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Advantages of Merchant account along
with payment gateway
In spite of attention from the media
towards Google Checkout, an alternative
system for payment, the transactions
from credit card is still the popular
option for online purchases by customer.
These alternative systems for payment
will generate a mediator between dealer
and customer and this will not only
confuse the customer, but hurts the
business. The payment through credit
card is building a successful bridge
between customer and business. For the
credit card transaction you need to
possess a merchant account and payment
gateway.
Merchant account is nothing but a bank
account for business purpose which gives
you access for collection of payment
from bank accounts or credit cards.
Merchant accounts are given by banks,
financial institutions after verifying
the funds availability, authorized
transaction where one can deposit or
take funds from bank account (customers)
into merchant account.
Majority of the merchants have
e-commerce account but may not have
money, technical resources and expertise
to establish a direct connection to
networks of processing payments. For the
above mentioned reason the payment
gateways like Authorize.Net and others
support these merchants with necessary
security and complex infrastructure to
establish the connection for merchant’s
website to a network of payment process.
The payment gateway just acts like a
swiping machine of credit card in retail
world.
There are so many advantages of merchant
account along with payment gateway
system over other alternate systems of
payment which are as follows:
You can receive your money within two
days and it will automatically be
deposited into your merchant account.
But whereas with other payment systems
it may take up to five days to receive
money in your account.
As the merchant accounts are with
financial institutions, the funds will
be FDIC insured providing safety for
your money. But with alternate payment
system the funds may not be insured.
A credit card payment is the best option
as it easy to access and reachable by
customer. This is helpful during online
purchase. In other systems they need to
create an account in order to purchase.
This payment gateway along with merchant
account offers flexible and reasonable
prices.
With this system the fraud control can
be set by you according to your business
needs. With other systems there is no
support for fraud detection and
protection.
This system offers support to customers
via online, email and over phone. In
other alternate payment system these
features may be limited.
With this system you will be represented
by acquiring bank and your reseller
where both will share the interest.
Other alternate system offer mediation
service representing both seller and
buyer.
This is the preferred system for payment
gateway in terms of both merchants and
resellers. It provides greater
satisfaction for user. But in other
alternatives the percentage of satisfied
users are less.
In this system the customer will be able
to pay without forcing him to leave your
site. With other alternate payments
system the process of check out will be
interrupted and customer will have to
leave the website (yours) for payment.
With this system you will able to build
your brand and have more repetitive
customers making their payments for the
products offered. |
