The World Wide Web has become an integral part of most people lives. It has penetrated so intensely into our day-to-day living that people now turn towards the World Wide Web for ordering books, clothes, electronic equipment etc.
For an online retailer, then, it becomes imperative to find means to make an online transaction as easy and trouble-free as possible.
Since most people prefer to use their credit cards while shopping, webmasters need to integrate this service into their online shopping websites.
An answer to your online payment needs can be a payment processing company.
Before getting into the deal, you better check out their reputation in the market – are they known for their fair minded financial and business transactions?
This kind of a company operates through two types of services – the first one is proposed for companies with merchant accounts with their banks and the second one other for companies who do not possess this kind of a bank account.
The first kind of service is mostly used by big financial institutions and organizations dealing in independent sales.
The advantage of having a merchant account is that you can receive payments within a few days of the transaction.
However, if you do not have a merchant bank account, the payment processing company receives the payment on your behalf initially.
The mode of operation is that the buyer will fulfill the transaction not on the seller’s website, but on the site of the payment processing company. Also, it is only a few times in a month that the processing company will forward you the payments.
Firstly, you will have to host an order form on your website. You then need to establish a gateway. This kind of service transfers the customer’s payment and credit card information to the payment processing company.
You would then need to establish the facility of a shopping cart on your website. If your site already hosts this function, the payment processing company will surely be able to integrate its services with it.
This information is for Learning purposes only. We are indeed not financial/legal mentors. It should not be considered legal or financial advice. You should consult with a financial/legal advisor or other professional to find out what may be the optimum for your individual needs.