To process payments online you must have a credit card payment gateway. Most people prefer convenient and easy shopping that an online purchasing can offer.
To stay ahead in the competition, businesses are offering convenient and easy methods of shopping to the customers. Merchants feel the strong need to maintain an online presence and provide online purchasing options for their customers. Having a website of your own business can increase your sale volume significantly and you reach out to masses at the same time easily.
Credit card payment gateways are online service providers that authorize payments for e-businesses, online retailers, and others who receive payments via the internet.
These service providers specialize in encrypting sensitive information, i.e. credit card numbers, and maintaining a safe transaction environment for online merchants and their customers.
If online sales seem like an attractive next step for your small business, here are a few things you should know about payment gateways. best payment gateway for high risk business
When a customer places a credit card order through a website, the payment detail is encrypted by the customer’s web browser via SSL (Secure Socket Layer) encryption and forwarded to the merchant’s web server.
The merchant then forwards the details to their credit card payment gateway through another SSL encrypted connection, where it is in turn sent to the merchant’s bank. The merchant’s bank then requests authorization for the transaction from the customer’s bank, receives a response, and transmits that information back through the chain of communication to the customer.
At the end of the business day, proceeds from the approved transactions are deposited into the merchant’s credit card payment gateway account.