E-Currency
Payment processors store your money in the form of e currency. E-currency is the online value of your money in the form of dollar or euro etc.
These payment processors provide a platform to store and spend your money. The balance can be spent on various programs like HYIP or Forex or PTC and many more. Or the balance can be used to get a lot of products online and pay through the digital currency rather than credit cards and demand drafts. And for providing such service they charge you some fee on every transaction that is made. The fee is mostly on the money you receive and not on the money you send. This is how digital currencies work.
Various merchants (online sites which have a business like HYIP or Forex etc are called so) encourage their members to use these processors as they can pay you for your activity into these processors only.
A few payment processors ask for verification using your Credit card or your Id details these are online payment processors which are more like online banks. But a few processors which are better called digital currencies don't need any verification. Both of them have difference in their working, which will be discussed later.
There are various methods to transfer your balance to your banks. A few online payment processors have direct transfer to your bank account, with a little fee depending on how much you want to transfer. A few more payment processors, digital currencies, don't have the option of direct wire transfer to your bank instead you can exchange your balance with a lot of exchangers that are available in the site and the exchanger will have his own fee and they will directly deposit it into your account.
Payment processors store your money in the form of e currency. E-currency is the online value of your money in the form of dollar or euro etc.
These payment processors provide a platform to store and spend your money. The balance can be spent on various programs like HYIP or Forex or PTC and many more. Or the balance can be used to get a lot of products online and pay through the digital currency rather than credit cards and demand drafts. And for providing such service they charge you some fee on every transaction that is made. The fee is mostly on the money you receive and not on the money you send. This is how digital currencies work.
Various merchants (online sites which have a business like HYIP or Forex etc are called so) encourage their members to use these processors as they can pay you for your activity into these processors only.
A few payment processors ask for verification using your Credit card or your Id details these are online payment processors which are more like online banks. But a few processors which are better called digital currencies don't need any verification. Both of them have difference in their working, which will be discussed later.
There are various methods to transfer your balance to your banks. A few online payment processors have direct transfer to your bank account, with a little fee depending on how much you want to transfer. A few more payment processors, digital currencies, don't have the option of direct wire transfer to your bank instead you can exchange your balance with a lot of exchangers that are available in the site and the exchanger will have his own fee and they will directly deposit it into your account.
These payment processors provide a platform to store and spend your money. The balance can be spent on various programs like HYIP or Forex or PTC and many more. Or the balance can be used to get a lot of products online and pay through the digital currency rather than credit cards and demand drafts. And for providing such service they charge you some fee on every transaction that is made. The fee is mostly on the money you receive and not on the money you send. This is how digital currencies work.
Various merchants (online sites which have a business like HYIP or Forex etc are called so) encourage their members to use these processors as they can pay you for your activity into these processors only.
A few payment processors ask for verification using your Credit card or your Id details these are online payment processors which are more like online banks. But a few processors which are better called digital currencies don't need any verification. Both of them have difference in their working, which will be discussed later.
There are various methods to transfer your balance to your banks. A few online payment processors have direct transfer to your bank account, with a little fee depending on how much you want to transfer. A few more payment processors, digital currencies, don't have the option of direct wire transfer to your bank instead you can exchange your balance with a lot of exchangers that are available in the site and the exchanger will have his own fee and they will directly deposit it into your account.
Payment Processor
One key business solution merchant website owners always look for is a dependable payment processor to accept payments for online transactions. To the uninformed, however, payment processing is a perplexing subject. There are many complex issues to start with, specifically with regard to the basics of payment processing, payment gateway configuration, and some aspects of third-party payment processors. Before we get down to the best payment processors, here are some essentials about payment processing itself.
About Payment Gateways
A payment gateway is a third-party company, like a bank, which connects your e-commerce software to your merchant account. This real-time facility allows you to accept credit cards, debit cards, and other forms of online payment. Though not essential, a payment gateway has many benefits, such as:
• You will have a feature that will provide your customers real-time feedback on their payment status, most importantly if the payment card is not accepted for any reason.
• You ride on speed and efficiency. If your business conducts large transactions, then you benefit by speed, efficiency, and significantly lower processing fees.
• You start straightaway. No waiting time is required to start your business. A payment gateway starts accepting debit or credit cards immediately. To summarize, payment gateways accepts information, encrypts it, and transmits it over the web.
Setting Up Gateway Configuration
Setting up your payment gateway essentially consists of two steps.
• The first step involves your merchant account and your gateway provider. You need to provide access to the gateway provider by making available all needed information.
