January 1, 2009

Payment Gateway

Filed under: web development — mnalin @ 8:33 pm

A Payment Gateway is an e-commerce application service provider that enables payments for e-commerce, which will help business entities to maximize their revenue. So entities can make their products available to the entire globe through their website.

Every business entity that wants to accept and process payments on the Internet is required to have two main things. They are

{1}Internet merchant account

{2}Internet Payment Gateway certified with their credit cardprocessor.

Definitions for some related words

Merchant Account

An Internet merchant account is a merchant account particularly approved for processing “card not present” sales.

Payment Gateway

An Internet Payment Gateway is a characteristic of a virtual terminal. It takes the credit card information from the Virtual Terminal to the credit card processor, and returns the approval information back to the Virtual Terminal.

Acquiring bank

An acquiring bank is the bank or financial establishment that accepts payments for the products or services on behalf of a merchant.

Issuing Bank

An issuing bank is a bank that offers card association branded payment cardsstraightforwardly to consumers.

Credit Card

A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holders assure to pay for these goods and services.

Get More idea watch this video


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