Some very important things you need to know about payment gateway and virtual terminal. First, what is it and why does my business need it? Let’s answer these questions simply.
Payment processing is an electronic method of exchanging account information from the store level to your payment gateway originating from a credit card purchase, which initiates a secure encrypted transaction request sent electronically to the gateway to allow the transaction to be cleared.
Your payment gateway then immediately corresponds with your merchant account, which corresponds in real time with your financial institution. This process usually takes less than a minute.
A payment gateway allows your business to make payment transactions to a payment processing system electronically, which is through an automated clearinghouse called ACH.
ACH is a secure payment transfer system that connects all US financial institutions. Another payment processing system is credit card interchange, which is essentially the process of clearing credit card transactions. They also process and payment gateways for ecommerce manage these transactions.
If you are an online merchant, your website should be set up with an online catalog and shopping cart. Consumers shop from the comfort of their own homes at any time of the day or night with the click of a button. If your store doors aren’t open after 5pm… don’t worry, your online shopping is open 24/7. Another way to triple your trading profits.
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