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Payment Processing Discuss payment processing with PayPal, Stripe, Authorize.Net, Bitcoin and other processors for your products and services.

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Old 08-04-2010
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Default Difference between merchant account and...

Can someone please explain to me the difference between a merchant accont, and a payment processor?

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Can someone please explain to me the difference between a merchant accont, and a payment processor?

Thanks
A merchant account is provided by a bank that contains the proceeds from credit card transactions.

The actual transaction is processed by a payment processor (commonly called a gateway) through the electronic payment network.

There are also third party processors (PayPal, CCNow, etc.). PayPal does not require you to have a merchant account. Essentially, you are using THEIR merchant account and gateway. So PayPal remains liable to the bank providing their merchant account for any losses, and you remain liable to PayPal.

Last edited by jeffweico; 08-04-2010 at 04:05 AM.
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Ok so when signing up for a merchant account, I will also need a payment processor? Or does this come included?
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Quote:
Originally Posted by turbo View Post
Ok so when signing up for a merchant account, I will also need a payment processor? Or does this come included?
In practice, at least here in the US, they are set up at the same time, usually by the company providing the processing.
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