If you are not accepting credit cards at your place of business be it online or locally, you are losing sales. Processing credit cards has never been easier with payment gateway solutions. A gateway is what is used to authorize credit cards in any kind of sale that needs to accept a credit card payment.
The payment gateways not only authorize payments, but it stores the credit card information via encryption. This encryption is not readable, it is scrambled. This makes it impossible for hackers to see. Therefore, when the gateways process the card, it is via encryption to keep it secure.
The payment gateway process begins when a customer either enters their credit card online or a merchant swipes the card. This information is transmitted to a payment processor, which is established by the card’s bank. This information is sent to the cardholder’s bank where an instant fraud check is completed and sends back an approval or denied response to the merchant. The money is typically moved instantly from the customer’s account to the merchant account.
If you have ever used your credit card or check card at a store and watched the cashier swipe your card, you know the how it works. The entire process of sending the information to the gateway, then to the processor, to the bank, and then finally back to the merchant happens in seconds.
The payment gateway solutions are critical for your business. It is the first point of entry for the card and it therefore needs to be solid. Fraud protection is another solution that some gateways offer.
If you are ready to begin accepting credit cards, you will find many great payment gateway solutions to choose from. It is a great choice for any kind of business and today, this is very affordable compared to several years ago when credit processing was beginning to change with technology.