similar to competitors such as PayPal and Amazon payments, but with one major difference: it does not solicit the merchant\u2019s customer to sign up for a 2Checkout<\/a> account. Instead, it simply lets the customer complete their transaction with their debit or credit card, with no addition steps or solicitations.<\/p>\n 2Checkout<\/a>\u2019s fees are pretty straightforward:<\/p>\n Monthly fee:<\/strong> None. This is a good feature for low-volume merchants, or those who are just getting started.<\/p>\n Debit and credit rate:<\/strong> 2.9% of the transaction price, plus a 30 cent fee on every transaction.<\/p>\n Non-US payment for US sellers:<\/strong> 3.9% plus a 30 cent fee on every transaction.<\/p>\n International sellers:<\/strong> $10.99 set up fee, and 5.5% plus 45 cents per transaction.<\/p>\n Early termination fee:<\/strong> None.<\/p>\n PCI compliance fee:<\/strong> None.<\/p>\n NOTE: PCI refers to the Payment Card Industry Data Security Standard. This is a 12-point compliance system, including building and maintaining a secure network, hosting on PCI compliant servers, protecting cardholder data, transmitting encrypted data, and so on. Some payment gateways pass this compliance fee directly onto their customers.<\/em><\/p>\n Equipment lease term:<\/strong> None.<\/p>\n Chargeback fee:<\/strong> $20.<\/p>\n Other Notes:<\/strong><\/p>\n 2Checkout<\/a> provides volume discounts to merchants who process more than $50,000 per month.<\/p>\n Funds are deposited into your account once per week. You have the option to get paid via wire transfer, bank transfer or Payoneer Master card.<\/p>\n 2Checkout<\/a> is accepted and processed in 211 markets in countries around the world, including: 2Checkout<\/a> supports all major credit cards including Visa\u2122, MasterCard\u2122, Discover\u2122, American Express\u2122, Diner\u2019s Club International\u2122, JDB\u2122, PayPal\u2122 and debit cards. 2Checkout<\/a> accepts 87 currencies, and can make these transactions in 15 languages.<\/p>\n Yes, 2Checkout<\/a> offers recurring billing, and there is no fee for this feature. So whether you have a monthly membership site, or you just need to have customers renew once per year, 2Checkout<\/a> can handle these recurring payments.<\/p>\n Yes, you can elect to install a beautiful on-site checkout form, although some programming knowledge is required. Alternatively, you can choose hosted checkout solution that gives your customers the appearance they are still on your site. Either way, you get a boost to your conversions because customers will see and trust your brand while enjoying a good ordering experience. Yes, 2Checkout<\/a> has Level 1 compliance, which is the highest compliance level for the Payment Card Industry Data Security Standard. And that means that both you and your customers are protected from fraud.<\/p>\n Can you accept phone orders or manually enter your customers\u2019 payment info?\u00a0 No, this feature is not available.<\/p>\n 2Checkout<\/a> is a widely supported platform, with over 100 other platforms integrating with it. This includes the industry\u2019s top shopping carts, such as Magento, Open Cart, Instant Store, Woo Commerce, Zen Cart over 95 others.<\/p>\n Chances are your favorite shopping cart is supported, too.<\/p>\n Can you accept 2Checkout<\/a> payments from your customers in person using your mobile phone?<\/p>\n This is possible, depending on your history and on final approval from 2Checkout<\/a>. Generally, you\u2019ll need at least three months\u2019 of sales history with 2Checkout<\/a> before you can be approved for a Virtual Terminal. You\u2019ll need to contact 2Checkout<\/a>\u2019s customer service to acquire this approval.<\/p>\n Can you export data if you decide to leave the platform?<\/strong> No.<\/p>\n Can you import card numbers from your existing provider to this provider? We were unable to confirm this. Please check with 2Checkout<\/a>\u00a0customer service with the details of your needs.<\/p>\n Who Can Use 2Checkout<\/a> as a Payment Gateway?<\/strong><\/p>\n 2Checkout<\/a> is a great option for small to mid-size businesses, as you can get started with a nice set of features for no additional charge and no monthly maintenance fees.<\/p>\n What Type Of Support Is Offered?<\/strong><\/p>\n If you ever have a problem, you can reach 2Checkout<\/a>\u2019s support team via both a help desk and the telephone.<\/p>\n What Type of Reputation Does The Provider Have In The Market?<\/strong><\/p>\n 2Checkout<\/a> has a rock solid reputation in the field, as they\u2019ve been providing payment processing services since 1999. Today they provide services for over 50,000 merchants.<\/p>\n They have a Better Business Bureau rating of A+. At the time of this writing, there are 48 complaints closed with the BBB in the last three years, and 15 of those were closed in the last 12 months. When you consider that they have 50,000 customers, these complaint numbers are VERY low \u2013 and that\u2019s a good sign.<\/p>\n 2Checkout is a leading global payment platform and if you\u2019d like to learn more about this service, check out their website by clicking the button below.<\/p>\n Now let\u2019s take a look at another popular payment gateway\u2026<\/p>\n <\/a><\/p>\n Amazon Payments<\/a>, which officially launched in 2007, is a wholly owned subsidiary of Amazon.com. Their focus is on giving merchants\u2019 customers the same payment experience enjoyed by Amazon customers.