Secure the Best Payment Gateway

Payment gateways transmit the information from a credit card from the store it is being used at to the financial institution that issued the card. Payment gateways are not the machines that you swipe your card into, but are the invisible connections between the machines and the payment source.

Payment gateways can transfer a lot of information in a very short amount of time. The information that passes through the payment gateways is encrypted to protect the cardholder from theft and to protect the company that issued the card. best offshore merchant account providers

The information that passes through these processing systems is regulated and protected by the payment card industry data security standard council. This council and the program they implement to keep the information on credit accounts, debit accounts, and other financial information safe was formed in 2004. Before the formation of one governing body to provide this type of security each of the individual credit issuing companies had their own systems in place to protect information.

The merchant does not immediately get paid the amount of money that is removed from a credit card at the time of purchase. The information on the card is transmitted to the financial institution and they authorize the card to be used for the transaction. Then the information is sent to the same payment institution so the merchant can get a “clear” on the transaction. At the end of the day, or the end of the week, the merchant will group all of the authorization codes they have, and the clear codes they received, and send them to the payment institutions. Once this has been done it will still take about twenty four to forty eight hours for the monetary amount to be deposited into the merchant’s account.

The equipment that merchants use to transmit the information concerning credit cards is often offered free of charge by device manufacturers. The company that manufacturers the devices will offer to allow the merchants to have the equipment they need to make sales for a small percentage of every sale they make. These contracts often include the providing company doing all maintenance and equipment repair that is necessary on the devices.

You can now have the ability to accept credit card payments from your smart phones. The credit card payment will go through the same channels and processes that they would go through if you used a machine at the store or entered your information online.

Since more people are carrying debit cards and fewer people are carrying cash almost all merchants have begun to accept this form of payment. That means the connections that are established between the payment sources and the financial institutions are happening in larger numbers than ever before. This increase in data transmission may cause a slight delay in processing times and it may even cause a person to have to enter their information more than once before the financial institution receives and approves it. Technology is providing us with more conveniences and more security.

Leave a Comment

Your email address will not be published. Required fields are marked *