Payment Gateway and Accepting Credit Cards Online - The Best Solution for Your Business [aboutcomputer99.blogspot.com]

Payment Gateway and Accepting Credit Cards Online - The Best Solution for Your Business [aboutcomputer99.blogspot.com]

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An often overlooked and under analyzed segment of building your eCommerce business is the backend processing of your orders. Entrepreneurs invest lots of money and time into making sure their site design is just right, but often gloss right over their order processing systems. Invest a fractional of your time spent in making design tweaks into choosing the right payment gateway, merchant processor, and bank account, and you will save yourself a lot of money!

Payment Gateways

Quite simply, a payment gateway is the system used to transmit your customer's payment information from your secure website to your secure merchant processor. Think of it as the terminal that collects, encrypts, and securely transmits the data to your merchant account. There are many different services to choose from when picking your payment gateway, although, it is important to know that the gateway you choose must be compatible with your eCommerce solution. PLEASE be sure to get a list of the different gateways your eCommerce solution accepts, and contact each one to learn of their rates and service offerings.

According to a 2009 Internet Retailer report, the 3 most commonly used payment gateway providers by the top 500 eCommerce websites are:

Chase Paymentech Solutions LLC. (113 of the Top 500) PayPal Inc. (75 of the Top 500) Cybersource Corp. (45 of the Top 500)

All-In-One (Payment Gateway and Merchant Processor)

PayPal (and other bundled solutions) offer an all-in-one service where you get the payment gateway and the merchant processor together. The advantage here is that you do not have to manage two separate accounts. Rates, however are usually on the higher end of the spectrum.

For example, one of PayPal's services boasts a flat rate (for national sales) based upon your sales volume. The more you sell, the less they charge you to process the transaction. The benefit here is that regardless of which credit card is used (MasterCard, Visa, Discover, or the dreaded American Express), or whether the card is qualified, you get charged the same flat rate. This is unique to PayPal and other all-in-on services.

Merchant Processors

The payment gateway transmits the encrypted billing data to your merchant processor who is then responsible for r outing this data to the credit card network. The credit card network verifies that your customer's credit card is valid/has enough funds to cover the transaction, then notifies the payment gateway, which then communicates with your eCommerce solution. If the transaction is approved, then the merchant processor will transmit your settled orders to your bank account (sometimes this requires a manual process).

The merchant processor is the behind the scenes system that communicates with the payment gateway, your customers credit card network, and your bank account. This is a streamlined way to accept credit cards online. It's important to know whether your payment gateway, merchant processor, bank account, and eCommerce solution all work together. Please make sure your merchant processor interfaces with your payment gateway and your bank account!

What to Know

Payment Gateway's - when choosing a payment gateway verify and review the following:< /p>Gateway Setup Fee - many payment gateways will require an initial payment to configure your gateway. Monthly Gateway Fee - this is an ongoing fee for the privilege of using the payment gateway Per Transaction Fee - every transaction made gets charged a fee. This also includes; refunds, voids, and declines. Batch Fee - if you choose to settle up your transactions each day, then you will be charged this fee on a daily basis. API Integration - make sure your websites shopping cart can integrate with the gateway of choice.

When reviewing this data make sure that you understand all the fee's and requirements. Also remember that you can negotiate pretty much all these items (if you are processing a lot of orders). It's definitely worth a shot to call and try to get the best rate you can! For example, Authorize.net had a package for high volume sites where they charged $ 50 a month, but provided 2,000 free transactions plus.07 per transaction thereafter. Added up over time, you can save thousands of dollars per year!

Merchant Processors - when choosing a merchant processor verify and review the following:

Setup Fee - same as above Monthly Fee - same as above Per Transaction Fee - same as above Contract - same as above Qualified Discount Rate - this is a very tricky fee to track. The Qualified rate is for specific credit cards, and credit card types. Non-Qualified Rate - understand which credit cards do not qualify as the discount rate so you can crunch the numbers. This fee can be as much as double your discount rate. Minimum Processing Fee - some merchant accounts will require a minimum monthly transaction threshold. If you don't meet this threshold, you are charged another fee. Order Refund/Chargeback Fee - when orders need to be refunded, or are charged backed, you are usually going to be charged another fee for this. International Fee- check the rates for customer orders outside of the United States to see if you are charged extra.

