Online Electronic Payment Systems

To compete in the e-commerce world, businesses need to process transactions quickly and securely. Authorize.Net global payment solutions ensures both speed and accuracy providing:

To sell on the web you will need to be able to accept payments from your customers. There are many different payments methods to do this, such as:

  1. Credit Card Payments – e.g. Visa, Access or any other credit cards.
  2. Token Payments – made by Microsoft Passport and Mondex Schemes.
  3. Electronic Cheque Payments – used in exactly the same way as current cheque processing systems other than the fact that electronic cheques are generated and exchanged online.
  4. Micro Payments – these are payments that are made as a result of using a service on the Internet, e.g. pay per click payments for ads to flow traffic to a site. Each click is about 5 pence so you won’t want to transfer the payment for every click, micro payment works by calculating the clicks until it reaches a specified threshold and then the payment will be transferred.

Setting up an Account

To accept payments on-line, you will need to set up a merchant account. This is an account that accepts and holds credit card transaction monies.

A merchant account for online business is similar to a merchant account for mail order business – the risk is associated with the fact that you do not have the physical credit card to scan.

How it works? Once a relationship with the provider [i.e. bank] of the account is set up, the bank will deposit daily credit card sales into the merchants account after deducting certain fees.

To prevent fraud, it is important to implement enough security on your network so that it is protected without limiting your users. Secure Socket Layer (SSL) is a technology that encrypts or codes packets of information sent over the internet so that it is the sender and receiver only who are able to open and read the information. Combination of various preventative measures help use to detect fraud, such as SSL, batching (authorisations), and real time (makes decisions immediately). After a customer enters his/her credit card details, batching and real time is to approve or decline a purchase.

What you need to set up an on-line electronic payment system :

Using 3rd party’s to accept on-line electronic payments.

There are so many third party payment solutions available, the more popular ones are :-

Do it yourself or use a third Party?

Do it yourself

Using a Third Party