For
the purposes of this guide we are going to assume you
are totally new to online payments and have no prior
experience.
Processing payments
The first thing you need to do is set-up
a merchant account and payment gateway to process
the payments.
The merchant account verifies credit card and customer
information. This includes checking to see if the
details supplied are correct (address, card number
etc.) and if the card has been reported stolen, or
has enough funds.
A payment gateway is separate and acts as an intermediary
between your website
and all the banking systems.
This is a seamless process and your customer does
not interact with the gateway. The credit card and
customer details are submitted via the gateway, which
securely sends the information through the relevant
financial networks to the merchant
account.
If the transaction is successful, the merchant account
then deposits funds to your designated bank account
where you can then access them.
With all our accounts we provide both the
merchant account AND the gateway.
How do they actually pay me?
Now you know what happens to actually process a payment,
you now need to know the methods to allow customers
to physically pay you.
The two main methods for online payments are:
- Through a website
If you are wanting to
accept payments through your website you will need
to have some sort of shopping cart or website which
is integrated to the payment gateway and merchant
provider. Once someone adds product(s) to the basket
and wishes to pay, they will then be taken to a
secure payment page where they can enter their credit
card details.
- Using a virtual
terminal or VPOS
(Virtual Point of Sale)
To take credit card transactions over the phone
(MOTO), you simply enter the customers credit card
information onto a secure website that you access
and submit the information to complete the transaction.
The virtual terminal
is like a payment page in reverse. However instead
of the customer entering their details on your website,
you complete it for them.
We provide a FREE virtual
terminal or VPOS
with all our accounts.
This is how it all works
Once someone buys from me, when do I
get the money?
As part of the application
procedure you must supply details of the bank
account you wish funds to be paid into. This is the
money that you have taken, minus any transaction fees,
from customers using your website
or virtual terminal.
Depending on which merchant
account you choose depends on when you get your
money. With the Solution
1 Account you are paid weekly, 5 days in arrears.
The High-Risk
Merchant Account + Gateway is weekly, 14 days
in arrears, and with the Solution
2 Account you are paid weekly, 28 days in arrears.
Anything else I need to know?
Well that's the crux of it. However to enable you
to get the merchant
account you do need to make sure you comply to
the following minimum
requirements;
- At least 18 years of age
- Have a business Bank Account
(unless sole trader)
- Incorporated in one of
the supported countries
- Business must NOT be on
the prohibited businesses list
For much much more information please use the links
on the left.
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