Ways of Processing Online Payments

The necessity of having an internet merchant account is required due to the growing need of customers to purchase and pay online. An online merchant account is an account that makes possible to accept customers’ payments directly from their credit cards per Internet. Apart from making payments with an internet merchant account, they can be carried out with the help of online shops and other payment processing services. Online payments can be carried out with the help of an internet merchant account connected to an online payment gateway. Online payment gateway is the way customer’s financial information is transferred to the bank.  The number of online payment gateways depend on the the number of online merchant accounts. In fact, people who are involved in internet business can have more than one online merchant account.  

In order to be able to make online payments, a customer is to apply for an internet merchant account. However, setting up an online merchant account is not an easy thing.  In case payments are processed by acquiring banks, customers’ applications can be refused, since banks have strict and severe requirements. When applying for an internet merchant account, banks are likely to know several personal details, including customer’s business plan, marketing strategies, detailed information about products and services, etc.  When the online merchant account is set up, the financial data is transferred to the bank being protected by SSL encryption and 3d secure services. In order to prevent the cases of fraud and hack, SSL encryption protects customers’ financial data by encrypting it.   

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