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