SETTING UP A PHARMACY MERCHANT
ACCOUNT TO ACCEPT ONLINE PAYMENTS
You have decided to
expand your business online and
therefore, you want a merchant account
that accepts online payments. Setting up
such an account for your business will
be very confusing if you are an amateur
in this field. There is a lot more
effort that has to be put for this
process because it is not as simple as
selecting the first online merchant
account that you come across and
attaching it with your business. If you
do such a thing then you will be in big
trouble very soon. Of course, getting
the best rates and fees is one part of
your effort. There are numerous other
important services and components that
are part of the e – commerce process
that should be considered when you make
your decision. Credit Card Processors,
shopping carts, payment gateways and
merchant accounts are few of the
components. It begins to get complicated
once you start looking at all the
components that are involved. Here is a
recap of the process involving a simple
online payment:
1)
A customer enters your website
2)
He likes a product and decides to buy it
3)
He selects it and adds it to his
shopping cart
4)
The customer gives his financial and
personal details while checking out from
the site. These details are transferred
to the merchant through a secured form.
5)
Then, these details are sent to your
payment gateway provider also. This
service routes all this information to
all the relevant networks which includes
your bank.
6)
If the credit card is approved then the
amount is debited from the credit card
account of the customer and credited
into your merchant account.
7)
When the funds are cleared you can ship
the product to the given address and
also get the money transfer to your
business account.
Therefore, you should
start by analyzing which services are
required by you and then you should shop
for those services. Once you find the
providers, you should compare them and
choose the best one. It is best to
choose one provider for all your
merchant services needs because
different services by different
providers may not be integrated
together. A good quality e – commerce
provider should provide you all the
services that include merchant services,
payment gateway and shopping cart. The
best ones are mostly not tied with any
bank, but will be able to work smoothly
with all banks.
Make sure that your
provider is PCI compliant. The “Payment
Card Industry” or PCI is a standard for
handling credit card information.
Therefore, if you have chosen a provider
who is not PCI compliant then you should
change your choice.
What is Payment Gateway?
It is one of the most
important components of the online
payment system with out which you will
not be able to process online payments.
It validates and encrypts the
transaction details and also makes sure
that the data will reach the right
destination and on time. 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. |