<\/p>\n Let\u2019s take a look at their features to see if it\u2019s a good fit for your business\u2026 Yes<\/p>\n Amazon Payments<\/a> is a payment service that allows Amazon.com customers to pay for purchases on other websites using their Amazon.com account. That means all your customers have to do is log into their Amazon accounts to pay you \u2013 they don\u2019t need to enter their payment information or credit card numbers.<\/p>\n The benefit is that you get to use Amazon\u2019s trusted brand to process payments \u2013 and it\u2019s easy for Amazon customers. The downside, of course, is that not everyone has an Amazon account.<\/p>\n Here\u2019s a look at Amazon Payments<\/a>\u2019s fees: Monthly fee:<\/strong> None.<\/p>\n Debit and credit rate:<\/strong> 2.9% plus 30 cents per transaction.<\/p>\n Non-US payment for US sellers:<\/strong> 3.9% plus 30 cents per transaction.<\/p>\n Early termination fee:<\/strong> None.<\/p>\n PCI compliance fee:<\/strong> None.<\/p>\n Equipment lease term:<\/strong> None.<\/p>\n Chargeback fee:<\/strong> $20.<\/p>\n Note: Funds are held until 14 days after the first transaction. After that, it\u2019s released daily to you, but it could take three to five business days to reach your bank account.<\/em><\/p>\n Amazon Payments<\/a> offers services to merchants in four countries, including the United States, the United Kingdom, Germany, and Luxembourg.<\/p>\n NOTE: Sellers in the United States must provide social security information as well as their bank account information during the approval process.<\/em><\/p>\n All major credit cards are accepted, Visa\u2122, MasterCard\u2122, Discover\u2122, American Express\u2122, Diner\u2019s Club International\u2122, JDB\u2122, PayPal\u2122 and the Amazon (Prime) store card.<\/p>\n NOTE: All credit cards used for billing must have a United States billing address.<\/em><\/p>\n Yes, this feature is available, and there is no additional fee.<\/p>\n Yes, it is possible to integrate the Amazon payment form into your site. However, this does require programming knowledge, and you will need an SSL certificate depending on your chosen integration method.<\/p>\n Yes.<\/p>\n If you\u2019re looking for a secure option, Amazon Payments<\/a> is a good choice. That\u2019s because the customer\u2019s sensitive card data is stores on Amazon\u2019s secure server. The security and fraud protection at Amazon is considered more advanced any other provider. This takes a lot of pressure and liability off of you the merchant. That means you can spend more time closing sales and less time worrying about fraud.<\/p>\n Can you accept phone orders or manually enter your customers\u2019 payment info?<\/strong><\/p>\n No, you cannot manually key in your customer\u2019s information.<\/p>\n Amazon is household name that\u2019s trusted around the country. That\u2019s why more and more shopping carts and platforms are integrating with Amazon Payments<\/a>, including:<\/p>\nWhat Are The Different Ways To Process Payments?<\/strong><\/h1>\n
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\nPAYMENT GATEWAYS<\/strong><\/h1>\n![\"MERCHANT](\"https:\/\/promotelabs.com\/blog\/wp-content\/uploads\/2017\/02\/MERCHANT-ACCOUNTS.png\")
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MERCHANT ACCOUNTS<\/strong><\/h1>\n
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Payment Gateway Checklist<\/strong><\/h1>\n
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Reviews of The Top Five Payment Gateways<\/strong><\/h1>\n
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2Checkout Payment Gateway Review<\/strong><\/span><\/h1>\n
![\"2Checkout](\"https:\/\/promotelabs.com\/blog\/wp-content\/uploads\/2017\/02\/2CO-front.jpg\")
<\/a><\/p>\nAll-in-one payment service provider?<\/h5>\n
Fees<\/h5>\n
![\"payment](\"https:\/\/promotelabs.com\/blog\/wp-content\/uploads\/2017\/02\/2CO-fee.jpg\")
<\/a><\/p>\nSupported Countries<\/h5>\n
\n![\"2CO](\"https:\/\/promotelabs.com\/blog\/wp-content\/uploads\/2017\/02\/2CO-countries.jpg\")
<\/a><\/p>\nMajor Credit Cards Supported<\/h5>\n
![\"2checkout](\"https:\/\/promotelabs.com\/blog\/wp-content\/uploads\/2017\/02\/2C0-card-type.jpg\")
<\/a><\/p>\nRecurring Billing<\/h5>\n
\n![\"2Checkout](\"https:\/\/promotelabs.com\/blog\/wp-content\/uploads\/2017\/02\/2C0-recurring.jpg\")
<\/a><\/p>\nOn-Site Payment<\/h5>\n
![\"2Checkout](\"https:\/\/promotelabs.com\/blog\/wp-content\/uploads\/2017\/02\/2CO-form.jpg\")
<\/a><\/p>\nSecurity and PCI Compliance<\/h5>\n
Platform Integrations<\/h5>\n
![\"2Checkout](\"https:\/\/promotelabs.com\/blog\/wp-content\/uploads\/2017\/02\/2C0-integration.jpg\")
<\/a><\/p>\nMobile Payments<\/h5>\n
Credit Card Data Portability<\/h5>\n
Support<\/h5>\n
Amazon\u00a0Payments Gateway Review<\/strong><\/span><\/h1>\n
\n![\"Amazon](\"https:\/\/promotelabs.com\/blog\/wp-content\/uploads\/2017\/02\/amazon-front.jpg\")
<\/a><\/p>\nAll-in-one payment service provider?<\/h5>\n
Fees<\/h5>\n
\n![\"Amazon](\"https:\/\/promotelabs.com\/blog\/wp-content\/uploads\/2017\/02\/Amazon-fee.jpg\")
<\/a><\/p>\nSupported Countries<\/h5>\n
Major Credit Cards Supported<\/h5>\n
Recurring Billing<\/h5>\n
On-Site Checkout Form<\/h5>\n
Security and PCI Compliance<\/h5>\n
Platform Integrations<\/h5>\n