Alternative Online Payment Options-Merchant accounts

Credit card payments

An internet merchant account allows a merchant to accept payment for their services or product sold over the internet. Once you have decided to accept credit cards over the internet, you must obtain a payment gateway /virtual terminal and a processor or bank to process your credit card transactions. We need to know what a payment gateway, virtual terminal and a processor means.

A payment gateway is a secure internet bridge between the merchant’s website and the credit card processing network. A merchant can perform online credit card processing or other alternative payment processing methods. A website owner can perform online credit card and other payment processing using two methods. One method is the Virtual Terminal and the other is Weblink. Without knowing these terms there is no use preceding further, so let us identify what these terms mean?

Virtual Terminal
This allows a merchant to manually authorize and process credit cards and check transactions form any computer with and internet connection. We can say that a Virtual terminal is a replacement of an authorization terminal. Business owner only need the necessary information from the credit card/check and consumer to input to a computer connected to internet.

WebLink allows Internet-based businesses to authorize and process credit card transactions without the business owner entering customer and credit card information. When customers are online and are ready to purchase products or services from the web site, the customer inputs the credit card information and WebLink captures the necessary information from the site’s own secure transaction page or displays a standard WebLink transaction page. When the authorization process is complete, the customer and the business owner receive the notice of approval or decline of transaction. Transactions are automatically settled each day and funded within 2-3 days to the business owner’s bank account.

Also check the related articles with this post
About Merchant Accounts

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