Online payment gateways are fast, secure and reliable payment processing networks. They process transactions in real time using complex infrastructure and maximum security. However, they charge service fees per transaction and deposit the rest of the amount in your merchant account. The process of accepting credit card payments is similar to traditional credit card swipe machine. A traditional credit card terminal is connected to a phone line, whereas transactions using payment gateways can be performed through a secure, browser based interface. These networks are available 24/7 and offer a number of value added services for fraud protection and merchant account management. The payment gateways can be configured as per specific merchant business models.
For a brick and mortar retailer, a computer connected with the Internet can be turned into a credit card terminal using Virtual Point of Sale software. An online retailer can accept credit cards and electronic checks from his website using Buy Now buttons or shopping cart. Mail order and telephone order merchants can accept credit card and e-checks by mail, telephone or fax. Payment gateways offer even secure mobile solutions to process credit card transactions using mobile payment apps. To avail the benefits of an online payment gateway, merchants are required to have a credit card merchant account.
PayPal is a convenient option to accept credit card payments. It is easy to set up an account with PayPal and it integrates with major shopping carts. However, Indian retailers cannot accept payments in Indian currency. First data merchant services has formed an alliance with the ICICI Bank, India. First data is a California, USA based merchant service provider. Their services include POS terminals, online payment gateways, merchant account set up etc. First data has provided credit card acceptance services to more than 100,000 merchants across the India through ICICI Merchant Services.
- Online Payment Methods (artfulensemble.wordpress.com)