Thanks to online Internet payment gateway, payment processing can be completed through any device with Internet connection. It allows merchants to accept credit cards and signature debit cards through any Internet connection, without the need for a terminal. Also, it gives you an opportunity to process credit card orders from your website in real time. As a result, your customers know immediately whether or not their credit card was approved.
Electronic Payment Gateway
An electronic payment gateway can be integrated with most websites and virtual shopping carts to provide streamlined online credit card processing.
The credit card transaction is captured by the payment gateway, then the transaction information is encrypted, and routed to the credit card processor. Finally, the transaction information comes either with an approval or a decline notice.
This process passes seamlessly and customers don’t interact with the payment gateway: your shopping cart and a secure connection forward data to the gateway.
It’s too important for merchants to turn to a reputable payment processor like emerchantbroker.com (EMB) to accept payments without difficulty. EMB’s advanced payment gateway system provides smooth payment acceptance. EMB is voted the #1 high risk processor in the US and has an A+ rating with the BBB.
There are several important things that an online payment gateway implements when a customer tries to purchase something from your website via a credit card or a debit check card. These are authorization, settling, and reporting.
Authorization
The credit card issuer must, first of all, authorize a purchase made with a credit/debit card via a payment gateway. Then, the payment gateway checks the acceptability of the credit card. Thanks to the gateway, a secure link between you, your customer and your credit card processor is established. As a result, transaction is being processed quickly and efficiently with an average response time of 2 seconds.
Settling
At the end of the day, all your transactions are grouped together by the Internet payment gateway and sent to your bank in a single batch. This is the very process of settling, which passes the transaction to your bank so that you receive payment. If no transactions are pending in the batch, it remains open and no batch fee is generated or charged. As soon as the funds settle, after 2 business days, the funds will electronically be deposited into your bank account.
Reporting
This is the process of recording your transactions and enabling you to view the payment gateway report facilities. You can review them, print them or download them to your computer so that they can further be processed.
Important to Know
An Internet payment gateway allows you to have multiple users simultaneously enter transactions from various locations. Besides, an Internet payment gateway offers tools that can provide screening with the aim of reducing fraudulent transactions.
Payment gateways provide you with a virtual terminal, which allows you to manually enter transactions you receive using other methods and not your website.
A payment gateway can be characterized as an e-commerce service that processes credit card payments for online and traditional brick and mortar stores. Thanks to a payment gateway, these transactions get facilitated by transferring key information between payment portals like web-enabled mobile devices/websites and the front-end processor/bank.