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How Does a Payment Gateway Work?

Whenever any transaction is initiated, it travels first through an entry point that connects the merchant’s systems to the rest of the payments ecosystem. That entry point is known – appropriately – as a payment gateway.

What is an ISO?

Small and micromerchants can be difficult and expensive for traditional merchant acquirers to reach. So, many acquirers have historically focused on marketing to and providing payment services for larger businesses.

What is an Issuing Bank?

When you’re on the acceptance end of payments transactions as a merchant or a payment facilitator, you’re likely most familiar with the role of acquiring banks.
But there’s another banking entity that plays a crucial role in card transactions: the issuing bank.

Breaking Down the Merchant Onboarding Process

In the traditional world of payment processing, a salesperson might go directly to merchant locations, applications in hand, seeking to sign up new customers. If they were successful, the process to onboard that customer could take weeks while the merchant completed and submitted a lengthy application, the payment provider completed underwriting, and payment devices were delivered to the merchant and set up.

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