In order to accept payment processing online there are three basic types of payment processors which are:

• Merchant account and payment gateway

• All-in-one solutions

• Simplified credit card processors

Below are quick overviews of each.

Merchant account and payment gateway

The conventional method of accepting payments online has always been a combination of a Merchant account accomplished with a payment gateway. Payment gateways like SecureNet (United States), Authorize.Net(United States) and also eWay(Australia and united kingdom) fall under this category.

Merchant accounts are a type of corporate bank account which gives you the opportunity to accept credit card payment.

Merchant payment gateways connect your online store and merchant account which will help to facilitate the payment transaction between the two parties that are involved.

Think of it as the digital version of a POS card swipe machine used in brick-and-mortar stores.

There are fees associated with the merchant account and the payment gateway, but there are many options, and some have more competitive transaction fees or do not charge a setup fee.

Most online payment gateways also provide great control over the security rules and customization; they can be suited based on the scale of business, if it needs a more personalized solution.

There is one thing you need to know about using a payment gateway / merchant account -you will have to apply for both, by filling out forms and providing financial information.

Processing your requests may take a few days, so you will not be able to accept payments. Once both are approved, you must connect your account to the gateway and then to your gateway to your store. Usually this involves setting up your store with API keys, shared secrets and tokens.

The benefits of using a payment gateway are that you usually have more communication and personalized customer service along the way.  This is because the providers are larger companies with large support structures within the organization. More often than not, you will be able to get a person on the phone to answer your questions.

Credit card payment processing, simplified

Constant updates in technology have eliminated much of the complexity of online payments.

From a merchant’s point of view, these are very similar to all-in-one solutions, but they usually fit nicely into your store’s cash register, which means the buyer never leaves your site. And they can be much faster to set up – you can start taking different payment methods in minutes.

With these simplified payment processors, you do not need a merchant service account or a payment gateway, which translates into lower fees.

Rates are competitive with all-in-one solutions, and most of these new processors do not charge installation fees or monthly fees. The experience is simple: the customer’s credit card is entered and the payment is processed, as simple as that.

Before you consider using a simplified processor there is one thing you need put in mind and it is that you do not get the same level of support you get from a traditional payment gateway.

They tend to be very easy to use, so you may not need it. But if you are having a problem with your credit card processing company, most of the support is done by self-service via articles or email – many of these providers do not even have a call center. However, be advised that quite often, there are also merchant solutions that combine the benefits of simplified processing with more robust customer service benefits.

For more information on easily accepting credit cards, contact us at Answers@enterprisefundingsolutionstx.com

The post How to Accept credit card payments online appeared first on Enterprise Funding Solutions.

While this evolution in the way we pay for things has reduced transaction processing costs around the world, as well as increased bank profits, unfortunately, e-shopping has also increased our vulnerability to potential fraud.

It is much easier to clone a credit card than to create a paper note. Despite a barrage of information security services and procedures to counter this type of crime, it is estimated that credit card fraud cost the UK about £ 440 million in 2009 (2009). Although this number represents a decrease of 28% compared to the previous year.

EMV, which stands for Europay, Mastercard & Visa, is a joint venture between these three companies to make credit card fraud more difficult to achieve. Although technology has many benefits that go far beyond fraud prevention.

The positive elements of the EMV standard can be categorized into three particular aspects that demonstrate the benefits of system adoption. These are:

• The exchange rate

• Transfer of responsibility to a non-EMV party

• Financial motivations

First, the interchange rates payable by the acquirer to the issuer are reduced by 10 basis points of the value of the transaction when the card is acquired at an EMV terminal. The second aspect of the transfer of liability comes into play in the event of a disputed transaction. In such a case, the cost of the transaction would be payable by the party that did not implement EMV. Finally, each EMV region has a fund that exists to financially assist banks with the costs of migration to EMV.

Additional benefits of EMV technology include the ability to reconfigure cards after they are issued. Previously, to make changes to the customer’s offline limits, a new card had to be issued. Now, however, a script is sent to the terminal that will update the configuration of the card without the need for a new card to be distributed.

Since the introduction of the EMV initiative in the early 21st century, there has been a rapid implementation of ATM software that is compliant with the new EMV technology. These ATM EMV solutions are now the norm in the whole world.

Here are some questions and answers about EMV

Is it true that, as a business owner, if I accept a lost, stolen or fraudulently reproduced credit card for payment, I could be financially responsible for the losses?

Well, in a nutshell, yes, you could be potentially responsible. To limit and possibly eliminate your risks, you must absolutely use a terminal equipped with EMV. Many merchants still use the old credit card terminals, now obsolete, equipped with magnetic card readers, which exposes them to unnecessary risks.

Where and how can I get one of these new terminals?

Your current merchant service provider should be able to upgrade to a new terminal, probably at a cost. More than likely, there were also many types of sales that knocked on your door, scared you of this risk shift and tried to sell you a new terminal, or worse yet, put you in a long-term lease. Unfortunately, there have been many in this industry who have used this massive shift in the payments landscape as an opportunity for personal financial gain. Be informed, free terminals are also available for merchants.

How are these new EMV terminals different from the terminals we have been using for years?

Although at first glance, these new terminals look a lot like your existing terminal because they still have the magnetic card reader (we’ll see why in a future question). The difference is that the new terminals have a location in which a smart integrated credit card is inserted into the machine rather than just being scanned.

For more information about EMV payment processing hardware, contact us at Answers@enterprisefundingsolutionstx.com

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