What You Should Know About Internet Payment Gateways

May 05, 2017

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.

 

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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