How Do The Typical Online Payment Gateways Transactions Work?

football merchandise How Do The Typical Online Payment Gateways Transactions Work? Football Merchandise
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Payment gateways are the devices that allow a merchant to be able to accept payment for the merchandise or services they sell from credit cards. Payment gateways allow the information on the customer’s credit card to be transmitted to the financial institution that issued it.

Payment gateways are generally established at the check-out point of the merchant’s store. You will also find payment gateways available on smart phones for people who do mobile services. There are also versions of these payment processors that are established online so that customers can buy merchandise from internet sellers.

Typically when a customer finds something on an internet site that they wish to purchase there is a button for them to push that says something like “submit order”. The web browser of the customer may encrypt the data being transmitted.

Once the merchant has received the information they will forward that information on to their gateway. The information will be encrypted again when it is sent from the merchant to the gateway.

The gateway takes the payment information and they send it to the payment processor of the financial institution that issued the cardholders credit line. The bank that issued the card will do fraud checks to make certain that the transaction is being made by someone authorized to charge on the account.

Once they have determined that the charges are being made by a legitimate card user the bank will check the balance and see if the card has enough credit available for the purchase being made. If everything checks out then the issuing bank will okay the transaction and send confirmation to the merchant.

The time lapse for all of this to take place will be less than five seconds. A lot goes on in just a few seconds.

As soon as the merchant receives the confirmation that the charges have been approved they will allow the sale to be completed. All of the previous actions will again take place, but this time the merchant is waiting to get a response that the sale has been cleared.

At the end of the day the merchant will group all of the transactions up into one batch and send them in to collect payment. This is like sending a bill to the credit card company that issued the cards that were charged.

By the end of the next business day most of the card issuers will have settled the accounts with the merchant’s financial institution.

The company that provides the equipment to read the cards will often charge you as much as two percent per sale to let you use their equipment. This may sound like a large sum of money to pay for the equipment, but the companies generally maintain the processors and repair or replace them at no additional charges. The providing companies usually make certain the equipment has the proper software and protection systems included so that you are legally protecting the information given to you by the cardholder.

football merchandise How Do The Typical Online Payment Gateways Transactions Work? Football Merchandise
#1 Football Merchandise & Souvenirs Store
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Source by Ador Talukdar
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