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From Fri, e-pay option for water bills
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Question by Paul: What is a good payment gateway slash merchant account solution?
I am looking for a payment solution for my e-commerce shop. I am interested in a gateway / merchant account combo.
I have heard of Total Merchant Services.
I really need some recommendation.
Thanks!
Best answer:
Answer by mss
Payment gateway is a part of an eCommerce merchant account. A merchant account is the service that enables you to accept card payments. Payment gateway is an online service that merchant account providers use for transferring payment details between the merchant website and the bank processing center. The payment gateway will be integrated directly with your shopping cart. The integration process varies by providers and will be handled by their technical staff. Generally the following documents will be required during a merchant account application process:
1. A merchant application – you will have to complete and sign this form. It includes general information about you and your business.
2. A copy of your organization’s Articles of Incorporation, unless you are a sole proprietor.
3. A copy of a voided check for the account that you will want your money to be deposited into.
4. Business or personal financials. Your tax returns for the last two years may be requested if your business is new.
There are many things you need to know when selecting a payment processing provider. The most important issue is processing costs – you certainly don’t want to be overcharged. The costs are comprised of various fees and charges and I have given you a breakdown below.
1. Discount rate – the amount a merchant is charged by his acquirer for processing the merchant’s transactions. It consists of a percentage fee (e.g. 2.19%) and a fixed, per transaction, fee (e.g. $ 0.25). You should not agree to anything higher than 2.19% + $ 0.25.
2. Authorization fee – another “per-transaction” fee. You should not pay more than $ 0.12.
3. Application and set up fee – one-time fees to apply for and set up your account. You should NOT pay ANY set up or application fees!
4. Monthly maintenance fee – as the name suggests, it is charged monthly to keep your account on file. You should not be paying more than $ 10.
5. Support fee – another monthly charged for customer service. You should NOT pay ANY such fees.
6. Virtual terminal fee – a virtual terminal is the application that you will open in your browser and enter the payment information as you are taking it over the phone or getting it from a form you got in the mail. It should be provided for free.
7. Gateway fee – it should not cost you more than $ 15 per month.
Once your selection is made and all required paperwork is submitted, the set up of your merchant account should take no longer than two business days.
Add your own answer in the comments!
Former Executive Chef at the Pentagon Sets the Stage to Honor Veterans at …
Oakwood Common offers one and two bedroom senior living apartments located at 16351 Rotunda Drive, within a beautiful 29-acre community that includes exquisite landscaping, nature trails and scenic views along the historic Rouge River Gateway in …
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How Obamacare Went South In Mississippi
Families are crippled because of health crises that tear their lives apart, and by the burden of debt caused by the inability to pay for the health care that they need," the letter states in part. Demonstrators carried a large check for $ 8.7 billion …
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Los Angeles Metro taps Cubic for TAP upgrade
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When you think about the Internet in view of national borders on earth, you might begin to feel a sense that the human race is outgrowing its own world. Humans are moving about internationally, and across hemispheres, such that it could be said the original purpose of national borders is in question. On a daily basis, using the Web, we also cross borders freely.
Perhaps you are willing to consider that the Web in particular can act as a kind of training space, where we are all gradually re-thinking of the planet, as a whole. Social theorists in the '50s and '60s and '70s talked about the coming global condition of connectedness, a high-tech village atmosphere everywhere, when the planet seems to shrink for humans.
Certainly, in a less grandiose vision of the future, the Web is helping us all integrate at our own local levels. As a new, alternative globe or map, the Internet has already allowed countless cities and areas to become destinations for people who are searching for exactly those kinds of places. In that process, people learn how to let their minds travel freely in this world.
Why did we originally need guarded borders between countries? You could easily answer that question, from your basic history knowledge, and even common sense. Today, things at borders are much more complicated because money, goods, creatures and news are not the only things moving across the thresholds.
Cultures, languages, plants, ideas and ways of life are moving across borders very freely, because the physical borders mean much less to us. Our borderless online world may offer us powers and variety, in other words, that we shall begin to expect on the ground — including decreased awareness of people's nationalities. Aren't we all becoming global citizens?
If we're moving toward a borderless sort of world — at least in the ways that people feel about their world, in the beginning — then how the Web is guiding us in that direction is interesting.
