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Merchant
Services - A merchant service is a "broker"
of sorts that will help you establish a merchant
account, set-up your processing, provide you with a
processing mechanism and link the whole process
together. You don't need a merchant service but
they are highly recommended. Merchant services
are like Internet Service Providers (ISP's) for credit
cards.
Merchant
Banks - A merchant bank is where your money from
credit card purchases will end up. Sometimes
your merchant bank may be a different banking
institution than your current bank. Banks
specialize in moving money and not technology so they
will have you use a third-party processor to get the
money to you.
Merchant Processors - A merchant processor, also known
as a third-party processor, provide the actual
technology to do the transaction electronically and
securely. Cybercash and AuthorizeNet are both
examples of Merchant processors. Merchant
processors are involved in technology and often look
to the merchant service to provide sales and even
sometimes customer support services for you.
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