What are Merchant accounts and Gateways
There are two parts in the process of accepting credit card payments to your shopping cart.
1. Apply for a Merchant Account with a bank.
2. Choose a Payment Gateway.
What is a Merchant Account?
Accepting credit card payments to your online store requires a merchant account to be set up through your preferred bank. This can take upto roughly three weeks. A merchant account will either work along side a gateway or integrate directly with your shopping cart depending on the bank you choose.
What is a Payment Gateway?
The second part in setting up a merchant account to accept online real-time payments is the gateway.
A gateway's job is to authorize and validate payments in a matter of seconds. These gateways provide a secure walkway from your shopping carts checkout to check the credit card status in real-time, a very complicated process if you were to do it on your own from step one.
The advantage of a merchant account and/or payment gateway is that the money is deposited directly to your bank account and ready for use.
Third Party Payment Processors
Third party payment processors are independent companies which can process your credit card payments without a merchant account and gateway, they are a total, independent solution and cut out the need to deal with a bank. Two examples of third party companies are PayPal and google checkout.
paypal work closely to provide an advanced level of integration. You will have access to manage refunds, reports, transaction searches and affiliate mass pay all directly from your admin panel without logging into PayPal. You also have the option of using either PayPal's standard checkout, express checkout or website payments direct.
Using a single company for processing your payments will generally save you money. It's only drawback is that your transaction fees will be higher which can cause a problem with high volumes of sales. Generally a third party processor can be higher by 2% depending on the company you choose. The third party will accept most major card types and you will receive the funds in a trust account within one to two days on average.
Fees: An example: Set up Fees from 0 plus transaction fees of from 2.5%
View the list of all supported payment systems.
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ePDQ from Barclaycard Business. Take card payments online, with peace of mind from knowing that you are dealing with a leading financial organisation. |
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Whether taking payment online, over the telephone or via mail order, be safe in the knowledge that Secure ePayments offers the latest security along with the trust of the HSBC brand. HSBC will act as your payment gateway solution provider AND your acquiring bank, meaning you only get one set of fees. Please note that CREDIT and DEBIT card rates are quoted for each individual business. You can be safe in the knowledge that your transactions will be processed by one of the leading acquiring banks. |
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Low-cost way to accept credit card and bank account payments for your Website. The 2% charge is for payments received via bank transfer or directly from other Moneybookers accounts. This is the value used by the tool for direct comparison, as this is the main payment method for Moneybookers. Direct credit/debit card payments are charged at up to 8%. Integration is FREE - no set up or monthly fees. Low transaction fees with high payment security. Instant payments - money can be transferred to your bank account as soon as it is received. No rolling reserve! complete fraud and chargeback protection. Sell with ease: convenient HTML interface, simple integration, detailed transaction records. Inclusion in our shopping directory to boost your sales! It is available in 30 currencies, in every country, our website and our gateway are in 4 languages! |
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Sage Pay is the UK’s fastest growing payment service provider (PSPs). With around a 30% market share,Sage Pay processes millions of secure transaction for over 27,000 businesses, including brands such as;LOVEFiLM, Swiftcover and EasyJet Plus! The company’s aim is to make card payments safe, easy and more profitable for businesses of all sizes. |
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Bank Direct is for an organisation that already has an Internet Trading account and needs WorldPay to offer them secure Internet Card processing. The Bank Direct option still gives the customer the ability to make use of WorldPay's anti fraud and security measures, and also the repeat billing and virtual terminal solutions. |
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PayPal enables businesses to securely, conveniently and cost-effectively receive payments online. Our network builds on the existing financial infrastructure of bank accounts, debit cards and credit cards to create a global, real-time payment solution. Our product is ideally suited for small businesses, online merchants, individuals and others currently underserved by traditional payment mechanisms. PayPal has 63.8 million member accounts and is accepted in 45 countries worldwide making it an easy and effective way to transact internationally. |
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WorldDirect is a quick and easy way to obtain an Internet Trading Account. With an acceptance rate of over 90 percent, you could be trading in just 48 hours |
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