• In the second step, the payment gateway will configure with the payment processor. All that a payment processor will ask you is to log in, proceed to configuration and payment methods, and then select the payment gateway. You may ask whether you can configure different checkout choices. Yes, you can. You can either authorize funds or ask the customer to make real-time payment during actual checkout. Your decision will depend upon your business model. Real-time payment requires that you ship the merchandize within a specified period. In the event you are unable to do so, choosing the other alternative is a better option. The choice of "Authorize Funds" allows you to put a temporary hold on the customers' funds till you ship your product.
Understanding Third-Party Processors
Simply put, a third-party processor is a vendor who charges your customers' credit cards on your behalf and then transfers the money electronically to your account. Many online merchants prefer to have both the third-party processor and the payment gateway. This way, you can ensure that your prospective buyer has his or her preferred payment method and is not turned away. Now that you have the basics, we can focus on what features the best payment processors have.
A good payment processor
• Provides merchant account services efficiently. Good customer support is essential. Availability of 24x7 help provides a lot of reassurance that there is someone to troubleshoot your problems.
• Has an effective antifraud solution in place. You hear a lot about credit card frauds going on these days. Credit cards are stolen, lost, or misused by false information. The best payment processors verify billing and shipping addresses with those provided by MasterCard/Visa. In addition, card security codes are put in place to verify that the buyer actually owns the card. • Provides you with accurate financial information.
• Has a recurring billing feature. This simply means automatically collecting payment installments after a fixed duration.
• Have reasonable rates and fees. However, you must remember that each payment processor may have different sets of rates. For example, they may have an assortment of rates, such as discount rates, chargebacks, or transaction rates, in addition to application fees, ongoing fees, and settlement fees. Choosing the best payment processor will entail evaluating all financial aspects of the charges and fees.
• Is dependable in all respects. Any weak link in the payment processing system means loss of customer confidence, and this translates into loss of business. There are many dependable and well-known payment processors out there. All you need to do is evaluate the benefits and disadvantages each processer has.
Some of the well-known names in the business are Google Checkout, PayPal, MiraPay, and Authorize.net, to name a few. They have survived the competition and are thriving because they have built customer trust by providing a dependable, secure, and fast payment environment.
Wholesale forum is the first online discussion platform for wholesalers. Join wholesale forum today to know about UK wholesalers, wholesalers list, UK importers, designer clothes wholesale, and much more.
Article Source: http://EzineArticles.com/4867971
Every day more and more people are turning to online stores for just about anything you can buy. From groceries to DVD's to cars, people are growing accustomed to purchasing goods and services online. As a merchant, there a number of benefits to selling online, including a wider market (world-wide actually) and lower costs in the form of sales staff and retail store fronts. In order to accept credit card payments online, you will need a payment processor.
Payment processors are financial institutions that process the data for credit card transactions. They facilitate the transfer of funds between a business and a consumer. However not all payment processors are the same, and it's therefore very important to find the one most suited to you.
Things to consider when choosing a payment processor include:
Rates - Obviously this is going to be very important as the wrong choice can hurt your revenue significantly. Some processors offer very low discount rates, however other fees may be higher (such as chargeback fees, or monthly fees). When looking at rates you need to have a estimate of your monthly transaction amounts, chargeback amounts and refund amounts.
Security - Credit card fraud is not uncommon and is most abundant online. Be sure to find a payment processor that provides extensive fraud protection tools and services.
Customer Support - Nothing is more frustrating than not having access to support, particularly when it comes to your businesses' finances. 24/7 Support is a must when looking at a payment processor.
Payment Acceptance - Make sure your payment processor accepts payments from all the locations you want to take payments from. Some processors will only accept payments from US customers, which can severely limit your customer base.
Reporting - You want to be able to keep track of all your finances, easily and in real time.
Want to know the 7 most important questions to ask a payment processor? Find Out Here [http://www.paymentprocessingtips.com/payment-processing-fees.html]! Payment Processing Tips provides advice on choosing a payment processor, as well as reviews and recommendations on leading payment processors such as intabill [http://www.paymentprocessingtips.com/intabill.html] and worldpay.
About Payment Gateways
A payment gateway is a third-party company, like a bank, which connects your e-commerce software to your merchant account. This real-time facility allows you to accept credit cards, debit cards, and other forms of online payment. Though not essential, a payment gateway has many benefits, such as:
• You will have a feature that will provide your customers real-time feedback on their payment status, most importantly if the payment card is not accepted for any reason.
• You ride on speed and efficiency. If your business conducts large transactions, then you benefit by speed, efficiency, and significantly lower processing fees.
