Topics: payment gateway, online payment, merchant account, accept credit card
If you are thinking of getting online to make some money, or putting website online that will generate income and earn some money for you, then you need to know that unless you already have a merchant account, you cannot receive any payments online. While some clients can easily wire you the money before service delivery, many people are gradually perceiving that the internet seems safer as a result of the security measures put in place by many e-commerce companies than sending their hard earned cash to someone who may not even deliver on his promises.
An important component that helps facilitate online payments is the payment gateway. Payment gateway service providers basically stand as the middle point between all financial transactions online. These do not function as banks or merchant accounts by themselves. Instead, they are more about security and validation. Most payment gateway service providers help ensure that the buyer’s information is safe by encryption, validates the data, decrypts it and sends to the merchant account. Bottom line, it stands as a security guard decrypting and encrypting the responses between websites and buyer’s credit card company or bank.
Payment gateways are important in helping to reduce the rates of fraud online, makes payment online faster. Back in the days when online payment solutions just began, people made payments and had to wait for close to a week before their cards could be verified with the bank - and mind you, one week was fast! Now, you can make an order and have all your identity and data verified within a few seconds. Payments are also smoother and faster as a result of these gateways.
While payment gateways are very important, it is important to know which type suits your needs at a point. This will help you make smart decision and decide on which payment gateway solutions to choose.
Know what shopping carts are compatible with your intended payment gateway. This is very important as you might set up the shopping cart only to find that the payment gateway service you are using isn’t compatible with it. Thus, asking for a compilation of all shopping carts compatible with your intended gateway is a smart idea. Also be sure to make your comparisons of the price differences between each and every package. In cases where you do not understand certain aspects of the package, ask questions. Most sales people expect this and do not be forced or pressured into choosing an obviously incompatible package. If you go ahead, you could be entangles in a whole load of problems trying to figure out why your shopping cart isn’t recording any sales while you are indeed losing sales and profits.
If your website comes with a shopping cart, ensure that the payment gateway is seamlessly integrated. Most shopping cart vendors often have all these figured out already. But check just to be sure of what you are getting. After setting up the shopping cart, the easiest way to see if it’s working is to try buying from yourself. If your transaction goes through smoothly, then you do not have anything to worry about.
A trusted payment gateway can improve security and offer validation for online payment. A well established merchant account service will help your business accept credit card with confidence.
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