Feb 28, 2017 Online Payments

Online Payment Gateway Makes Payment Processing Quick And Easy

Buying and selling of product is faster and easier than ever before. Merchant can collect payment through credit card, debit card and bank account with an online payment gateway method. This is secure and automated transaction method which collect the payment from buyer and delivers that payment to the merchant.

online payment gateway

Payment gateway for tech support on rent is a service which receives the online payment request from your website and supplied it to payment processor. Payment processor is service which validates the purchaser’s credit card details like your number, your supporter and also checks they have sufficient fund to make the payment. If customers have sufficient fund then transaction will be authorised and fund will transfer from customers account. Source: Propaysolutions

Pay online (successful transactions)-payment provider (transfer funds)-merchant account (transfer accumulated funds)-regular account

online payment process

A payment provider company can operate the payment gateway and payment Processor. Payment Provider Company offers you different payment gateways with different price and feature for example: PayPal is a service provider company which offer you many payment services like PayPal PayFlow and PayPal Express Checkout.

Merchant account is main term which include in payment gateway. When any online transaction completed successfully then fund transferred from purchaser’s account to merchant account. it may be special account which used exclusively for fund received from credit cards and debits cards transactions. So you need to open merchant account with your payment provider. Fund which accumulating in merchant account transferred to organisation’s account with regular basis.

A merchant have three options for payment gateway like virtual terminal, online shopping cart, Smartphone application which is using to accept the payments.

Virtual terminal:

A web-based application which allows any merchant to accept the credit card payment using their internet connected computer. In most retail stores accept both credit card swiped and keyed transactions. These types of terminal allow call centre agents to enter a customer’s credit cards details to collect payment. This is also called point-of-sale machine (POS) its web version of physical credit card terminal that hosted online on service providers servers and can also be accessed from any internet connected web browser. Home based business can also used virtual terminal with online gateway to processes the customer’s payment easily and quickly.

Online shopping cart:

Through this you can easily shop from merchants websites add their item to your cart and can also checkout from websites. Online shopping cart options make a website more appealing and convenient for company and customer both. Let’s see how merchants processing services, payment gateway, and businesses take advantage from it.

Order tracking: Through this customer knows status of their order and when they receive their product.

Detailed reports: customers buying trend can also be studied and help to provide special offers on popular product and also know how much inventory should be in hand.

Processing easily: customer’s payment receive quickly without waiting for several days!

Smartphone app and iPhone:

Some merchant want payment weather at any event, on road, on any remote locations. They should go with iphone. When customers present payment to merchant then he can process that payment through their iphone and Smartphone app quickly. Merchant download app and just get payment easily in their regular account. When you decide that you accept online payment in your site which method you want to use can also be select.…

Dec 30, 2015 CitiBank

Credit Card Benefits 10 Reasons to Love Your Credit Card Bank by Scott Bilker

Call me an extremist. A few issues ago I wrote to you with “10 Reasons You Should Hate Your Credit Card Bank”. In this issue I will point out the other side. Boy, the banks are going to love me for this; too bad they won’t be sending me a check!

Love ’em, hate ’em, it’s the same old story. Credit cards themselves are not bad. There are advantages and disadvantages. This time I want to take a look at some of those advantages…

By the way, please take the survey when you’re finished–thanks!


1. Access to money By being able to use your credit card you can actually save money! Here’s an example from my personal life. My dentist gives a 5% discount if you pay at the time of service. Because I can pay with my credit card I get the 5%. Even if I paid interest on this amount, at 10% APR I can still take 6 months to pay it back and break even!

2. Protection from merchants When you buy stuff with your credit card you are very protected. For example, if a merchant won’t give you a refund for a return you can always contact your credit card bank and dispute the charge. The bank will probably decide in your favor and chargeback the merchant. The merchant would have to take you to court to fight further. On the other hand, if you paid cash instead of using your credit you would have to pursue the matter in court with the merchant.

3. A chance to build a positive credit history. You must have a good credit history in today’s society. Many people look at your credit report to judge you so it’s vital that your report is the best it can be! Potential employers, insurance companies, mortgage companies, and many more will try to get an idea of your character from looking at this information. Having a credit card and using it wisely will help create that positive history.

