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. Payment gateways are very important here.

A gateway represents a conduit to get from one place to another. In terms of eCommerce, the gateway enables the verification and handling of credit card related business. 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. Whenever a credit is transacted, the money will be verified through your gateway and transferred to this bank.

You will find an amazing number of online companies willing and able to act as a payment gateway for merchants who want to accept credit cards. 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.

Business owners selling online and accepting credit cards also have an Internet merchant account. The funds are transferred here from the payment gateway, but they don’t stay here. Every day these funds are sent to a separate account that you have established for this business purpose, as a merchant.

This is how it all comes together.

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. Moving to purchase, the client goes to the checkout page, verifies the order and selects a form of payment.

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. The network serves as a forwarder and the transaction now goes to the bank that gave the credit card to the customer in the first place.

4. If there is a sufficient amount of credit to make the purchase, the transaction is approved. From there, the transaction reverses its way through the system to the beginning.

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. In short, you are free to focus on other pressing areas associated with your eCommerce organisation. As you can see, it’s very important to select the best payment gateway for your needs, so that you can go as far as you can with your business aspirations and not be held back.

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