Why do I need a Payment Gateway?
A Payment Gateway is the software infrastructure that runs online transactions between financial institutions. Think of it as the “person” that requests the money from your customer’s bank account and collects it for you. Your Payment Gateway then needs to transfer the funds into your Merchant Account to secure the transaction.
Payment Gateways generally carry a transaction fee which can be around 3% per transaction.
MONEY SAVING TIP: Talk to your bank about preferred Payment Gateways as they may have a partnership with specific Payment Gateways and may save you money by bundling your Payment Gateway and your Merchant Account for a lower transaction fee.
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