4. Other perks and cash back rewards There are many cards that actually pay you to use them. They provide a cash-back bonus or other reward. If you can take advantage of that reward then you can actually save money.

5. Warranty protection Some credit cards will extend the warranty of an item purchased with that card. Contact your credit card companies to learn about these benefits so you know which card to use when purchasing that new computer.

6. Money in an emergency If your car breaks down late at night you may not be able to get an ATM machine or your personal bank. However, by having a credit card you’ll have access to the money you’ll need in these tense situations.

7. Better deals than other loans So many banks, so few good customers. They are fighting for our business! You may be able to get better rates from your credit card bank than from a personal loan or auto loan. Right now I have four, count ’em, four banks that are offering me 0% until near the end of this year!

8. No chance of losing cash If you lose your wallet you’ve lost your cash. If you have $100 in there, it’s gone. If you carry little cash and use credit, then, if you ever lose it you can call the credit card bank and report the card lost and you won’t owe a dime. The bank loses the money, not you, HA HA!

9. Better than a debit card If someone steals your debit card information they may be able to steal money from your accounts. If that happens, your checks will bounce and you’ll have to deal with each place you wrote a check too plus the bouncing fees from your bank. You’ll have to fight to get your money back. If someone steals your credit card then you would call the credit card bank and tell them cancel the account and you wouldn’t be responsible for the charges that you didn’t make. That’s the risk banks take for the profit they make. Hey, that rhymes.

10. Customer service 24/7 Most credit card banks have reps there 24/7. That’s great because you can deal with them at your convenience. If you pay your bill late Thursday night, and you have a question, you can talk to someone. Granted that you’ll be dealing with their voice menu for a while before you speak to a human, but you will eventually speak to one. 🙂…

Oct 21, 2015 Wired Plastic

The Proper Use Of Credit Cards Author: David Berky

Credits cards are a convenience, not a crutch.

Credit cards are a great way to make purchases and record to the penny your spending. They also provide a way to postpone payment on items and thereby earn more interest on your money.

For example, if you have a money market account that gives you 5% annual interest and you spend $1000 a month through your credit card, you can keep that $1000 in your money market account for an additional month. At the end of a year you would have earned an additional $51.16 for doing nothing.


Now $51 may not be much but it’s free!

Also you can use your credit card statements to keep track of exactly how much you are spending and where your money goes. With some credit cards you can use personal finance software to download your credit card transactions from the Internet right to your home computer.

Credit cards may actually save you money. Some people avoid making purchases if they do not have cash. Cash seems to “burn a hole” in our pockets, it just disappears. It is so easy to spend and it is right there. But a credit card takes more effort and you know that you have to pay the bill later that month.

Your credit card may also offer a rewards program where you get cash back, frequent flyer miles or discounts on services and merchandise.

Credit cards are convenient. Some purchases, especially those on the Internet, will only accept credit card payment. Also you don’t have to continually go to the bank or ATM to get cash.

A credit card also provides a measure of safety. You don’t have to carry large amounts of cash for large purchases. Even if your card or credit card number is stolen, you are not responsible for the thief’s use of your card.

But credit cards can also be a crutch. Too many people see their credit limit not as the maximum amount of debt they can go into, but as an account full of money that they can spend.

Average household consumer credit balances have now topped $7000. The monthly interest charge for a credit card charging 18% interest is over $100. More than $1200 a year just in interest.

And this interest is not like home mortgage interest that you can deduct from your taxes. You are paying an additional 15-36% on top of the $1200 for taxes on the interest you are charged. That brings your interest charge total up to $1400-1600 each year. Even more if your balance or interest rate is higher.

What is silly is that many people who are paying 18% interest rates on credit are also investing in a stock market that only averages 11%. Or worse, keeping money in money market, savings accounts or CDs that only pay .5-3%.

Want an investment that returns over 20%? Invest in paying down your debts. In the above example you can save over 20% with taxes factored in.

