| Have you noticed it yet? You keep hearing about | | | | BATCH PROCESSING For example, fifteen customers |
| payment gateways from other online merchants. The | | | | browsed your online shop and bought one item each. |
| term seems to be a hush-hush, and sounds like an | | | | At the end of the day, payment gateway gathers all |
| exotic mumbo-jumboo jargon from some glib-talking | | | | these transactions that occurred in your site and |
| finance guru you know practically nothing about . As | | | | then sends them all in one batch to your bank. In this |
| far as the term is concerned, you are in the dark. But | | | | way, your bank then collects payments from your |
| your friends chatter about it. And online businessmen | | | | customers and deposits them all in your account. |
| speak praises for it. | | | | 5. A PAYMENT GATEWAY INCLUDES AN |
| To ease up your confusion, here are some important | | | | EXCELLENT REPORTING TOOL The payment |
| things about payment gateway. | | | | gateway software includes a reporting tool where |
| 1. A PAYMENT GATEWAY IS A SOFTWARE It is a | | | | you can view all your online shop's transactions. You |
| computer program built particularly for online shop | | | | can then review these transactions, correct them, or |
| owners. If you plan to put up an Internet based | | | | store them in your PC. So you stay up-to-date with |
| store, and you want browsing customers to | | | | your online site. |
| purchase items from your site and then pay online | | | | 6. A PAYMENT GATEWAY SCREENS FRAUDULENT |
| using their credit cards, then you direly need this | | | | CREDIT CARD TRANSACTIONS With payment |
| software. With it, your customers can pay for their | | | | gateway, you need not worry about dishonest |
| purchases and will know whether their credit card | | | | customers using fake, cloned, or stolen credit cards. |
| payments are accepted or not. | | | | It contains highly-effective screening tools that |
| 2. A PAYMENT GATEWAY PROGRAM COMES | | | | screens out these fraudulent transactions. |
| BUNDLED WITH A SHOPPING CART A shopping cart | | | | 7. A PAYMENT GATEWAY OFFERS YOU VIRTUAL |
| is a computer program for the exclusive use of online | | | | TERMINAL Let take an example. Your old friend Sam |
| customers. With a shopping cart, customers can | | | | calls you up and orders some items from you. He has |
| browse the many products displayed on your site, | | | | no computer to key in his credit cards. With payment |
| make the preferred selection-- color of the item, size, | | | | gateway virtual terminal, this problem is solved. All |
| quantity, etc-- and then proceed to the virtual | | | | Sam need to do is provide you with his credit card |
| checkout counter where the shopping cart software | | | | information over the phone. Then you can manually |
| adds up all the cost of the items chosen. It then | | | | enter this information into the payment gateway |
| adds the necessary shipping tax and other charges | | | | software. Sam gets the items he orders. You get the |
| and then computes the total payment due. The | | | | payments from his credit card. It's as simple as that. |
| shopping cart contains an online form where | | | | Lastly, you can't just " buy" this software. You have |
| customers fill in with their credit card numbers and | | | | to subscribe to a company that offers payment |
| other pertinent customers' information. | | | | gateway program. The good news is, there are |
| 3. A PAYMENT GATEWAY ENCRYPTS THE CARD | | | | many firms that offers this service. Take time to |
| INFORMATION SUBMITTED ONLINE After the | | | | scrutinize each of them. Then pick one that meets |
| customer fills up the online form and clicks " SEND", | | | | your business style and your budget. Ciao! |
| payment gateway software encrypts the information | | | | ( Kay Fione is an electronic banking authority with |
| and submits the data to the credit card processing | | | | years of solid experience. She finished her Banking |
| company. The gateway then informs the customer | | | | and Finance course as an honor student at the |
| whether his/her credit card transaction is accepted or | | | | University of Minnesota. She currently works as an |
| denied with the appropriate return message. This | | | | executive in an Australian bank. She loves snorkeling |
| whole process passes through a very secure | | | | and writes business articles on her free time. Amber |
| connection. | | | | lives with her husband and four kids. |
| 4. A PAYMENT GATEWAY OFFERS MERCHANT | | | | |