| Have you noticed it yet? You keep hearing about | | | | For example, fifteen customers browsed your |
| payment gateways from other online merchants. | | | | online shop and bought one item each. At the end |
| The term seems to be a hush-hush, and sounds | | | | of the day, payment gateway gathers all these |
| like an exotic mumbo-jumboo jargon from some | | | | transactions that occurred in your site and then |
| glib-talking finance guru you know practically | | | | sends them all in one batch to your bank. In this |
| nothing about . As far as the term is concerned, | | | | way, your bank then collects payments from |
| you are in the dark. But your friends chatter | | | | your customers and deposits them all in your |
| about it. And online businessmen speak praises for | | | | account. |
| it. | | | | 5. A PAYMENT GATEWAY INCLUDES AN |
| To ease up your confusion, here are some | | | | EXCELLENT REPORTING TOOL |
| important things about payment gateway. | | | | The payment gateway software includes a |
| 1. A PAYMENT GATEWAY IS A SOFTWARE | | | | reporting tool where you can view all your online |
| It is a computer program built particularly for | | | | shop's transactions. You can then review these |
| online shop owners. If you plan to put up an | | | | transactions, correct them, or store them in your |
| Internet based store, and you want browsing | | | | PC. So you stay up-to-date with your online site. |
| customers to purchase items from your site and | | | | 6. A PAYMENT GATEWAY SCREENS |
| then pay online using their credit cards, then you | | | | FRAUDULENT CREDIT CARD TRANSACTIONS |
| direly need this software. With it, your customers | | | | With payment gateway, you need not worry |
| can pay for their purchases and will know | | | | about dishonest customers using fake, cloned, or |
| whether their credit card payments are accepted | | | | stolen credit cards. It contains highly-effective |
| or not. | | | | screening tools that screens out these fraudulent |
| 2. A PAYMENT GATEWAY PROGRAM COMES | | | | 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 |
| cart, customers can browse the many products | | | | you up and orders some items from you. He has |
| displayed on your site, make the preferred | | | | no computer to key in his credit cards. With |
| selection-- color of the item, size, quantity, etc-- | | | | payment gateway virtual terminal, this problem is |
| and then proceed to the virtual checkout counter | | | | solved. All Sam need to do is provide you with his |
| where the shopping cart software adds up all the | | | | credit card information over the phone. Then you |
| cost of the items chosen. It then adds the | | | | can manually enter this information into the |
| necessary shipping tax and other charges and | | | | payment gateway software. Sam gets the items |
| then computes the total payment due. The | | | | he orders. You get the payments from his credit |
| shopping cart contains an online form where | | | | 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 |
| 3. A PAYMENT GATEWAY ENCRYPTS THE | | | | payment gateway program. The good news is, |
| CARD INFORMATION SUBMITTED ONLINE | | | | there are many firms that offers this service. |
| After the customer fills up the online form and | | | | Take time to scrutinize each of them. Then pick |
| clicks " SEND", payment gateway software | | | | one that meets your business style and your |
| encrypts the information and submits the data to | | | | budget. Ciao! |
| the credit card processing company. The gateway | | | | ( Kay Fione is an electronic banking authority with |
| then informs the customer whether his/her credit | | | | years of solid experience. She finished her Banking |
| card transaction is accepted or denied with the | | | | and Finance course as an honor student at the |
| appropriate return message. This whole process | | | | University of Minnesota. She currently works as |
| passes through a very secure connection. | | | | an executive in an Australian bank. She loves |
| 4. A PAYMENT GATEWAY OFFERS MERCHANT | | | | snorkeling and writes business articles on her free |
| BATCH PROCESSING | | | | time. Amber lives with her husband and four kids. |