Many people have developed the habit of using their credit cards to buy what they want now and paying for it later. They then make only the minimum payments required. Often the minimum payment is set so that you only pay the monthly finance charge (interest) or just a small amount above it.

This will keep people paying that 18% rate for years. A $1000 purchase can end up costing $1500 when paid off after 5 years. Ironically many of these same people will wait months for a sale so that the item’s price goes down 10-20% and then make a purchase on their credit card and end up giving the savings to the credit card company instead.

Sometimes the credit card can lead a person into living a lifestyle that is beyond their means. If a person gets in the habit of dining out two to three times a week and these meals are paid for by credit card, the card balance increases quickly. Often the additional expense was not planned or budgeted. People can even end up spending more each month than the actually earn.

This can continue as long as the credit card balance is below the limit and the person makes their regular monthly payments. But as soon as the credit limit is reached, many credit companies will increase the credit limit and give the person more room to get into debt. I have personally seen a credit card limit expanded by $10,000 within three months.

This cycle can continue until the person is required to make a minimum payment that is more than they can afford. Now not only do they have to cut back on the lifestyle they have grown accustomed to over the years, but they also have to either increase their income or cut out things they enjoyed before increasing their lifestyle with their credit card.

Also what happens if the person is suddenly out of work or has to take a pay cut or lower paying job. That’s right, the credit card bills keep coming. And many people rely on the remainder of their credit limit to supplement their income until they are working again or can find a better paying job.

We have seen this cycle in America increase average credit card balances each year and eat up the equity in many people’s homes. Home equity loans are used as credit cards to live a lifestyle that is beyond people’s means. Or to purchase toys they really can’t afford to buy let alone keep and use.

Or the home equity money is used to “pay off high interest credit card debt” as the ads suggest. But then people continue the habit of living off their credit cards and get right back into debt again.

So what is the answer to America’s growing debt problem? Abolish credit cards? Nationally imposed credit limits?

How about a little old fashioned self-discipline? I know it’s not in style anymore but it is still the best policy.

Bottom line: pay off your credit card balance each month. Don’t buy something now and expect the big end of year bonus to pay off your credit card. Even if you do get it, you will probably spend it on something else.

Don’t fall into the habit of living off your credit cards. If you have $1000 of disposable income to spend each month, whether through a credit card or in cash, only spend the $1000. Don’t try to make up for extra expense this month by assuming you can catch up on your credit card payment next month. It won’t happen.

If you have developed bad credit habits, cut up your credit cards, or only keep one for emergencies and resolve to pay off the balance each month. Then create a plan to get yourself out of debt and stick to it.

You can relieve stress, avoid family conflicts and sleep better at night knowing that there are no credit card wolves howling at your door.…

Sep 27, 2015 CitiBank

Advanced Cash Advance Techniques by Scott Bilker

Dear Scott, I recently read your article about buying a card with a card. I have a 0% interest card and plenty of balance so it seems like a good idea. Problem is the seller is a private party. Obviously I can’t use a convenience check or a cash advance or I’ll blow the interest strategy. Is there a way to pay a private party so that it appears as a purchase on the card and not an advance? I have checked out PayPal but I’m not sure the seller is Internet active. Thanks.


Note: Everything I suggest in this response is what I would do. You must be careful to analyze your specific situation to be sure that it will work in your benefit.

Glad to hear the you read my article, Consider Financing Your Next Car with a Credit Card!

It’s great that you have a 0% deal on your credit card. I’ve used these deals in the past to purchase a few vehicles. Actually, it may not be such a problem that you seller is a private party. It’s the same problem that you may face at a dealership.

Dealership say they accept credit card payments however, many will not let you purchase the entire car with your credit card. They’ll allow you to put your down payment on the credit card but not the entire amount. This is because they don’t want to pay the merchant fees for accepting the card. These fees are probably at least 2%. Therefore, a dealer would also ask you to use a personal check or bank check.

You need to find out if your 0% deal is good for cash advances. I’m guess that this may not be the case or else you wouldn’t be asking, nevertheless, you should give your credit card bank a call and tell them that you’ll write yourself a check, and deposit it in your account, as long as it’s at the 0% rate.

