| u are running a small work from home business than | | | | When a user enters credit card information; it has to |
| you must know how important it is that, you accept a | | | | be sent via an encrypted text form to the host server |
| wide variety of payment modes from customers. | | | | of the website. This will prevent interception of data |
| Choosing the right merchant to process online | | | | and unauthorized decoding.b) Order form – This |
| payments on your behalf may be difficult and | | | | is a form on your website where customers will input |
| sometimes have a direct impact on your business | | | | their personal and credit card information.c) Gateway |
| income. These are questions that you must ask and | | | | – Gateway is a channel where processing, |
| get satisfying answers before choosing a merchant | | | | authorization and merchant service management will |
| service. | | | | take place. The gateway transfers the |
| What is a merchant service? | | | | customer’s vital information to the processor |
| A merchant service enables your online business to | | | | where it is processed and paid to your account.d) |
| accept credit and debit card payments. The account | | | | Shopping cart – This is a software that allows |
| will be tied to a credit card processor. The credit card | | | | your online business to have be equipped with an |
| processor works with the customer’s bank to | | | | e-commerce store. Here, purchases will be calculated |
| route payments to your bank account. | | | | automatically for you. However, it is vital that the |
| Who offers merchant services? | | | | gateway be compatible with the shopping cart.e) |
| Specialized companies known as merchant service | | | | Merchant service account – Real time |
| providers offer merchant services to businesses and | | | | processing of the online payments cannot take place |
| individuals. They are independent organizations that sell | | | | unless you have a connection in place with the |
| and offer the payment processing services. In most | | | | merchant account. Te merchant account enables the |
| cases, other financial institutions also offer merchant | | | | customer to submit payments where they will be sent |
| services. | | | | to the merchant account for processing, authorizing, |
| Which merchant service is ideal for small business | | | | capturing and settling the whole transaction. |
| owners? | | | | Are there any other ways to accept credit card |
| This will depend on the business situation. Home based | | | | payments? |
| internet businesses are more likely to be turned down | | | | Most small businesses outsource receiving credit card |
| by banks because they are not very established. | | | | payments to third party businesses. The third party is |
| However, independent sales organizations, commercial | | | | responsible for collecting the customer data and |
| service providers and merchant services tend to be | | | | processing all payments. |
| more flexible. What is important is that and | | | | Deferred payment processing websites is another |
| entrepreneur conducts enough research and chooses | | | | option for small businesses. Here, a customer enters |
| the best payment processor that suits the business | | | | data but it does not go through gateway. Instead, the |
| needs and budget. | | | | data is sent to you manually where you can scrutinize |
| What do you need to accept online payment | | | | and correct where necessary. This process is |
| processing?a) Secure Server Certification – | | | | cumbersome, time consuming, and is not very popular. |