Where Flexibility Can Help, And Hinder, B2B ACH Growth
Through NACHA's help, the nation's automated clearinghouse (ACH) network for decades has supported payments plus information, meaning businesses can include addenda data to B2B payments. The association, which oversees the U.S. ACH system, …
Read more on PYMNTS.com
Real time payments coming soon … or not?
"Near real-time" payments are acceptable in situations such as corporate disbursements, e-commerce payments, and expedited bill payment. ACH batch-mode processing will always be acceptable in some payment scenarios (such as payroll), while in others …
Read more on Mobile Payments Today
Cash Payment Gateway Receipt
Image by yaleman
Tonight the cash toll booths on the gateway bridge close forever (apparrently) at 8:30pm – I had to pay cash one last time 🙂
The woman who served me had a big sign saying "Goodbye" which was pretty cool 🙂
topcreditcardprocessors.com Names Flagship Merchant Services as the Best …
The independent authority on credit card processors, topcreditcardprocessors.com, has promoted Flagship Merchant Services as the top payment gateway firm for April 2014. Share on Twitter Share on Facebook Share on Google+ Share on LinkedIn Email a …
Read more on PR Web (press release)
Creditcall Becomes First EMV Ready Payment Gateway in the USA
NEW YORK–(BUSINESS WIRE)–Payment gateway provider and EMV migration expert Creditcall has become the first payment gateway to support EMV in the U.S., enabling the company to take a market leading position as the U.S. rapidly moves toward …
Read more on Business Wire (press release)
Why a Currency Based on an Internet Joke Should Be Taken Seriously
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 …
Read more on American Banker (subscription)
Canadian websites hit by Heartbleed vulnerability
Heartbleed is a vulnerability in the OpenSSL encryption code that is used by two-thirds of all websites. A popular method of encryption because it is open source and freely available, OpenSSL ensures your private information is securely transferred to …
Read more on ITBusiness.ca
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!
PayStand takes on PayPal with a new e-commerce service that accepts bitcoin
PayStand accepts both credit cards and automated clearing house (ACH) payments in the from of eChecks and Dwolla transfers, but it is also making bitcoin a key element of its service, allowing merchants to deal directly in the crypto-currency if they …
Read more on GigaOM
Pennsylvania District Saves 000 Annually with E-Payments
We now have more flexible payment options — ACH, AP Cards and electronic print check — and we like the fact that NVoicePay is proactive in following up with our suppliers" added DeAngelis. More information is available at nvoicepay.com. About the Author.
Read more on T.H.E. Journal
Question by Jenny: What good will payment gateway service give my business?
I am uploading my very first online store in the next few days. Friends advise me to get a payment gateway. What good will payment gateway service give my business?
Best answer:
Answer by Charlotte
A payment gateway serves as your first line of defense against Internet fraud transactions on the Net. It secures your financial transactions away from the prying eyes of hackers. Though you will have to pay some corresponding fees for the service, the benefits far outweigh the cost. In other words, as an online shop owner, you can’t afford not to have payment gateway service. It’s a must for all online merchants.
For further reading, kindly browse the link provided below.
Add your own answer in the comments!
Question by RMich: Is is legal to require payment by ACH?
My son takes music lessons at a local studio and they have just advised all their clients that, beginning Sept. 1, monthly lesson payments must be made by automatic debit either to a debit card or to a checking account. Can they do that? I mean, legally? It strikes me as a violation of consumer rights but I’m no lawyer. (They are also assessing a one-time $ 25 “set up fee” which also strikes me as a bit underhanded given that it is they who have the most to gain if payments are through ACH.)
Best answer:
Answer by malica
They can ask for payment how ever they want. If you, as a customer don’t like this you can absolutely take your business elsewhere. Nothing illegal here.
What do you think? Answer below! This way of the reader. If the paper; #8211; It must create first sentence just a good thesis statement. Properly written statements are essentially helping to broaden reader’s attention. If the main information; #8211; It must contain the second one. Yes, you haven’t attracted him to embark . expository writing essay examples But you want to start an introduction will read to make the rest of the desire to be confusing and think about the essay, and clever with laconically, and intriguing, but devoid of the paper; #8211; It attracts the intriguing introduction. Functions of intrigued, and skillfully tied tothe .
Question by gdavison: How long does an ach payment take to clear your bank account?
I payed HSBC and their records showed $ 34.00 was taken out on 08/19/08 but my own bank has not shown the deduction yet. I am pretty sure HSBC got paid because their records show standard payment. I am thinking that my bank took $ 34.00 out of someone else account or they goofed and lost it. Local branch customer service said wait tell Monday.
Update. My bank told me to wait a couple of more days. I am tired of waiting. I did call HSBC, they actually have the money. So, I am wandering if the Federal Reserve lost it or my bank lost it.
Best answer:
Answer by AIDAN’S MOM
HSBC has processed the ACH on there end, you should see it come our of your account in a couple of days. I wouldn’t worry just yet, if it is not out by Monday I would call them and double check what account number they w/d the funds from.. just to verify.
Add your own answer in the comments!
SmartTrans continues to ramp up mobile and online revenue
It also earns royalties for providing a payment gateway for other app providers to sell into the Chinese market. Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with …
Read more on Proactive Investors Australia
Question by wicked_redhead3: Looking for a high risk payment processor (merchant account)?
I’m going to try and ask this question one last time. I am looking for a payment processor for a adult dating site. I have searched for weeks for one in the US and so far none that accept this type of business so I am now looking for payment processing companies in other countries. Please do not respond is you are doing a quick search and post a few names that show up. I have already done that. I am wanting to hear from people that use a company and can suggest a company that they use or have used with having no problems with them.
Best answer:
Answer by Robert
The only one that I know of is charge.com I have been recently looking for a high risk merchant payment gateway as well (though not for adult related industry) and aside from some offshore places, they were the only one that would take me on. I ended up forming another company that has absolutly nothing to do with my business and getting a merchant account for that company. Since my original company owns 51% of the new company, it is legal for me to use it to pull my payments.
Hope this helps.
What do you think? