Myths related to merchant credit card
De BISAWiki
Recent years have witnessed a lively shift towards shopping online at jet dynamic speed, changing the entire scene of conventional shopping. A fascinating factor about internet shopping is that it has not yet only changed the phrase shopping but also changed the mode of payment from conventional paper payment to plastic payment, where payment of method is directly produced from buyer’s bank to trader. This trend of shopping is highly acclaimed by internet surfers.
But now the question arises how a online traders receive payments of these products and services because it is quite possible that some fraud or naughty persons will make fake orders by giving wrong information regarding their credit cards. To solve this problem it is necessary for every online trader to a merchant account opened on his name. It is a specific bank account that authorizes web business operators to get payment of the products and services online. To adhere to this method of payment it is necessary for online traders to clearly understand the steps involved in merchant account credit card processing. In simple terms merchant account can be a contract between bank and online trader agreeing to operate online businesses. If a trader is not interested to spread out merchant account on his name then he can also take aid of mediator like paypal who'll take care of account card credit merchant processing services with respect to online trader. When your account is opened procedure for online transaction starts.
The procedure is also very simple details of buyers is collected and provided for payment gateway which is place which receives your order. This gateway forwards the order with information on customers credit card number to merchant bank which again forwards this info to association of credit card which contacts to bank whose credit card number has been determined by customer, if this type of bank is satisfied from the account position of customer it approves his request and deducts payment from his account for products and services ordered by him.
