What is an Online Payment Gateway? Online Payment Gateways allows you to accept credit card transactions (either online or in-person) by transacting money from your merchant account to a payment gateway through a processing terminal or personal computer by transferring information from your personal computer to the gateway. A virtual server is software that allows you to take payments from almost any electronic device (e.g., phone, tablet, or desktop) operating it, which converts the device to a payment gateway. In this way, the customer does not carry around a printed card but can swipe it through the card reader at the point-of-sale terminal and pay for items using the card. Payment gateways act as a connection between the customer and the financial services. If the financial services are located elsewhere, the gateway serves as a connection between the customer and the retailer.
Online Payment Gateway and PCI Compliance, there are many benefits to accepting payments via a payment gateway. First, the gateway has to comply with the PCI regulations. PCI Compliance, also called Payment Card Industry Security Standard (PCI-SA), requires that merchants, processors, and card-issuing banks take reasonable steps to ensure that they are not exposing their customers’ sensitive financial information to unauthorized access. In order to qualify for PCI Compliance, businesses must test their systems periodically to ensure that they are PCI Compliant. By setting up a Payment Gateway, you will make your business more PCI Compliant.
Having a Secure Payment System
By having payment processing terminals that are PCI Compliant, your customers will feel secure when making purchases online. This means that your clients will purchase items with peace of mind that their personal information will not be exposed to unscrupulous third-party merchants. Many consumers also shop online to save time, while some do it just for fun and shopping. When shopping or accessing the information on the Internet, security is an issue.
Options for Payment Channels
There are several different types of payment gateways that can be used. They are designed for PCI compliance and are available in various formats. Most people use the newer versions of these systems that are compatible with major credit cards, such as Visa and MasterCard. These newer payment gateways can handle all forms of payments, including electronic checks. The processing speeds for these transactions have increased tremendously due to the use of more efficient processors.
As a business owner, you are encouraged to be proactive in protecting yourself from unauthorized transactions. You should always check to see that your Internet merchant accounts are PCI Compliant. If you do not already have a merchant account, you should consider becoming familiar with the benefits of choosing the right payment processing company.
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