Merchant accounts and payment gateways work together because without them a merchant cannot complete his payment process with customers. Estonia, a country in Northern Europe is a flourishing spot for high-risk businesses. The merchants here desperately look for the best service providers in merchant account solutions and payment gateway solutions.
The best is to get a deal where both services amalgamate. It happens in reality as well. Some payment gateways also connect the merchants with the acquiring banks that provide the business accounts to receive payment money. For example – Eskaypay connects businesses with an international merchant account for Estonia and payment gateway services are also there.
Merchant Accounts and Payment Gateways are Interdepended for Payment Processing
Every high-risk merchant knows this fact. The payment that a merchant account for a business receives from the customers can be processed through a payment gateway. A payment gateway in the first stage where the money comes. To forward it to the merchant account, it needs to go through the gateway.
The gateway company provides a safer platform for the smooth travel of the money to the acquirer bank that has the merchant account of a business. At the same time, processing of money by the payment gateway is useless if it does not have any destination to reach.
Security Concerns of an International Merchant Account for Estonia and Payment Gateway Connect Each Other
Both the merchant account providing acquiring banks and payment gateways are concerned about the security of their merchant clients. For this purpose, both the acquirer and payment gateway need work together on payment security technologies.
Tokenization, chip and encryption are the most popular ones on which both the ends that is gateway and account providers work. They implement these technologies to work smarter and offer secured transaction experience to the business owners. Also, the payment gateways follow the PCI-DSS that is payment card industry data security standards for the security purpose.
Both Merchant Account Providers and Payment Gateways Work Based on the Market Goodwill Status
That is absolutely true. A merchant account provider may reject the application of a merchant if it has a payment gateway notorious for inefficiency. There are two reasons for that first is a weaker gateway company cannot control and financial fraud. Any loop in the security system can also harm the customer data of merchant account provider. Similarly, the payment gateways work only with a renowned acquiring bank.
A payment gateway company will never connect its merchant clients to a merchant account provider notorious for any reason. The acquirer with higher rate of per transaction rate or with tricky hidden policies etc. will only worsen the merchant’s experience. In that case, the merchant customer will also complaint to the payment gateway company for connecting him to a bad merchant account provider.
Integration of Multiple Currency and Payment Methods is Incomplete Without Any of The Two
Yes, again it is a clear thing. A high-risk merchant needs to have multiple payment methods and multiple currency payment option as payment facility to the customers. But for that he also needs a merchant account and also needs a payment gateway. Both the ends work on their responsibilities to provide best services to a high-risk company and to its customers.
A merchant that enables credit card payments, need to connect to a payment processor but a payment gateway connects the merchant from that processor. Similarly, when the payment completes, the money needs to go to a particular account and that can be a merchant account only. Now, if you talk about the multiple currency payment options, it can happen only when the acquirer bank gives permission and facility. Some areas are notorious for financial fraud, in that case, the merchant account bank may not allow a merchant to make and accept payments from that particular country or region. The point is risky businesses cannot operate without the mutual presence of a merchant account provider and also a payment gateway service provider. Eskaypay, the payment gateway solution provider offers high-risk payment solutions. Also, it has a global and vast network on acquirers.
Conclusion
The interdependence of merchant account providers and payment gateways is known. The good thing is that both the ends are flourishing fast to contribute for best payment solutions. It is the result of the advancement that today we are even able to process cryptocurrency payments in high-risk businesses. For business owners, the opportunities are more and threats are less an even none in properly managed payment processing. If you are a high-risk merchant, you should employ a perfect amalgamation of merchant account solutions and payment solutions. Eskaypay payment gateway in Estonia for high-risk merchants connect businesses with the best merchant account providers. Visit us today and have a conversation with us to get a suitable payment solution ready for you.
Tags : Payment Gateway Georgia, Payment Gateway Estonia, International Payment Gateway
