Process online payments by credit card

Tommy

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When you sell products or services on the Internet, you need to give buyers an online publication on the accounting side of the other payment options.

The most popular online payment is now using a credit card Credit card firms Visa, MasterCard, American Express, JBC ... be the issuing bank (issuer). First of all, if you are a seller (merchant), you must create an account online sales (Internet merchant account). Sales account you can register with your bank if the bank has this service or services provided software to handle the online payment process as Cybercash, Paymentnet, banks or Merchantwarehouse ... service providers to give you account will be called the Merchant Acquirer, is responsible for processing information in the card payment process.

On site sales, the seller must be equipped with the following features:

- Shopping cart (shopping cart) can be provided by website design services to build or sell the software available online. Buyers are seeing the product on the website can choose to purchase products by clicking the "Buy" items will be saved in your cart, buyers can select multiple items, the purchase decision can be considered Cart to review the items, change quantities, cash. To connect to the online payment service, shopping cart should be designed to achieve a standard integration.

- Payment gateway: is a software used to process your payment, including credit card validation credit card information is true and valid, make payment orders. (Good technology will limit the risks of counterfeit credit cards). Two features on the website must be done on secure server (secure server) to ensure the security of the credit card information you enter on the website and in the transaction process.

The payment process is as follows:

- Buyers have a credit card (Details of the transaction) when making a purchase will enter information about your credit card such as card number, security code, the duration of the card, they and the owners name, address payment on the website, this information will be forwarded to the bank or payment gateway service provider is the Acquirer. Acquirer will send the card information to provide services card and the card-issuing bank to check the validity of the card and check card payment capabilities. If all conditions are suitable, the card-issuing bank will send back information about the Acquirer, the decoded information sent to the seller and the payment is made. Money will be transferred from the buyer's credit card account to the Acquirer sales merchant account, will then be transferred into the bank account of the seller.

Fees for online payment:

- Normally open Internet merchant account no cost

- The use of payment gateway software applications often have the initial installation cost from several tens to several hundred dollars and a monthly maintenance cost tens of dollars

- In each online payment transaction, the acquirer will charge between 1.5% to 4% of transaction value and range from $ 0.3 to $ 0.5 charge card to verify the information / transactions

- Also, if there are errors in the payment process or counterfeit credit card, the seller shall be subject to additional chargeback costs tens of dollars.

The implementation of online payment can proceed more simply by using the services of third parties (Third Party) is responsible for every stage of payments, sellers only need to link the shopping cart on your website providers of services, everything from entering the card number, payment processing are performed at the vendor's website services, the seller does not need to open the merchant account, no need to use paymentgateway, reduce costs but on a per transaction cost will be higher
 

Jaxson

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Aug 19, 2013
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The basic idea on online processing through credit card is appreciable.
 
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