Credit Card Processing in E-Commerce: What You Will Need
In the constantly developing industry of e-commerce, the rule remains - selling products online requires the ability to take credit cards online.
Given the wide reach of this new technology, there are now thousands of available options for a merchant account, with varying processing fees, services and customer support offerings.
Once the entire application process is done, however, there is nothing left to do but to return to daily operations, and you quickly see the benefits firsthand.
In just a few months, you will understand why merchant accounts have become so popular, and why it may just be the best thing to happen to your business.
To begin the process, the business owner has to understand the five components necessary in accepting credit cards online.
From this, you will see the main differences versus physically swiping it at a store.
For one, you do not personally know your customer, and because of this, you will need fraud protection.
Some merchant accounts provide their own while others do not.
This is why it is so important to thoroughly understand the workings of your provider.
Once the fraud protection program has been endorsed, you now have to study it to be able to maximize all of its effects and benefits.
Second, a Gateway is also needed.
This is what connects your website to the bank that verifies your account and holds the money.
Merchant providers usually set this up for you to ease out the rest of the process.
To date, the most popular Gateway provider remains Authorize.
net.
The third necessity is shopping carts.
A shopping cart is generally the software that tells the Gateway how much to charge the customer's credit cards.
One issue, however, lies in the fact that not all shopping carts and gateways match.
Because of this, it is essential to obtain a merchant service from a provider with a compatible gateway.
Otherwise, the entire site has to be redone to work with a compatible shopping cart.
The fourth consideration is a bank account.
This account will be the last stop of the process, and is where the amount paid will be deposited.
Finally, a secure website will also be required.
Depending on the setup, this may be where the customers will key in their information, and this is why it is necessary for it to have an SSL Certificate and a dedicated IP address.
SSL, or the Secure Socket Layers, is the protocol in the transmission of private information over the Internet.
On the other hand, a dedicated IP address, commonly known as a Static IP address, is the set of numbers used to find the location of your computer.
Its main purpose lies in its dedication to your website, making sure of your credibility as an online seller.
Before being able to set up an SSL, however, this may be a prerequisite.
The process may be extensive, but once the entire process is setup, there will be a wide range of advantages that accepting credit cards will give to you as a business owner, and in turn, to your business.
Given the wide reach of this new technology, there are now thousands of available options for a merchant account, with varying processing fees, services and customer support offerings.
Once the entire application process is done, however, there is nothing left to do but to return to daily operations, and you quickly see the benefits firsthand.
In just a few months, you will understand why merchant accounts have become so popular, and why it may just be the best thing to happen to your business.
To begin the process, the business owner has to understand the five components necessary in accepting credit cards online.
From this, you will see the main differences versus physically swiping it at a store.
For one, you do not personally know your customer, and because of this, you will need fraud protection.
Some merchant accounts provide their own while others do not.
This is why it is so important to thoroughly understand the workings of your provider.
Once the fraud protection program has been endorsed, you now have to study it to be able to maximize all of its effects and benefits.
Second, a Gateway is also needed.
This is what connects your website to the bank that verifies your account and holds the money.
Merchant providers usually set this up for you to ease out the rest of the process.
To date, the most popular Gateway provider remains Authorize.
net.
The third necessity is shopping carts.
A shopping cart is generally the software that tells the Gateway how much to charge the customer's credit cards.
One issue, however, lies in the fact that not all shopping carts and gateways match.
Because of this, it is essential to obtain a merchant service from a provider with a compatible gateway.
Otherwise, the entire site has to be redone to work with a compatible shopping cart.
The fourth consideration is a bank account.
This account will be the last stop of the process, and is where the amount paid will be deposited.
Finally, a secure website will also be required.
Depending on the setup, this may be where the customers will key in their information, and this is why it is necessary for it to have an SSL Certificate and a dedicated IP address.
SSL, or the Secure Socket Layers, is the protocol in the transmission of private information over the Internet.
On the other hand, a dedicated IP address, commonly known as a Static IP address, is the set of numbers used to find the location of your computer.
Its main purpose lies in its dedication to your website, making sure of your credibility as an online seller.
Before being able to set up an SSL, however, this may be a prerequisite.
The process may be extensive, but once the entire process is setup, there will be a wide range of advantages that accepting credit cards will give to you as a business owner, and in turn, to your business.
Source...