If you have an online store there are many details that need to be addressed. But the one question you will probably want answered first is: how will I get paid?
The answer is not as simple as you might think.
To accept payment online with a credit card or a check or whatever method you intend to use you first need a Payment Gateway. Basically that is a way to get the information about the transaction from your website to the bank. This has to be done securely and be complaint with Payment Card Industry Data Security Standard (PCI DSS) without your customer being redirected away from your site.
How does it work?
When a customer purchases a product from your site and clicks “submit order” all of their information is encrypted and sent via the Payment Gateway to the bank the card issued from and checks to see if it is approved or declined. If approved the bank will send an authorization back through the Payment Gateway to the website and complete the transaction. This usually takes 2-3 seconds.
The Payment Gateway is the key to getting that information to and from the bank and your website, so it is the essential part in getting your payment processed.
What payment gateway should you use?
The answer to that question is a resounding – it depends. There are many Payment Gateways to choose from each with their own benefits and features, as well as pricing options. The Payment Gateways ConnecWorkz recommends are listed below.
PayPal Standard and PayPal Pro is a payment gateway solution that connects your buyers to PayPal to complete the checkout process. PayPal acts as a combined gateway and merchant bank, from which you can transfer money to any pre‐existing bank account.
Intuit’s Web Store option is combined payment gateway solution and merchant account. It is designed to integrate into an existing e‐commerce solution so buyers stay on your site during checkout. Sales receipts are automatically transferred to any pre‐existing bank account specified by the seller.
An Authorize.Net Payment Gateway account allows you to accept credit cards and electronic checks through your web store. Authorize.net is used in conjunction with either the sellers existing Merchant Bank Account, or through a Merchant Bank referred by Authorize.net and that charges additional fees.
Choosing which gateway is right for your particular needs is tricky. It depends on how big your volume is, how many bells and whistles you need and, quite frankly, how much you are willing to spend.
WebWorkz Digital Strategies can help with that choice of course. The link below has much more on these options and pricing or you can contact us to talk to a member of our team.