[et_pb_section transparent_background=”off” allow_player_pause=”off” inner_shadow=”off” parallax=”off” parallax_method=”on” padding_mobile=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”off” custom_width_px=”1080px” custom_width_percent=”80%” make_equal=”off” use_custom_gutter=”off” fullwidth=”off” specialty=”off” admin_label=”section” disabled=”off”][et_pb_row make_fullwidth=”off” use_custom_width=”off” width_unit=”off” custom_width_px=”1080px” custom_width_percent=”80%” use_custom_gutter=”off” gutter_width=”3″ padding_mobile=”off” allow_player_pause=”off” parallax=”off” parallax_method=”on” make_equal=”off” column_padding_mobile=”on” parallax_1=”off” parallax_method_1=”on” parallax_2=”off” parallax_method_2=”on” parallax_3=”off” parallax_method_3=”on” parallax_4=”off” parallax_method_4=”on” admin_label=”row” disabled=”off”][et_pb_column type=”4_4″ disabled=”off” parallax=”off” parallax_method=”on” column_padding_mobile=”on”][et_pb_text background_layout=”light” text_orientation=”left” admin_label=”Text” use_border_color=”off” border_style=”solid” disabled=”off”]
Internet processing can be puzzling to any business just beginning to take consumer payments online. A traditional retail setting uses a merchant account and a terminal to complete each transaction. Online transactions require an internet merchant account as well as a payment gateway to be completed. Many business owners get confused, thinking these two items are the same; however, they are individual components you will need to perform this type of processing. The merchant account must be present to transfer the funds from the customer to your bank. Internet gateways move the data across all necessary channels to obtain verification and authorization. They are configured to work with the website shopping cart in order to make transaction handling simple. Processing complications will be present if the gateway and shopping cart are not compatible. Your shopping cart contains configuration settings for multiple types of gateways. A provider can also recommend compatible choices to any business just beginning to handle online transactions.
What Transpires When You Accept Online Payments?
You must have the right type of account and gateway before you can begin to accept online payments. The merchant portion is a separate banking account required to receive funds from credit providers. Funds are not held but instead transferred to your financial institution each day. A payment gateway can be provided by the same company supplying merchant services or by a separate provider. Transactions cannot be verified and transferred without this component. In a typical web setting, the customer goes to your website to create an order. A shopping cart keeps track of the order and then sends the formatted order to the processor via the internet gateway. All entered data is checked before a request is sent to the customer’s credit provider. The provider verifies the authenticity of the card and account. A response is sent back stating whether or not the charge has been cleared. Denials are sent back with an attached code which allows the processor to handle the transaction appropriately. This information is relayed to the shopping cart program so the consumer can receive a confirmation or prompt for another form of payment.
The credit processor sends a settlement request to the merchant account provider who deposits the payment into the created account. Money is then transferred to your bank by the service provider on a set schedule. A large portion of the work required to accept online payments is never actually experienced by the customer or your business. It all occurs in real time as the customer is waiting for their confirmation and shipping information. If a payment is denied, they are prompted to use an alternative reimbursement method which initiates the entire process again. Cleared orders are routed to the appropriate channels for shipping and funds deposit. The customer receives all necessary information and can go on with their day. If you know the difference between the account and gateway, the rest becomes easier to understand. AVPS professionals can answer any questions you may have about internet merchant accounts or e-commerce transaction processing. Call today to see how we can make your transition to website payment acceptance easier.
[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
