Digital platforms are the go-to spots for e-commerce – and terminals for countless payment transactions.
Whatever platform a customer uses (be it Amazon, Etsy, a niche marketplace for specific goods like Chewy or a “meta-marketplace” like Check24), they will have to pay for their order at some point. That’s when Payment Service Providers and Payment Gateways make their appearance. It’s their job to detect fraud and validate the purchasing agreement. And ultimately, to debit accounts and move money.
But what exactly is a marketplace payment system and what is the difference between a Payment Gateway and a Payment Service Provider? This article will provide:
- A definition of Payment Gateways in contrast to Payment Service Providers
- An overview of the parties involved in online marketplace transactions
- Next steps for building your own Payment Gateway
- Access to a Free White Paper About Payment Gateways
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