Payment Gateway To Your Website

Payment Gateway To Your Website

What is a merchant account? Everybody talks about payment gateways but merchant accounts are really the more complicated of the two. That why it’s very important for merchant to have payment gateway which is offer low transaction fee either for credit card or online banking. To get a dedicated merchant account you and your company will need to go through a fairly in depth credit check and underwriting process. Imagine if you sent the item 2 hours after customer make payment using credit card and through payment gateway, after you provide tracking number to your customer, customer call bank to cancel the transaction. The merchant account is basically an online bank account that will temporarily hold your money (you are the merchant) until it is moved into your actual bank account. Once you request the money to be transferred, it takes about 5 business days to arrive in your bank account. This transaction fee will be deduct from fully amount of the transaction. This takes time and involves faxing over bank records and other information about yourself and your business. You just sign up and go. After a successful sale, money will me transferred into your merchant account and it will sit there for a few days, usually between 2 and 7 days, then, in most cases, it will automatically be transferred into your bank account – the one that you actually think of as your bank account where you deposit checks and so forth. It’s very important to have some knowledge on payment gateway before we can start using it.

Payment Gateway To Your Website

HomeBlog Payment Gateway vs Merchant Account Payment Gateway vs Merchant Account Posted October 19, 2013 by Lee Blue & filed under Blog, Tips. When your customers are buying something from your online store they enter ther credit card numbers during the checkout process. # 24 Hours Waiting Period When you using payment gateway as your payment method, always have this as one of you process flow, credit card only reflect after 24 hours, therefore it’s very important for seller to hold item for 24 hours if the customer already make payment, because before 24 hours, customer have right to cancel the transaction with several reason, misplace card, being stolen and etc. With Stripe there is no monthly fee, a single flat rate of 2.9% + $0.30 per transaction, and you can be up and running ready to accept live credit card payments in less than 10 minutes. Our Recommendation Having worked with a large number of e-commerce stores, it is our opinion that the minor amount of savings you get from having your own dedicated merchant account is not at worth the lengthy amount of time and trouble you have to go through to get one. This is like your very own online bank account set up just for your online business. Stripe and PayPal are examples of services that provide aggregate merchant accounts. With a dedicated merchant account you can often negotiate custom rates for your sales. Our suggestion is to use a payment gateway that offers an aggregate merchant account as part of their service like Stripe. Therefore, have 24 hours “cooling period “is very important to prevent any attempt of fraud from your buyer side. Dedicated vs aggregate merchant accounts There are two different types of merchant accounts. An aggregate merchant account is one where your money gets dropped in a pool with a large number of other companies. Your e-commerce site sends that credit card information to your payment gateway to authorize the transaction and process the payment.

Payment Gateway To Your Website

 

The rate structures are very complicated with qualified and non-qualified rates and other confusing ways you get charged. If the credit card information submitted to the payment gateway matches the information on file with the credit card company and the charge is approved the payment gateway will then transfer the money from your customers credit card into your *merchant account**. The rates are based on the volume of sales you process and the types of products you sell. That means 2 days after the sale on your website, the money will be sitting in your normal, business bank account. No faxing of bank records or anything like that. You will be in total lost, you already sent the item, but the payment will not be transfer to your bank account. With having heavy transaction from your website it’s very important to have payment gateway that able to support your business 24 hours and having low possibility to down on peak hours for business. Customer will feel frustrated once they know that your website not able to received payment through credit card and debit card. But, do you know the difference between a payment gateway and a merchant account? If you don’t, setting up an e-commerce website can get confusing and you could get hit with unexpected fees. If you like the idea of having more control over your money and the ability to negotiate custom rates, you may want a dedicated merchant account. # Stable Choose a good payment gateway is very important, bear in mind, your customer will make payment from different type of bank, please secure payment gateway which able to accept payment from various type of bank through Credit or Debit Card. A dedicated merchant account is an account set up just for you, the merchant. Brand name, Product, Security, Shopping Card and Payment gateway is the fundamental of ecommerce business. What is a payment gateway? A payment gateway is the service that processes credit card transactions for you.

Payment Gateway To Your Website

 

Getting your money With a dedicated merchant account most of the time will get your money in about 2 days. If you want to sell something online you need both a payment gateway and a merchant account. If you set up an account with a payment gateway like Authorize.net or PayLeap you will also get a dedicated merchant account. Using traditional way (Cash Deposit) is good but it can be consider as time consuming activity, why make you customer travel all the way to find cash deposit machine if you can be bring the facilities to them Below is: 3 tips you need to know when you have payment gateway # Low Transaction Fee As merchant it’s very important to bear in mind the transaction fee of payment gateway need to bear by merchant not buyer. If you’ve ever gone through the underwriting process for a dedicated merchant account you won’t believe how easy it is to get a Stripe account!. You still need to provide some information about your company and the types of products you intend to sell, but the process of getting connected with an aggregate merchant account is far less complicated and faster. What is Payment Gateway? A payment gateway is an e-commerce application service provider service that authorizes credit card payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. For example, Stripe holds your money for 7 days before transferring it into your bank account. It is very hard to predict what your actual expenses are going to be and you almost always end up paying more than you think you are paying. PayPal will hold your money in your PayPal account indefinitely until you either spend the money by paying for something with the money in your PayPal account or you request the money to be transferred to your bank account. With an aggregate merchant account it will usually take longer. The downside is you have a little bit less control over how long it takes to get your money and you generally can’t negotiate the rates. You can sort of think of your merchant account as a temporary holding tank for the money that comes in from online sales.

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