Payment Gateways for Beginners
If you’re a merchant looking to step sell and promote our products on-line, one of your first steps is to learn about the ever-important payment gateway. Payment gateways have made significant strides over the past few years, and are quickly becoming a popular solution for a wide range of E-commerce merchants
Here are a few basic facts about Payment Gateways:
What exactly is a Payment Gateway?
A payment gateway is an e-commerce application that authorizes all credit card payments between a consumer and a merchant. Payment gateways can be used by e-business, online retailers, and brick and mortar businesses to customize their credit card payments.
How Does a Payment Gateway Work?
The transaction process might look complicated at first glance, but a payment gateway’s role is relatively simple. Once a consumer places their order, their credit card information is recorded by the payment gateway and encrypted before being sent to the merchant’s web server. The information is then sent to the acquiring bank’s server, then transmitted to the Card issuer (MasterCard, Visa, etc.). The card issuer either approves or denies the transaction, then sends the response to the gateway. Once the transaction is approved, it is considered complete!
How do Payment Gateways Protect against Fraud?
There are several methods used by payment gateways to protect both consumers and merchant services from fraud, including: 3D secure, address verification services, IP address-based, and other types of identity verification.
What Payment Gateway Should I Use?
Every business is different; therefore, every business has different needs as far as their payment gateway is concerned. Vision Payments works with over 35 different payment gateway solutions, allowing you the freedom to choose the gateway that works with your company. We recommend the following solutions:
For more information about payment gateways and what you should be looking for, contact Vision Payments today. Our customer service representatives can walk you through your payment processing account and help you decide which gateway best suits your needs. Call us today at 877-674-2286!