online payment gateway-red dot payment
DESCRIPTION
Provide fundamental knowledge and information about online payment gateways. Suitable for people who would like to startup an e-commerce business.TRANSCRIPT
Introduction to an Online Payment Gateway
Set up an online business? Enable online payment acceptance?
Read more here.
A secure portal on the World Wide Web that allows merchants to accept electronic payment via various payment modes.
It transmits and processes card and/or account information tocomplete online transactions.
What Is an Online Payment Gateway?
When Will You Need a Online Payment Gateway?
Whenever you want to accept payment electronically via online means, make payments online or do online monetary transactions
MerchantsSell goods/services online and accept payment online
Who Needs an Online Payment Gateway?
BuyersPay for purchases offline and online
Any PartiesMake online monetary transactions or receive payments via online means
Add “Bill Payment” graphic here
More Convenientthan bank transfer or cash collection
Why Do You Need an Online Payment Gateway?
More Secure than CashProtect against employee theft
More EfficientAutomated sales tracking
How Do I Integrate One?
1) Obtain a web hosting site for your website or online shop or blog. Set up your website/online shop/blog.
2) Check that the requirements of the hosting site can handle the technical requirements of the online payment gateway. E.g. Compatibility of programming language etc.
3) Contact your payment gateway provider for a merchant account and integration instructions.
Increase Revenue Leverage on multiple features and payment modes
SecurePrevent fraudulent transactions
Reduce Overheads Allows for 24-hour selling worldwide at low costs
Advantages of an Online Payment Gateway for Merchants
Ease of Use User-friendly payment interface
SecureOne-Time-Password feature
Convenient24-hour shopping worldwide
Advantages of an Online Payment Gateway for Customers
Some Payment-related Terms
Merchant Account A unique account at the payment gateway provider to identify monies due to each merchant and track transactions
Shopping CartA software that allows buyers to accumulate items for payment
SSL (Secure Sockets Layer)An online protocol that encrypts transmitted information to prevent unauthorized interception and theft
Frequently Asked Questions
How long does it take to setup a payment gateway?This depends on the features you would like and the platform your website is hosted on. It could be as quick as 3 working days.
When do I get my sales proceeds?The average amount of time taken would be 3 to 4 working days from the transaction date.
How long does it take for a payment to be processed?It usually takes between 3 to 5 seconds.
What is a credit card chargeback?It is the refund of a transaction that is initiated by the buyer through his card-issuing bank.
