In this article, we will cover:
In your Invoice Settings, You will see a section for your Quantum Gateway Settings. If you have already completed your application, you will see a button to access the Quantum Gateway Settings.
Within the Quantum Gateway Settings, you will see a section for Quantum Gateway Portals. So what is the difference between the two?
Merchant Account
A merchant account is a type of account specifically for businesses. It allows them to accept payments from customers using credit and debit cards. Here’s how it works in simple terms:
Purpose: When a customer pays for something using their card, the money doesn't go directly into the business's regular bank account. Instead, it goes into this special merchant account.
Processing Payments: The merchant account holds the money temporarily while the payment is being processed. This usually takes a day or two.
Transfer: Once the payment is processed, the money is transferred from the merchant account to the business’s regular bank account.
In essence, a merchant account acts as a middleman that handles the card payment transactions, ensuring the money gets to the business safely and correctly.
Payment Gateway
A payment gateway is a technology used by merchants to accept debit or credit card purchases from customers. It’s the virtual equivalent of a point-of-sale terminal (like the card reader you see in stores). Here’s how it works:
Security: When a customer enters their card details online, the payment gateway securely encrypts this information. This means it changes the information into a code to protect it from being stolen.
Authorization: The payment gateway sends the encrypted information to the customer’s bank to check if there are enough funds and if the transaction is legitimate.
Processing: Once the bank approves the transaction, the payment gateway sends this approval back to the merchant’s website, confirming the sale.
Settlement: The funds are then moved through the payment processing system to eventually be deposited into the merchant’s account.
Think of the payment gateway as a bridge between the customer’s bank and the merchant’s bank, ensuring that the transaction is secure and successful.
In summary:
Merchant Account: A bank account that temporarily holds money from card transactions before it moves to the business’s regular bank account.
Payment Gateway: A technology that processes and secures online card payments, ensuring funds are transferred from the customer to the merchant.
CDG Merchant Portal
The CDG Merchant Portal (https://secure.cdgcommerce.com/merchant/) is just for account reporting, ACH credit/debit reports, chargeback alerts, and statements. The Merchant Portal is directly linked to your merchant account, so only batched/settled information is reported, as the data comes from the processing banks post-settlement.
So for all reporting, the CDG Commerce Merchant Portal is the place to go.
Quantum Gateway Portal
The Gateway Portal refers to the portal where you can access your transactions to issue a refund, void a sale before it settles, check transaction details to respond to chargebacks, re-submit declined sales, and generally make adjustments to your transaction activity. In your gateway portal, you can also schedule recurring charges.
There is also reporting available from your Gateway Portal including a Quickbooks export. However, it is important to be aware that your Gateway Portal will include transactions that may not have settled yet. This is most relevant for ACH/E-check transactions. If the transaction has not settled, there is still potential for a decline.