June 1, 2011
A Payment Gateway is a third-party software that process the transaction between your customer and your Merchant Account.
Every online store needs a Payment Gateway; and there are plenty to choose from. Payment Gateways make money by charging you a percentage of each transaction, usually somewhere around 3%.
A good way to save money on a Payment Gateway is to talk to your bank where you opened your Merchant Account and ask them if they have any special deals with a specific provider. You can save money by bundling your Merchant Account and Payment Gateway and in most cases pay only 1 transaction fee instead of 2.
Here is a list of Payment Gateways to jump-start your research:
Click the link to learn more about Opening a Merchant Account.