If you want to conduct business online, you definitely need to be able to accept and process credit card payments. This not only helps your business grow it also helps you capture the impulse buyer who probably won’t make a purchase if they need to send a check or money order. If you’re wondering how to accept credit cards on your website keep reading to find out more.
Merchant Account
Merchant accounts are bank accounts that allow users to accept credit and debit card payments. The payment processor you end up using determines whether or not you’ll need to set up your own merchant account or if you’ll create an agreement with your processor to use theirs. If you want to know how to accept credit cards on your website, you’ll need to determine whether you want to open your own merchant account or use one a payment processor assigns you.
Payment Gateway
Payment gateways facilitate coded financial communication between your website and the issuing bank of the card being used to make a purchase. The payment gateway initiates transactions, assigns approvals or declines, and issues refunds or voids transactions. The gateway also takes care of encrypting and protecting all the sensitive information that is transmitted between your site, your processor, and the issuing bank.
Payment Processor
The payment processor is the service that handles the communication between card companies and banks. The payment gateway is the interface your processor uses. It can be a little confusing. That’s why it’s so important to understand how to accept credit cards on your website before you commit to a processor.
The payment processor usually takes care of your merchant account and payment gateway. However, it is important that you understand the complex process that an online credit card transaction goes through. The processor is who you enter an agreement with. They typically charge transaction fees, recurring rates, percentages, and user fees for accounts and gateway usage.
Shopping Cart
Once you have committed to a payment processor, you still need a format to sell your products from. This is your eCommerce site. Before you choose a site and set it up, you should know which processor you will be using to ensure both are compatible. Most payment processors can set up a plug directly within your site, other will utilize an external portal to process the payments.
Go with the Best, Go with Allied Wallet
Understanding how to accept credit cards on your website is a little more complex than simply digitally swiping a card and receiving payment. You want a payment processor that will take care of the complicated steps for you, that will offer you and your customers first class security measures, and give you the tools to grow your business.
Allied Wallet is an industry leader in payment processing solutions. Thousands of merchants across the globe put their trust in our service. We provide affordable, easy to use, highly secure card processing for your website so you can focus on what you do best, and leave the complex payment process to us.
