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

 A frequently overlooked and unanalyzed aspect of establishing your eCommerce company is the back-end processing of your purchases. Entrepreneurs put a lot of time and money in ensuring that their site's layout is perfect however, they often skip over their processes for processing orders. Spend a small portion of the time and effort on design tweaks picking the right merchant processor, payment gateway, and bank account and you'll save lots of money!

 

Payment Gateways

 

Simply put, a payment gateway is a device used to send the payment details of your customers from the secure site to your merchant processor. Consider it as the system which collects, encrypts and stores, and secures the transfer of data into your account for merchants. There are numerous options to pick from when selecting your payment processor, however, it is essential to ensure that the one you select must work to your eCommerce solution. Be sure to obtain an overview of the various payment gateways that your eCommerce solution supports and get in touch with each to find out their prices and offerings in terms of services.

 

According to a report from 2009 Internet Retailer report, the three most frequently used payment gateways used among the most popular 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)

 

 

Merchant Processors

 

The payment gateway transfers the encrypted data for billing through your processor, who is then in charge of sending this information through the credit card networks. The credit card network confirms that the credit card used by your customer is valid or has sufficient cash to fund the transactions. It then informs the payment gateway, who is then, in turn, communicating with you through your eCommerce solution. When the purchase is accepted then the processor for your merchant will send your paid transactions to the bank you have set up (sometimes this will require a manual process).

 

Merchant processors are the under-the-hood system that is in communication with your payment processor, the customer's credit card provider, as well as your account at the bank. It is a simple way to accept credit cards on the internet. It is important to determine if your payment processor, payment gateway as well as your bank account and eCommerce solution are all working together. Be sure your merchant processor connects to your payment gateway and bank account!

 

What to Know

 

Payment Gateway's - before deciding on the payment gateway, make sure to look over the following:

 

• Gateway Setup Fee - a lot of payment gateways require an initial payment in order to establish your gateway.

 

• Monthly Gateway Fees - this is a per-month fee that grants the benefit of using the payment gateway

 

• Per Transaction Fee - each transaction that is made will be assessed an amount. This includes refunds, voids, as well as declines.

 

• Batch Fee - If you decide to settle your transactions daily and you are assessed this cost on an ongoing basis.

 

• API Integration - ensure that your shopping cart on your site can connect to the gateway of your preference.

 

While reviewing these data, make sure you are aware of the charges and conditions. Keep in mind that you have the ability to negotiate almost everything (if you're handling a large number or orders). It's certainly worth it to contact a company and try to negotiate the most competitive rate you can! For instance, Authorize.net had a package for sites with high volumes where they cost $50 per month but offered 2,000 transactions for free plus.07 for each transaction after. If you accumulate these over time it could save you thousands of dollars a year!

 

Merchant Processors When selecting a merchant processor, make sure to look over the following aspects:

 

• Setup Fees are similar to above

 

• Monthly Fee - the same as the above

 

• Per Transaction Fee is the same as the above

 

• The contract is the same as the above

 

• Qualified Discount Rate: This is a complicated cost to keep track of. The Qualified rate applies to specific credit cards, as well as different types of credit cards.

 

• Non-Qualified Rate: Know which credit cards don't have the ability to qualify as discount rates to calculate the numbers. This can be up to double the discount rate.

 

• Minimum Processing Fee - Some merchant accounts have an annual minimum transaction threshold. If you fail to reach the threshold, you will be assessed at a different cost.

 

• Chargeback/Refund of Order Fee - if orders require a refund or are charged back, you're usually likely to be charged an additional cost for this.

 

• International Cost--check the prices for orders from customers that are outside of the United States to see if there is an extra charge.

 

 

So, are you a business owner and looking for an international payment gateway providers in USA then you must consider Merchant Stronghold they are the best payment gateway providers for website. Visit the site for more details - https://www.merchantstronghold.com/  

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