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How Payment Gateways, Merchant Accounts, Payment Terminals Works
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[QUOTE="Emm, post: 1971, member: 3"] A merchant account lets businesses accept debit and credit card payments from customers. It functions as a holding pen for money owed to you from card transactions. Funds taken from a customer's credit card will be deposited in your merchant account pending clearance. From here, authorized funds will be transferred to your business account. Having a merchant account will let you take card payments in-store, online or over the phone. To accept face-to-face card payments, you need a payment terminal you will usually be able to get a payment terminal from your merchant account provider. The payment terminal reads the card using EMV technology and contacts the customer's bank securely, ensuring fraud protection. [B]To accept online card payments[/B], you will need to set up an account with a payment gateway provider A payment gateway is a secure connection through which the customer's credit card details can be transmitted. It is the online equivalent of a payment terminal and insures PCI compliant encryption of card data. Phone payments are known as MOTO or Mail-Order Telephone Order. They can be accepted using a payment terminal that supports manual entry of the card number or through a virtual terminal. [B]A virtual terminal[/B] is an interface that lets you enter card details without the cardholder present. Most merchant account providers offer virtual terminal services. [/QUOTE]
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How Payment Gateways, Merchant Accounts, Payment Terminals Works
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