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.
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
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.
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— UniPay Gateway (@UniPayGateway) February 27, 2017
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.