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credit card processing Advantages of choosing a payment processing system over a payment gateway To carry out an online transaction using a credit card, the first thing a website requires is a payment gateway, a payment gateway is essentially a replacement for a POS (point of sale) terminal. Instead of physically swiping the card, a customer enters the details into a website, and the details are then passed on to the payment gateway that then returns a code to let the website know if the transaction has been authorized or not. In fact if required even a POS terminal can also be linked up to a payment gateway. Payment System Merchant accounts are one of the first things any online site or any business that accepts credit cards requires, a merchant account is an account where funds from all the financial credit card transactions arrive. So instead of the funds from a credit card transaction going directly to the vendor’s bank account, the vendor is actually offered an intermediate account called a merchant account. The reason why a merchant (the term merchant here applies to any business that accepts credit cards) uses a merchant account is to ensure ease of payment, not all bank accounts allow third party transfer of funds, and also not all merchants want to receive fund directly in their bank accounts, most prefer checks.