Online shopping has already become a characteristic of the contemporary technological world. And it is a great benefit to have the ability to make payments right in front of your notebook.
The requirement of having an online merchant account is required due to the growing need of clients to purchase and pay online. An internet merchant account is an account which makes possible to accept customers’ payments directly from their credit cards each Internet. Apart from making payments with an internet merchant account, they can be performed with the help of online shops and other payment processing solutions. Online payments can be carried out with the support of an online merchant account connected to an online payment gateway. Online payment gateway is the manner customer’s financial information is transferred to the bank. The amount of online payment gateways depends on the amount of internet merchant accounts. In fact, people who take part with online business may have more than one online merchant accounts.
So as to have the ability to make online payments, a client is to make an application for an internet merchant account. But, setting up an online merchant account isn’t an easy thing. If payments are processed by obtaining banks, customers’ applications may be refused, since banks have stringent and severe requirements. When applying for an online merchant accounts, banks are likely to understand several personal details, such as customer’s business plan, marketing strategies, comprehensive information about services and products, etc. When the internet merchant account is installed, the financial data is transferred into the bank being protected by SSL encryption and 3D secure services. In order to prevent the instances of fraud and hack, SSL encryption protects customers’ financial information by encrypting it.
If a person owns a small company, he will make payments with an internet shopping mall. Paying through an internet shopping mall and online merchant accounts connected to an internet payment gateway are different. This very simple method of calculating payments better matches businessmen with no credit card offers and limited IT skills. As a rule, online shopping mall are usually chosen by businessmen with the standardized variety of goods and simply designed websites.