Online CASINO MERCHANT ACCOUNT payments
The ecommerce industry is growing by
each passing day and has created a
number of opportunities for the growth
of online businesses. An online payment
refers to the transaction of money and
goods in any possible form by using the
online media. The processing of
transaction made by a credit card goes
through a simple process and is
completed in a matter of seconds.
Following are the steps that take place
when an online transaction is made –
-
The consumer selects the product or
service that he/she wants to
purchase from a trader’s website
after which these items are put in a
cart.
-
The consumer then selects the
payment mode which accepts credit
cards.
-
The web browser then redirects the
consumer to a form for secure
payment by connecting to one of the
secure servers.
-
The consumer enters the details in
the form after which the secure
server accepts the credit card
information. The transaction is
authorised before it is complete.
-
The transaction is sent to the
trader’s processing bank from the
secure server. At the trader’s
processing bank, checks are carried
out to validate the card, check for
availability of funds after which
the transaction is approved. After
this, the processor will receive an
authorisation code.
-
The encryption of this authorisation
code is carried out by payment
gateways and then transmitted to the
merchant’s web server which sends a
conformation receipt to the
consumer’s browser.
-
The amount is then transferred from
the cardholder’s bank to the
trader’s processing bank. After this
the amount is credited to the
merchant account within 3 working
days.
There are two major concerns with
respect to processing of online
payments: data privacy in a transaction
and ensuring valid transactions to
consumers. Hence, there are a few
measures that must be taken before a
transaction takes place.
For online processing of credit cards,
it is necessary to use the services of
AVS or Address Verification System. This
service ensures that the correct address
is entered on the form and matched with
the address mentioned in the
cardholder’s billing statement.
Moreover, CVV or Credit Card
Verification and CVV2 can be used. This
is a 3-digit number located behind every
Master Card and Visa card. Mail orders
are safer due to the presence of
signatures.
When transactions are reversed the
merchants suffer from chargebacks. Money
gets deducted from a merchant account
rather than it being added due to the
occurrence of a chargeback. There are
several reasons as to why a chargeback
occurs, such as expiration of credit
cards, double-charging, and consumer
disputes. If a merchant account incurs
many chargebacks, there is a possibility
that the trader could loose his/her
merchant account. Once this happens, a
trader gets placed in a “match” list for
many years. Bank Card Law has access to
this list which helps in the
identification of firms that have lost
their accounts due to high chargebacks.
This adds to the difficulty of obtaining
another merchant account later. Hence,
chargebacks need to be avoided by
merchants. Contact
one of our helpful account
representatives to assist you in the
setup of
a
high risk merchant account or
offshore merchant account for a
high risk merchant. |