Gateway functions as a channel that can transport something from one place to another. If you are doing e-commerce, the gateway plays an important role in checking and enabling credit card transactions. Payment gateways are an essential part of any online business. You can get the best cbd payment gateway via http://axiompayments.net/cbd-payment-gateway.
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In order for a company to accept credit card payments, they must have a merchant account. Entrepreneurs can open a business account at the bank where they do banking transactions. With this account type, receipts from credit card transactions are transferred after verification by the gateway.
A number of online companies offer paid gateway services for businesses that accept credit card payments. Business owners can choose their preferred payment gateway provider. However, there are companies that offer a combination of services, eg. Software package containing merchant account and gateway service options.
Setting up the required accounts: – The first thing you need to do is open a commercial bank account and a paid gateway account. When opening a commercial bank account, make sure you choose a bank that accepts money from your paid gateway account. This type of account allows you to set up payments between your e-commerce website and your merchant bank account.
Online businesses that accept credit card payments must also have an internet merchant account. All amounts received from credit card payments are transferred to this account by the payment gateway. However, the credit remains on this account only temporarily, because it is transferred to another account specified by the merchant. Transfers are carried out regularly and automatically.