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