In the present times, it has become easier than before to
buy or sell the products or services online. In the times of today, merchants
easily take customer payments from debit cards, credit cards, bank accounts, with
the help of online payment gateway. A gateway is an automated secure system taking
payment from buyer and delivering it to merchant. The service initiates the
payment process and after that it authorizes it. After that, it will accept or
decline the transaction and this will be based on the received information. The
online payment gateway gives the multiple benefits for merchants and enables
them to securely and quickly accept all reputed credit cards, ACH payments and
the debit cards. It also reduces overall costs and increases the sales. It
protects business and customer data with PCI complaint security. By this, one
can take the benefit of the management tools that includes batching, detailed
reports, voids and returns. The merchants who deal with the online payment
gateway have the option to use online shopping cart, virtual terminal and also
the smartphone applications for the acceptance of the online payments.
Virtual terminal operates in the same manner as the
credit card terminal except for the fact that the virtual solution allows
merchants to input manually the information related to the credit or the debit
card on computer so that the transaction might be processed. Unlike the
traditional machines that process the credit cards, virtual terminal is much
more flexible and does neither require the hardware nor does it occupy any sort
of business space.