• You start straightaway. No waiting time is required to start your business. A payment gateway starts accepting debit or credit cards immediately. To summarize, payment gateways accepts information, encrypts it, and transmits it over the web.
Setting Up Gateway Configuration
Setting up your payment gateway essentially consists of two steps.
• The first step involves your merchant account and your gateway provider. You need to provide access to the gateway provider by making available all needed information.
• In the second step, the payment gateway will configure with the payment processor. All that a payment processor will ask you is to log in, proceed to configuration and payment methods, and then select the payment gateway. You may ask whether you can configure different checkout choices. Yes, you can. You can either authorize funds or ask the customer to make real-time payment during actual checkout. Your decision will depend upon your business model. Real-time payment requires that you ship the merchandize within a specified period. In the event you are unable to do so, choosing the other alternative is a better option. The choice of "Authorize Funds" allows you to put a temporary hold on the customers' funds till you ship your product.
Understanding Third-Party Processors
Simply put, a third-party processor is a vendor who charges your customers' credit cards on your behalf and then transfers the money electronically to your account. Many online merchants prefer to have both the third-party processor and the payment gateway. This way, you can ensure that your prospective buyer has his or her preferred payment method and is not turned away. Now that you have the basics, we can focus on what features the best payment processors have.
A good payment processor
• Provides merchant account services efficiently. Good customer support is essential. Availability of 24x7 help provides a lot of reassurance that there is someone to troubleshoot your problems.
• Has an effective antifraud solution in place. You hear a lot about credit card frauds going on these days. Credit cards are stolen, lost, or misused by false information. The best payment processors verify billing and shipping addresses with those provided by MasterCard/Visa. In addition, card security codes are put in place to verify that the buyer actually owns the card. • Provides you with accurate financial information.
• Has a recurring billing feature. This simply means automatically collecting payment installments after a fixed duration.
• Have reasonable rates and fees. However, you must remember that each payment processor may have different sets of rates. For example, they may have an assortment of rates, such as discount rates, chargebacks, or transaction rates, in addition to application fees, ongoing fees, and settlement fees. Choosing the best payment processor will entail evaluating all financial aspects of the charges and fees.
• Is dependable in all respects. Any weak link in the payment processing system means loss of customer confidence, and this translates into loss of business. There are many dependable and well-known payment processors out there. All you need to do is evaluate the benefits and disadvantages each processer has.
Some of the well-known names in the business are Google Checkout, PayPal, MiraPay, and Authorize.net, to name a few. They have survived the competition and are thriving because they have built customer trust by providing a dependable, secure, and fast payment environment.
Wholesale forum is the first online discussion platform for wholesalers. Join wholesale forum today to know about UK wholesalers, wholesalers list, UK importers, designer clothes wholesale, and much more.
Article Source: http://EzineArticles.com/4867971
Every day more and more people are turning to online stores for just about anything you can buy. From groceries to DVD's to cars, people are growing accustomed to purchasing goods and services online. As a merchant, there a number of benefits to selling online, including a wider market (world-wide actually) and lower costs in the form of sales staff and retail store fronts. In order to accept credit card payments online, you will need a payment processor.
Payment processors are financial institutions that process the data for credit card transactions. They facilitate the transfer of funds between a business and a consumer. However not all payment processors are the same, and it's therefore very important to find the one most suited to you.
Things to consider when choosing a payment processor include:
Rates - Obviously this is going to be very important as the wrong choice can hurt your revenue significantly. Some processors offer very low discount rates, however other fees may be higher (such as chargeback fees, or monthly fees). When looking at rates you need to have a estimate of your monthly transaction amounts, chargeback amounts and refund amounts.
Security - Credit card fraud is not uncommon and is most abundant online. Be sure to find a payment processor that provides extensive fraud protection tools and services.
Customer Support - Nothing is more frustrating than not having access to support, particularly when it comes to your businesses' finances. 24/7 Support is a must when looking at a payment processor.
Payment Acceptance - Make sure your payment processor accepts payments from all the locations you want to take payments from. Some processors will only accept payments from US customers, which can severely limit your customer base.
Reporting - You want to be able to keep track of all your finances, easily and in real time.
Want to know the 7 most important questions to ask a payment processor? Find Out Here [http://www.paymentprocessingtips.com/payment-processing-fees.html]! Payment Processing Tips provides advice on choosing a payment processor, as well as reviews and recommendations on leading payment processors such as intabill [http://www.paymentprocessingtips.com/intabill.html] and worldpay.