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The event participant fills out the online from, enters his/her credit card details and clicks submit.
The credit card details are sent to the gateway company for processing.
The gateway company sends the transaction details to the credit card company that issued the card. The credit card company approves or declines the transactions and reports back to the gateway company.
Ecommerce 101 Online Credit Card Processing
Back in 1998 (through 2000 or so), I worked for a small company (called PaymentNet / then Signio) that handled online transactions. Verisign later purchased this company, and the product team I led integrated the client - the portion that took the credit card information and sent it to our servers for processing. The product name is Payflow Pro - maybe you ve heard of it?
I m going to limit this discussion to Visa / MasterCard credit cards -- Amex and others operate slightly differently.
First, there is the bank that the consumers credit card is attached to. That bank is called the acq ..
The gateway company passes this information back to the online registration system and the event participant. If the transaction is approved the event participant will see a webpage confirming the transaction and will receive a receipt via email. If it is declined the event participant can try again.
The online registration system is updated with the information from the gateway company. Whatever shopping carts software you choose has to interface with these gateways. Not all shopping carts work out of the box with all gateways. Thus you need to be sure about the shopping cart you plan on using will work with the merchant service provider you choose.
Secure Trail To Gear Credit Card Processing OnlineKnow your business accountant: It is very common for accountants to have personal relationships with payment processing companies, especially if the accountant manages multiple businesses. Often accountants are given bonuses for referring new merchants and for keeping their businesses with the merchant service company. Your business may be paying more because your accountant is getting a kickback from a merchant service provider.
Stay away from the bank: Banks provide merchant services. Yes, this is true but all but a few very large banks sign their customers with a private merchant service p ..
Rates and fees: Many factors can influence the discount rate and other fees you pay for the privilege of accepting charge cards. Among those factors, the length of time you have been in business, the percentage of your sales that are made over the phone or the Internet, the type of business you are in, the number of years you've been in business, your personal credit rating, the average dollar amount of each sales transaction, the total dollar amount of sales per month. Service fees tacked on by the third party providers or by their sales people, can also add to your costs. Some companies require you to maintain an account in their bank in order to process cards. Read all such agreements closely to determine under what circumstances the bank can put a hold on your account, and how much of the account it can hold back.
Funds are transferred to a merchant account and the then to the designated bank account.
About the Author: For more information on merchant services,please visit http://www.paynetsystems.com" target="_blank"> http://www.paynetsystems.com
Source: http://www.isnare.com Jack ChevalierOnline Credit Card Processing Offers Event Registration
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