This product is essentially a gateway. The same that Stripe or Braintree are gateways. They just do a much better job of abstracting the confusion that is payments.
You will still need a merchant account and a processor. A processor is the party that actually handles authorization/settlements between the issuing bank and acquiring banks.
You will still need a merchant account and a processor. A processor is the party that actually handles authorization/settlements between the issuing bank and acquiring banks.