Ecommerce Essentials: A Merchant Account and Payment Gateway
If you are just starting an ecommerce business, searching for a merchant account and a payment gateway should be top priority. Together a merchant account and payment gateway will enable you to accept online payments in the form of credit cards directly on your website. There are myriad options for both merchant accounts and payment gateways, though they can vary greatly.
What is a Payment Gateway?
A payment gateway is the online equivalent of a point-of-sale system (like a credit card machine) in a brick-and-mortar store. When an online shopper selects "Pay Now" on a website, their payment information is passed through your secure server to a payment gateway, which serves as a liaison between your bank and the customer's bank.
What is a Merchant Account?
The details of the transaction are then sent from the payment gateway to your merchant account. Your merchant account bank requests authorization from the customer's issuing bank to complete the payment. The issuing bank then will either authorize or reject the payment and send the details of the authorization through the payment gateway to your website and the customer.
Hybrid Solutions
There are a handful of services that offer hybrid solutions that combine a payment gateway and merchant account into an all-in-one service. The advantage of doing so is the entire process to authorize a transaction takes just a few seconds; however, the cost of using such a solution is often slightly higher than if you were to obtain a payment gateway and merchant account separately.
What to Look For
Whether you opt for a hybrid solution or a separate merchant account and payment gateway, you should always research prospective options to find one that fits your needs. No matter what you choose, here are a few key features to look for:
- Account Management
- Compatibility with your site's shopping cart
- Encryption capabilities
- Fraud prevention and security features
- Hidden fees and payments
- Reporting features
- Startup costs
Since every ecommerce business needs to accept online payments but has its own unique needs, it's important you research various options to find one that can best meet your company's payment needs.
Questions and Answers
Accept credit cards online, create merchant account for credit card payment with the help of merchant account company offering merchant account setup, credit card processing online, merchant accounts online - Credit Merchant Account Services LLC, North Branford, Connecticut, USA.
So, you want to accept payments online? When it comes to setting up a merchant account for your online business, the process can be downright confusing. There’s so much more to it than simply identifying a merchant bank that can provide you with decent rates and nominal fees.
Lots of companies today are offering merchant accounts for online business owners. If you want your online business to become successful, you need to look for the best company that will provide you with an adequate and reliable Ecommerce technology you need.
If you decide to open an ecommerce store, you are going to have to become familiar with merchant accounts and payment gateways. In order for you to receive funds from an online transaction, you will need to have some sort of merchant account. Although your bank can probably provide one...
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Merchant account providers that accept payments in dollars and euros. Get the list of multi-currency service providers where you can find them online.
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