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SEVEN THINGS THAT YOU
MUST KNOW ABOUT PAYMENT GATEWAY
Do you know what a
payment gateway is? Have you heard your
friends speaking about it? If you have
no idea about a payment gateway then
continue reading.
To make you a little
familiar with the term, listed below are
a few important things.
1)
Payment Gateway is nothing but a
software
The Payment Gateway is software that is
built for people who have internet
businesses. If you have an online
business and want to provide your
customers with the capability to pay
with their credit cards on your site
then you will need this software. This
software provides instant status
messages telling your customers whether
or not their transaction is accepted.
2)
A shopping cart application comes with
the Payment Gateway Software
The shopping cart application is a
computer software which can be used only
by online customers. By using this
software, the customers will be able to
buy several of your products in one
shot. For example, a customer enters
your site and decides to buy a scissors;
she adds it to the shopping cart and
then decides to buy a book. She can add
the book to the shopping cart and when
she clicks on finish, all the items
selected by her will be displayed
together with the total amount that she
has to pay. The other costs such as,
shipping cost and taxes will also be
added to the grand total.
3)
It encrypts the information
After the form is filled by the customer
and he clicks the send button the
payment gateway will encrypt the data
and forward it to the credit card
company for processing. Then, after a
few seconds, the gateway returns a
status code which tells the customer
whether his transaction was approved or
denied.
The encryption is required to prevent
the theft of your customer’s data when
it is being transmitted.
4)
It offers batch processing of
transactions
For example, suppose 15 customers have
each bought one item. All these
transactions will be batched and sent to
your bank in a batch at the end of the
day. Then the bank will collect the
funds from your customers and deposit it
in your account.
5)
It has a reliable reporting tool
Payment Gateway comes with a reporting
tool which can be used to see the
transactions of your online store. Then,
you can review the transactions and
append them.
6)
It protects you from fraud
The payment gateway will protect you
from fraudulent transactions such as
customers using stolen, cloned or fake
credit cards. The software has very
effective screening tools which will
block such transactions.
7)
It comes with a virtual terminal
This component will let you accept
credit card payments over the phone.
This will help those customers who don’t
have a computer. The customer has to
give his credit card details over the
phone and the operator will enter it in
to the software. The software will
verify the account and approve or deny
the transaction. |
