Merchant services refer to the bunch of services which business requires to receiving payments from the customer. It involves two main parts:
- A Payment Gateway or Terminal
- A banking service provider which receives the payment from the gateway or terminal and stores it in the account
It is critical that both the services work seamlessly since a failure of the payment gateway will leave you unable to receive services while a failure of the banking service provider will render you unable to receive and use the funds that you have received as payments.