An often overlooked and under analyzed segment of building your ecommerce commerce is the backend processing of your orders. Businessman invest lots of cash and time into making sure their site design is just correct, but frequently gloss right over their order processing systems. Spend a fractional of your time spent in making design tweak into selecting the correct payment gateway, merchant processor, and bank account, and you will put aside yourself a lot of money. Quite simply, a payment gateway is the system used to send out your clientele payment information from your safe website to your secure merchant processor.
Think of it as the terminal that gather, encrypts, and steadily transmits the data to your commercial account. There are a lot of different services to select from when picking your payment gateway, even though, it is significant to be familiar with that the gateway you select must be compatible with your ecommerce solution. Please be certain to obtain a list of the different gateways for your ecommerce solution accepts, and contact everyone to learn of their rates and service offerings.
There are many systems which offer an all in one service where you get the payment gateway and the Payment Processing together. The benefit here is that you do not have to manage two separate accounts. Rates on the other hand are generally on the higher end of the spectrum. For example, one of PayPal's services boasts a flat rate (for national sales) based upon your sales volume. The more you trade, the less they charge you to process the transaction. The advantage here is that despite of which credit card is used, or whether the card is qualified, you get charged the same flat rate. This is exclusive to PayPal and other all in on services.
The payment gateway transmits the encrypted billing data to your commercial processor who is then accountable for routing this data to the credit card network. The credit card network confirm that your clientele credit card is valid/has sufficient funds to cover the transaction, then notifies the payment gateway, which then communicates with your ecommerce solution. If the transaction is approved, then the merchant processor will transmit your settled orders to your bank account. Every Payment Gateway Service has their own Terms and Conditions. This will comprise a list of products and services you are permitted to sell through their service. For all time make sure to check that out first, previous to signing up.