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When customers see your virtual website development storefront, you want them to be truly inspired to buy. When they choose to buy, they need a way to make their payment efficiently. This is where payment gateways come into play.

A gateway represents a conduit to get from one place to another. With eCommerce, a gateway allows for the verification and transaction of business via credit cards. A payment gateway is necessary if your online business plans to accept payments.

Any internet business consulting firm will tell you that a merchant account is necessary whenever you deal with credit cards. Select your bank, prior to opening a merchant account. This is where money will be transferred once a credit transaction has been verified through the gateway.

There are vast arrays of companies online that operate as payment gateways for merchants to accept credit card payments. Choose your payment gateway separately. Another option is selecting one of the many companies that offer more than just one service. Some shopping cart software packages include merchant account and gateway options as well.

You need a merchant bank account and a payment gateway account to get you started. When choosing a bank for the merchant account, it is crucial to make sure that they accept payments from the gateway account you will be using. The payment gateway account is a service account that allows you to set up these payments between your website and your merchant account. If this seems at all complicated, consider the services of an elite internet business consulting firm, to help you get started.

Any business owner that has a presence online and takes credit cards as a form of payment, must maintain an Internet merchant account. Initially, the funds are sent here from the payment gateway. The funds are transferred, sometimes on a daily basis, to another bank account that you, the merchant, designate for business.

The Basics of How it all Works

Here is a basic representation of how this process works. While the steps may seem lengthy, everything happens in the space of several seconds.

1. The customer will go to your website and choose a product(s) to buy. When they are ready to checkout, they are taken to the payment page to verify their order and the type of payment they’ll be using.

2. When payment is made, the transaction (according to your setup instructions) is sent to the payment gateway of your choice. Through the payment gateway, the transaction is forwarded to your bank’s processor.

3. The transaction then proceeds on to the credit card network. That network forwards the transaction to the bank issuing the customer the credit card being used in the transaction.

4. If there is a sufficient amount of credit to make the purchase, the transaction is approved. Then, it moves back through the system, the same way it came.

5. The payment gateway receives the approval notice and forwards it to you, as the merchant and also to the waiting customer on your website.

Payment gateways take the work out of processing credit card payments. Now, you can focus on other aspects of your eCommerce business. Choosing the right payment gateway can make all the difference between achieving your wildest dreams, and “not quite making it.”

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