Merchant Account And Secure Payment Gateway
In today’s world, online business is on a boom and to be on top of it one needs to have a secure payment gateway. To run an online business a merchant should have a secured merchant account and a dependable payment gateway.
To have a successful business one needs to implement a streamlined online payment processor.
What Is A Payment Gateway?
Payment Gateway is the merchant service that is provided by the merchant service provider through which the merchant can accept the payment via debit and credit cards.
Process of Secure Payment Gateway
There are a lot of parties involved in this process. The process happens with the help of many parties and is done securely.
Let us discuss how your money flows fluently and fall into your pocket.
Step 1: Order takes place on your site
Step 2: The payment processor receives the encrypted data through the online payment gateway securely.
Step 3: Bank receives the information from the payment processor and checks the availability of the funds against the purchase.
Step 4: Result ending up with a yes or a no.
Step 5: Finally, the payment processor answers back with approval and a sale is made; meanwhile, the merchant’s bank gets to know about the fund that gets credited in the merchant’s account in the future.
This is as simple as it looks; this process takes place within a few seconds in a secure manner. Here, a merchant gets many benefits if he/she opts for the secure payment gateway provider.
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The major players in the whole process are:
1. You, the Merchant:
To accept the payment through debit and credit cards, a merchant needs to have an account with the merchant bank, known as the acquirer. This keeps the merchant’s fund securely with them.
2. Your client/customer:
Similarly, for your customer to pay for the goods and services, he/she needs a credit or a debit card. The bank that approves him/her for the card (and lends the cash to pay you) is called the issuing bank.
The one that links your site to the processing network and the second is the payment processor (or merchant service), which does all the heavy lifting: moving the transaction through the processing network, sending you a billing statement, working with your bank, etc.
The whole transaction takes place with a secure payment network. If the network is strong and secure, the merchant ends up with a healthy processing solution.
A place where every merchant gets proper information and services regarding the payment gateway and merchant accounts. Get in touch with Merchant Stronghold today. Contact us +1 (727) 330 – 3944 or mail us at firstname.lastname@example.org