A payment processor, or payment gateway, is a company that enables electronic money transactions . We could say it’s a “online bank” since the use and management of the accounts is almost equal to what we do with a normal bank account.
Also called “third-party processor” such as PayPal lets you accept online payments without a merchant account of your own. Instead, they let you use their merchant account under their own terms of service, usually with very little setup required.
There are several processors on the market , and to collect money we earn on Internet, we need to have Internet account with one or more of them (it’s free ) . Since not all are used for the same things, here are the most common:
- Payza PTC / Investments / Other
- Paytoo PTC / Investments / Other
- Payeer HYIP / Other investment / PTC
- Perfect Money HYIP / Other investment / PTC
- OKPAY HYIP / Other investment / PTC
- SolidTrustPay HYIP / Other Investments
- Neteller Gambling / Casinos online / PTC
- Paypal PTC / PTR / Crowdsourcing / Surveys / Forex / Other
Choosing a Payment Gateway: 3 Major Factors
When choosing a payment gateway (payment processor), there are three major factors you need to consider: transaction fees, card types, and recurring billing. These factors will vary by processor, so it’s interesting to have more than one account.
- Transaction Fees
When you process a payment, some gateways will keep a small part of the charge for letting you use their website. You will either pay a percentage from each purchase, a flat fee per each transaction, or a combination of both charges.
- Card Types
You must know what types of debit or credit cards are accepted by payment gateway. In addition, some processors require users to link their bank accounts rather than entering a card (it’s almost always optional).
- Recurring Billing
Recurring billing gives you the ability to set up a payment that reoccurs over a set period of time. If you need to bill your customers on a monthly basis without having to worry about performing this action manually, then you need a payment gateway that supports recurring billing. Examples of companies that might need this feature include subscription-based companies.