If that doesn’t work then ask them if they would give you that 0% rate if they, the bank, did a direct deposit into your checking, or savings, account. The key is to get that money in your account at the 0% rate, preferably without any cash advance fees, then use that money to write a bank-check to car seller.

Say it’s the case that they still will not do this. They would probably entertain the idea of your transferring the balance from another card at the 0% rate, this way it’s not a cash advance. Then, check with you other credit cards to find out if you can get a cash advance, with no fees. If so, you can write a check with the second card, deposit it into your account, buy the car, then immediately call the 0% bank and do a balance transfer. When the smoke clears you’ll have that car at 0%.

You just need to do one more thing which, is to mark your calendar as to when the 0% deal expires. You must be sure to pay that off before they hike your interest rate. Also, don’t be late paying on that 0% deal! It’s probably true that the offering bank will slap you with a crazy-high interest rate as a penalty. I’ve seen some as high as 26% for late payers.

Good luck and please let me know what happens!

Regards, Scott…

Sep 26, 2015 Vaya

Credit Card Balance Transfers by Scott Bilker

Scott, I would like to use a credit card introductory rate to pay off a bank loan. I will need to borrow $13,000.00 credit to pay off the loan. In order to do this, I will need to open two new credit cards, preferably with 0% interest for 6 months. I would then like to transfer the balances on those credit cards to new credit cards with low introductory rates. How often can I continue to transfer to new cards with introductory rates?

I have heard that if my credit report shows too many credit card company requests within one year that I will be turned down for new credit cards. I have also read that I can request credit card issuers not to run a credit report on myself–so that my credit report will not show that I have applied for several credit cards in a short period of time, and thus I would be extended credit by new credit agencies. I thought all credit card companies would only issue credit if they first run a credit report on the applicant. Is this true, or do the companies automatically run a credit report on the applicant every time a balance transfer request is made? –Gail

Gail,

Thanks for writing!

You’re being very DebtSmart® by transferring your balances to lower rates. Zero is always the best rate! Right now I have four cards offering me 0% for one year! Actually, I just got a fifth offer yesterday that I will also take advantage of to see if there are any tricks.

You can continue to transfer your balances to lower cards in perpetuity! My experience is certain proof of that result. I have been transferring my balances to low rate deals for over a decade. About 6 years ago I was told that these deals would end however, they’ve only gotten more frequent.

Last year credit card companies mailed 5 billion credit offers! That’s up from 3 billion in the year 2000. I doubt it’s going to be slowing down anytime soon. And because of that fact the consumer is in control! We have the power to decide which banks we spend our money on to buy their money.

It is true that when you apply for credit the bank looks at how many credit-inquires are shown on your credit report. The more inquires the more negatively it could, and I must stress, could, be in giving you the new credit line. Just because you have many inquires doesn’t mean you’re going to get turned down for new credit. Each bank has it’s own criteria for determining who and how much credit to allow.

By the way, your current creditors also take a look at your credit from time to time. This too shows up as an inquiry to your credit report. I have a dozen inquires on my report and it has never stopped me from getting new credit.

Most importantly is that you have paid on time. Don’t be late! That’s is what will hurt your chances in the greatest way. Of course, judgments and repossessions don’t help as well.

If you do get rejected for credit always remember to request a copy of your credit report. You should always request a copy of your credit report from the credit reporting agency that supplied that data to the creditor that rejected your application. And you get this report for free if you request it within 60 days of being rejected. Be sure to review that report for errors and dispute inaccurate information.

You cannot request that a bank does not look at your credit file. Well, I guess you could make that request but they would say, “okay we won’t look but you won’t be receiving any credit from us.”

I doubt it’s a standard for banks to review your credit report prior to completing a balance transfer on an existing account. However, they have probably warned you in their account terms that they can look at your credit report at anytime.

The bottom line here is that: 1) It’s smart to transfer your balances to lower rates 2) Credit inquires may or may not hurt you depending on each banks criteria. 3) If you are rejected for credit always get a copy of your report and check it for error. And take a look at all the credit inquires.

Good luck!

