Merchant Account - Credit Card Processing - Merchant Processing - Payment Processing

Archive for April, 2010

Types of Payment Methods

When purchasing any item or service, payment will need to be made. Sometimes the location of the transaction will dictate the type of payment. At a garage sale, you will probably only have one options for payment and that will be cash. For an online purchase, cash will not be an option to make a payment.

Common Payment Types

CASH-this type of payment type is less popular because there isn’t a record of it at the end of the month. Some people still prefer using cash because it is easier to stay within a budget, unlike when using a credit card.

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Payment Gateway

With the e-commerce industry growing rapidly, so is the need for payment gateways. A payment gateway makes the transfer of information from cardholder making the purchase on a website to the acquiring bank, which is also known as the front-end processor. There are several duties to processing a card payment. The information is then prepared and sent to the payment gateway where it is processed, the card company then receives the information, and when approved the transaction is completed. This happens within seconds and the customer receives authorization that the transaction is completed or is informed the transaction is declined. There are several steps to the payment process.

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Alternative Methods of Payment

Most purchases are paid for by traditional forms of payment like cash, credit card, check, or debit card. Each has advantages and disadvantages. Some forms of payment are more secure than others. There are other methods of payment that are less common.

PAYPAL FOR PAYMENT

With security concerns, many people are willing to pay a small fee per transaction to use Paypal to pay for services and merchandise that is purchased. Paypal monitors the businesses that it does business with. A business with too many complaints will not be able to receive payments via Paypal. A Paypal account can be linked to a regular bank account.

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Agent Banks and Payment Processing

An agent bank is a bank that has the authorization by an individual to act on their behalf. A bank will have permission to conduct specific services and duties for the individual or businesses. Businesses use agent bank to provide services related to payment processing. An agent bank will not finance receivables for a card, but it will act as the merchant depository and will issue the cards. Few banks are actually principle issuers they are usually agents.

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More Things to Know About Payment Processing Companies

Payment processing companies have a lot of things in common. They will all have similar applications and fees for similar services. There are differences in features that payment processing companies will offer. Customer service will also differ between companies. Once you compare the similarities, you will need to compare the different features and their customer service departments.

These are some of the features that different payment processing companies will offer:

Virtual terminal-this is the screen where customers put in their private (protected) information and payment information. This must be a secure website page

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Merchant Account - Credit Card Processing - Merchant Processing - Payment Processing

Archive for April, 2010

Types of Payment Methods

Payment Gateway

Alternative Methods of Payment

Agent Banks and Payment Processing

More Things to Know About Payment Processing Companies

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