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To accept online payments, you need a payment processor and paymentgateway. The payment processor is a financial institution that handles transactions between the two banks. Think of the gateway as the online equivalent of a card reader or point of sale (POS) system in a brick-and-mortar store.
This enables business owners to accept payments directly through their SaaS platform without needing a Merchant ID (MID)—as is the case with traditional merchant account providers. Instead, the PayFac uses its master merchant account to facilitate payments for its sub-merchant accounts. This provides an additional layer of security.
This is because a customer’s payment information isn’t passed along in plain numbers. This token is transmitted via NFC to your paymentgateway attached to your POS system. The business’ paymentgateway then passes that token off to the payment processor in real time—never handling the customer’s card information at all.
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