The mode in which consumers must pay their purchases must be a major consideration for all businesses that sell their services and products by using the internet. The modern time dictates that procurement transactions can now be done in with the use of a credit card. It is the most preferred method of payment because of the ease and convenience it offers. This can speed up the transactions. Presented with that fact, companies have to make their website not only attractive, but also accommodating. This must include online credit card payment accommodation. Companies with no payment facility engraved in their website can lose to business competition since customers will really prioritize convenience and ease. For businesses to attach a payment facility online, they have to set up an online merchant account that accepts credit cards as form of payment.
The purpose of an online merchant account is to facilitate online credit card payments done by customers. Payment made by credit card companies or firms via their credit cards typically stays in the merchant account for a few hours before it is transferred to the business establishments’ bank account. In short, a merchant account is able to automatically handle payments made online.
Before a business sets up an online credit card payment facility, it must first check on the terms involved. A business entity must be educated on payment gateways. Payment gateways are card processors that provide an electronic link between a credit card account and a merchant’s account of the business. Gateways verify information found in the credit card. It also contains a request that funds be transferred to the business’ bank account. Another concept which a business entity should be familiar is fund capture. This is a processing of payment where a deposit is made to the merchant account. Another useful term is settlement. A business entity can say that there is already a settlement when a customer’s card account has been communicated to the online merchant account of the business.
At this point, I would like to again stress the importance of having an online credit card payment facility on your website. Not only will it inform people of your product, but also will accommodate payments for your product.
Before companies and businesses decide to accept online payments, it is really imperative that they must be educated enough on the technology of payments to be able to serve their customers well. Education in technology and the internet may also be their best defense against online scams and fraud.
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