In the home, last we discussed the credit card process that allows your brick and mortar business. I pointed out that research has shown that accepting credit cards can help increase revenue and speed up cash flow. This week, we will be looking at setting up an online payment system for your business website. If you are thinking of connecting a brick and mortar site with a credit card, disrupts most banks, try asking them how they do it on your website
The fact is that most banks will offer you a merchant account that is required to accept credit card payments online, but in addition, they have nothing to do with the process. Even the big banks may have only one person in the staff assigned to work as a “credit card specialist” and if that person has ever gone on vacation, he or she has lost a lot (voice of experience speaks here, folks).
I have helped many clients set up online credit card processing, and more than once I have had to sit down with a bank account issuer and teach them how online payment systems work. Can you believe me? Here is a direct quote (here is the Bible, here is my hand) from the manager in charge of processing local bank account online applications, "How does a person swipe online to swipe a credit card on his or her computer…"
You will need the following to accept credit cards on your website: (1) electronic shopping cart system; (2) payment gate service; (3) credit card processor; and (4) an online merchant account issued by a bank or other financial institution or service office.
Here's how online credit card processing works. (1) Your customer sends details of their credit card when you pay on your website. (2) The shopping cart software sends transactions to the gate. (3) The gateway transmits information to the processor. (4) The processor communicates with the bank that issued the customer's credit card. (5) The issuing bank authorizes or refuses work. (6) The processor delivers the result back to the gateway and then transmits the result back to the website shopping cart system. The whole process is done electronically and takes seconds to complete.
We put together a lot of these elements last week. Here is a quick update for those who missed the basics, then we will talk about the shopping cart system you will need to use on your website.
Payment Gateway Service: Payment gateway service begins when a customer submits his or her credit card details into a webpage form. Think of the gate service as someone in the middle of the process. The shopping cart payment system sends the credit card electronically to the gateway service that sends the information to the reviewer for approval.
Credit Card Processor:a Credit Card Processor is an electronic data center that processes transactions from a gateway company, verifies that billing is valid, and pays payments to your merchant account.
Online Merchant Account: An online merchant account is a bank or account where the proceeds from an online sale are deposited by the processor. Merchant accounts are usually issued by banks associated with major credit card services such as Visa and MasterCard. Note that most banks will not offer merchant accounts to online retailers, as they are often classified as “high-risk businesses.” This policy is very flexible and in the end, the issuance of a merchant account will be economically reduced from a bank perspective. If the bank sees even a small amount of risk, you will not be given an account.
Fortunately, the growth of online sales has provided the entire merchant service center industry with the provision of a merchant account and everything else you need to receive online payments. The cost is usually high, but it is better than not having an online payment system at all.
Shopping cart. To receive online payments, you must have a so-called “shopping cart system” that allows the customer to select and purchase products on your website. The shopping cart system usually consists of three parts: the product catalog, the shopping cart, and the exit / payment system. A product catalog is a component that shows what you have for sale on a website. The shopping cart system is a component that allows your customers to select products by clicking to "add items to the cart," and the exit / payment system is the component that allows the customer to complete the exit process and pay for their purchase with credit. Card, (or in some cases an electronic check). The payment / payment component that connects to the gate system to complete transactions.
Adding a shopping cart system to your website can be a simple or very complex task, depending on the system you choose. Shopping cart costs from free (to simplified form-based systems) have become more expensive. Which shopping cart plan is best for your business depends on a number of factors, including the product you are selling, the depth of your product line, the purchase options you wish to offer customers, the inventory control functionality, and the level of automation. He wishes.
There are many companies that can help set up your shopping cart and credit card payment system online. These companies usually charge a few hundred to a few thousand dollars for their services, but like whatever you get paid for, so always use a company that has good indications in this area. If you are dealing with something as important as credit card processing and cash flow, stop and do it for the first time. The money you spend now will be refunded many times for additional sales volume from credit card customers.
The most important thing to remember when planning an online payment system is this: online is about security and privacy. Although working with an online credit card
You must be logged in to post a comment.