Services like PayPal charge a flat percentage of the transaction (usually around 2.9% depending on volume), plus the per transaction fee. Most merchant processors charge in the range of 2.2% - 2.65%.

There is often a debate which is the best solution for eCommerce credit card processing.

What do you recommend when it comes to payment gateways and merchant accounts?

Related Payment Gateway and Accepting Credit Cards Online - The Best Solution for Your Business Articles

Question by kittykat: What is the difference between drugs and gateway drugs? It there a difference? What are drugs and what are gateway drugs? I need this for school so please help me. Also I need some examples of drugs and gateway drugs! Best answer for What is the difference between drugs and gateway drugs?:

Answer by death-ax no jutsu
gatway drugs lead to more powerfull drugs and r more dangurus and drugs r ones that u use all the time

Answer by Anthony Spears
Marijuana is considered a gateway drug because people who use marijuana will tend to become curious about other drugs, try them, and become addicted to them. It is a gateway to using other drugs.

Answer by Joker510
gateway drugs can easily be gotten without perscriptions...

Answer by Link_S
Gateway drugs ease you into the drugs scene (as in weed) Hard drugs (e.g ecstasy) are drugs that you take for recreation, most peopel smoke weed before they pop e's (At least thats what i think) Dictionary definitions : a habit-forming drug that is not addictive but its use may lead to the use of other addictive drugs; "one college athlete recently called beer a gateway drug for young people" wordnet.princeton.edu/perl/webwn A drug is any biological substance, synthetic or non-synthetic, that is taken primarily for non-dietary needs. It is usually synthesized outside of an organism, but introduced into an organism to produce its action. ...

Answer by Bill
A gateway drug is STILL a drug, but it's one that has gained such acceptance that people don't have a cow about its use. The theory is that marijuana use will inevitably lead to cocaine use, etc.

Answer by alison0997
Pot is considered a gateway drug. It is drug that is more mild and people tend to get bored with it and go onto worse drugs to get them more high.

Answer by Davey M
Gateway drugs = A term used by ppl that believe use of drugs like cannabis, etc, that are considered soft drugs (drugs that are in lower classes legally) lead to usage to harder drugs (usually class A drugs like heroin/cocaine/etc). So basically, there is no difference between drugs and gateway drugs, it's just terminology.

Answer by stephers
Gateway drugs are drugs that are termed as "soft" because they're neither very potent or addictive. They're called gateway drugs because people who take soft drugs tend to look for a "harder hit" and move onto harder, more potent and addictive drugs.

Answer by Shana B
All drugs (including gateway drugs) are drugs, but some, like marijuana, are called "gateway drugs" b/c if you start using them you feel comfortable experimenting with other "hard" drugs like cocaine and heroin.

Answer by Missy2-4
weed (marijuana is the simplest basic drug) that is a starter drug for everyone. Then a lot of ppl go on to the harder stuff. cocaine would be second. The most worst drug would crystal meth. a gateway drug is a small harmless drug, like only trying it once. weed is the same as smoking so it should be legal.

Answer by chriswilliamg
A gateway drug is a drug that is not considered as heavy of a drug, but its use could lead to use of heavier drugs.

Answer by starryeyedhaze
The definition of a gateway drug is a lower class drug that leads people to try more "hard drugs". The most common example is marijuana/cannabis. The current propaganda that's going around states that if you do marijuana you're more likely to do something like coke or heroin or another of the "hard drugs". What they don't tell you is how many people smoke marijuana who NEVER do any harder drugs. Of course people who use drugs are going to start small and work their way up. It doesn't mean that people can't use the less harmful, non-addictive drugs responsibly. Off my soap-box now. I hope the link below helps you with your research.

[gateway]