Regards, Scott…

Feb 12, 2015 Chase

Car Debt or Credit Debt First? by Scott Bilker

Scott, First off great site, very informative.

I’ve already organized my debt with the highest interest debt to be paid off first. Only thing is, my car loan is up toward the top and it’s getting close to the time when I would need to roll over the payments of paid off debt to the next highest interest rate debt, my car loan.

Does it make sense to start increasing my payments on this loan? Isn’t it fixed what I will pay on the loan? If this is the case shouldn’t I start paying on the next highest interest debt (another credit card) instead? Thanks for any help! Mike

Answer Mike,

Thanks your positive comments about DebtSmart!

It’s great that you’ve already set up a payment program that pays the highest-interest-rate debts back first. Many financial “experts” advise to pay off the lowest-balance debt first but that’s simply wrong, meaning, more expensive!

Since your car loan is about to become the most expensive debt, highest interest rate, you should “roll” your payments from the last debt into the car loan. This is the most efficient method of repaying your debt.

There are however, a few details you need to check:

1) Are you allowed to pay off your car loan early with larger payments? There are some loans that have pre-payment penalty conditions so call the bank to make sure you can send in more money toward the loan principal.

2) When you send in your payments be sure the bank knows to apply the entire payment toward your balance. There are a few instances when the bank will apply the scheduled payment and hold the extra for the next payment. You don’t want that situation.

3) Will you need that extra cash in the near future? If you pay more toward a credit card you can always get that cash back if you need it by using a cash advance or making purchases with the card. When you increase the payment on the car, that money becomes part of the car and cannot be converted back into cash again until the car is sold.

In summary, you are correct. It makes perfect sense to send the extra payment to the car loan because it’s the most expensive debt on your list. Just be sure there are no penalties for paying off the loan early. If there are penalties, you’ll need to consider if the savings from the interest charges are greater than penalties. Chances are you can pay off the loan early; if there are penalties let me know.

Keep up the good work!

Scott…

Dec 19, 2014 Impact

Consolidating Credit Cards to One Account by Scott Bilker

Hi Scott, I am a recent college graduate and I have accumulated about $4,000.00 worth of debt spread out in 4 different credit card accounts. I would like to transfer all of the balances to an account with a lower APR to save money and to make monthly payments more convenient. The problem is that I have not been able to be approved for a credit card with a limit of over $1500.00. Besides having multiple cards near their credit limit, I have good credit and always make payments on time. Is there anything that you can recommend?


I know just how you feel. I had the same situation when I was finished with college because I had to use my credit cards to help finance my senior year.

Here’s the deal. The most important aspect of that debt is how much it’s costing. At least that’s my opinion. The best loan is the cheapest loan and I consider it worth the work to write four separate checks if the rates are worthwhile.

Many people make the mistake of consolidating simply because they don’t like the work involved with handling many accounts. The mistake is that they consolidate at a greater rate for the convenience of having one payment. It’s a personal choice to decide if it’s worth a little extra in interest charges to avoid dealing with four accounts. It’s not worth the extra cost for me.

If you do consolidate your accounts into one then please do not close your zero balance accounts! If you close your accounts you close your credit options. You may need those other cards sometime in the future to make the current banks compete for your business. You always want to have credit options and the best options, in my experience, emanate from banks that you have had a long relationship with.

Now let’s talk about consolidating and saving money!

You mentioned having trouble getting new lines of credit to consolidate that $4,000 but there’s another strategy you should attempt. Call each of your existing accounts and ask for their balance transfer department. Tell the rep, “I have about $3,000 of debt on other cards. If you (1) raise my credit limit, and (2) give me a great rate, I’ll do the transfer right now otherwise I have three other banks to call!”

They may increase your credit limit on the spot by a few hundred dollars, they may do as you ask, they may need to get back to you, they may say no. No matter what happens, call each bank and see what they can do. If they do give you a good offer, then transfer your balance.

If they deny your credit line increase, then be sure to get a free copy of your credit report from the credit-reporting agency that the bank used to reject your line-increase request.

Good luck and please let me know what happens!

Regards, Scott

PS: And you can take that to the bank! 🙂…