We might say that we believe in the Web, as a reflection of our human world, for the reason that it is comprehensive. Enough people are sharing, creating and making use of online content that the library of life produced gives us confidence.
When anybody can come up with anything online — from learning a trade, to finding out about the next national border you could cross, or doing a craft project by yourself, to playing at a Tablet casino — it fulfills its purpose of bringing us all together, across our old borders and separations.
GoSwiff debuts integrated mobile commerce platform
Gateway: goSwiff Gateway consolidates a merchant's payment processing into one solution covering every payment transaction type and method. This enables payments to be processed quickly and accurately, all on a secure and authenticated platform.
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Tanpa Payment Gateway, RI Kebobolan Rp7,5 Triliun per Tahun
VIVAnews – Direktur Jenderal Aplikasi dan Informatika Kominfo, Bambang Heru Tjahyono mengatakan, bisnis transaksi elektronik di Indonesia bakal terus kebobolan jika tak memiliki payment gateway. "Semua transaksi ke luar negeri, setiap tahun, kita …
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RisePay to integrate Spindle payment processing aggregation in strategic …
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Meru Cabs asks RBI to extend recurring payment rules to foreign players like Uber
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RBI shuts overseas payment gateway for credit card transactions within India
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Google working with Airtel as payment gateway for digital purchases
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EGifter is working with GoCoin, a cryptocurrency payment gateway, to allow consumers to pay with the two altcoins. GoCoin allows clients to immediately exchange digital currencies into U.S. dollars to avoid price volatility risk. GoCoin charges 1% per …
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Canadian websites hit by Heartbleed vulnerability
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Question by James Bond: which technology is used for payment gateway ?
I mean there is technology that transfers money. We use some technology there are lots of its just tell me some so i can know something about
Best answer:
Answer by stymiee
This isn’t a project you would write with a language like PHP. You would need to use a higher level language such as C or C++. Something compiled that will be much faster and more robust then PHP. You can power your web based front end with PHP (i.e. user control panel) but the backend stuff, including payment processing, will need to be in the higher level language. You’ll also need an enterprise level database as open source databases could never handle a task like this. Basically you’re looking at using an Oracle database which is expensive but also designed for this sort of thing.
Your first major issue will be PCI DSS compliance. This is the security practices dictated by the major credit card companies (Visa, MasterCard, Amex, Discover Card, JCB). It dictates how you will secure your data in terms of hardware, software, and practice. It is expensive to do and maintain. You will need to hire a company to certify your compliance on a regularly scheduled basis. Failing your certification can mean you get shut down.
Your second major issue will be getting certified by the processing networks. To be a successful payment gateway you must be certified on every processing platform and there are at least 16 of them that I can think of off of the top of my head. Being certified takes about two months for each. You can do them simultaneously but you would be looking at at least a year to be certified on all of them. And each one has a different API so you will need to code your payment gateway to work with all of them.
Your third major issue will be the data you store. Not only do you have the PCI DSS issues to deal with, but you will need to capture and store every transaction that runs through your system for years. That kind of data will require tons of storage space (that will also need to be secured).
Your fourth major issue will be processing volume. A gateway must be able to perform transactions in a second or less. This means your hardware solutions must be able to scale for heavy traffic especially over the holiday season. It will need to be able to handle hundreds of transactions per second (thousands if you become successful). That is a big reason why you’ll need to use a higher level language over PHP.
Your fifth major issue is that you will need to create a powerful yet easy to use API for web developers to use to connect to your payment gateway. They need to be able to do everything a credit card terminal can do through code. Documenting that should be fun! 😉
Minor issues include:
– Making sure you are ECI compliant (Electronic Commerce Indicator is required for all Internet transactions)
– Securing all data transfer (SSL)
– Offering a user control panel
If you want to be successful you will also need to have the following in place:
– Anti-fraud tools
– Have a reseller program in place
My estimations would say it would take 2 – 3 years to build your own payment gateway and get it up and running. That includes being PCI DSS certified, certified on every major processing platform, and to create your API. Costs would be around $ 250,000 as the developers you would need to write that kind of code will not be cheap plus you will have large infrastructure costs (hardware and software) just to run everything.
Know better? Leave your own answer in the comments!
