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Internet shoppers naturally favor business websites that
accept all Take Credit Cards payments, hence the increasing need for easy to operate, low-cost merchant
accounts. On their part, merchant account providers are constantly re-inventing
themselves to provide complete security for credit card processing.
A merchant account is essentially a contract or an
arrangement between a bank and a merchant, or a merchant account provider and a
merchant. We are the well know merchant account provider and we help in Merchant Processing. The merchant
wishes to accept payments or Take Credit
cards for his services/merchandise through card transactions of a
particular credit card brand. The acquiring bank extends credit to the
merchant, processes the customer's credit card information and approves the
transaction. In addition to such direct dealing, merchant accounts may also
operate through intermediaries, called service providers. In this instance, the
intermediary, for example Paypal, provides payment services to its clients, who
have merchant accounts with them. Paypal, in turn, has a merchant account with
a bank.
The payment takes place through a payment gateway. A
payment gateway is simply a place where you pay, like the cash counter in a retail
unit. Only here it is virtual. The difference, though, is that each shop might
have its own cash counter, but in this system, several virtual shops
(e-commerce sites) use the same payment gateway whose sole purpose is to
channel the details of the customer's credit card. Merchant account providers
log in and key in credit card numbers (which are encrypted). Alternatively, the
payment gateway, may be linked to the shopping cart on the merchant account
provider's site. Either way, this part of the online payment processing hardly
takes a minute.
The customer places an order along with credit card
information, the information is forwarded to the payment gateway, which further
sends it to the merchant's acquiring bank. The bank sends the information to the
card association, which in turn sends it to the issuing bank of the card, which
checks that balance available with the customer. The issuing bank then approves
or rejects the transaction, providing a reason for rejection.
