Archive for the ‘Payment Gateways’ Category

For businesses that are looking to accept credit card payments online,
security is always an issue. You want to be able to reassure your clients
that their important financial numbers are not going to be misused, but if
you have the numbers stored on a computer, they are vulnerable to a hacker
attack. The solution? A payment gateway company.

What It Is

These companies provide a method of verifying credit cards in real time by
sending the information immediately to a bank. There is no information
stored anywhere since it is simply transferred. If the card is not reported
stolen or wanted for fraud, then the transaction will be continued.

There are numerous benefits to using this technology. For one, no stored
credit information means that the client’s payments are as secure as they
can be, something the business can promote when encouraging sales. Many
people are wary of paying online and the assurance of secure processing
tends to help them make a decision to buy.

Another advantage to the business is a large reduction in the number of
stolen or fraudulent card numbers being used, which protects the business
from monetary loss, as well. While it isn’t possible to completely eliminate
the use of invalid card numbers, using a system like this will definitely
keep the problems to a minimum.

Not all companies are the same. While all process the information in a
similar manner, online businesses need to ensure that they are choosing the
right payment gateway company for their business. It’s a good idea to check
out several companies and read reviews if possible so you can get a better
idea of what to expect from each one.

One of the most important areas to look at when choosing a payment company
is which shopping carts they support. For companies that are just getting
started, this isn’t a big problem because they can set up a shopping cart
that can be easily integrated with the payment service of their choice.
However, if the business already has a shopping cart and has set it up with
their products, chances are, they will want to find a company that will work
with the cart the business is already using.

It’s important to check the rates and fees, as well. Some companies charge a
fixed rate per transaction, others will charge a percentage. Compare prices
to be sure your business is getting the best deal for the number and type of
payments that your company will be receiving. For example, if the majority
of a business’ products are under $10, a fixed fee of $1 per transaction
will be more than a percentage of 2.5% per transaction, but if the majority
of the sales are over $50, the fixed fee is far more economical.

Payment gateway companies are not required in order to do business online,
but they should certainly be considered. Choosing the right one is very
important, since it can affect the future of your business.

The battle is on, which credit card processing pricing plan should your business be using? 3-Tiered pricing or Interchange plus? This is the question many larger merchants may be asking themselves, including merchants that process $10,000+ a month in volume. Before we go into the details, here are the basics: Visa & MasterCard have several dozen rates known as Interchange that determines the rate a merchant must pay for a particular transaction. The applicable Interchange rate is determined by various circumstances, such as was the card swiped, keyed-in with(out) AVS, is a business, corporate or reward cards.

The best options for most e-commerce merchants to accept credit cards
payment from their web store is via third party online credit card payment
gateways such as PayPal, WorldPay, iPay88, NBepay, 2Checkout, Google
Checkout, Money Booker any many more. Subscribing to these third party
online credit card payment gateways save you the trouble of applying for an
Internet merchant account from your respective bank which can be
troublesome, subject to strict terms and conditions and hard to get
approval.

To save your time and resources on choosing the right third party online
credit card payment gateways for your company, we have compile a comparison
chart of few selected major credit card payment gateways that are available
for Malaysian e-commerce merchants and supported by our Hosted E-commerce
Package.

Please note that all the data provided below is from Malaysian e-commerce
merchant’s point of view. Rates and terms might be different for merchant
from other countries. Please consult the respective companies for details.

About GordonGus
"Whether selling products, services or information I have helped others succeed online by clarifying goals, simplifying technologies, motivating players and executing tasks. My energy and perseverance has helped others reach their goals. Of course, some wanted to shoot me in the process."
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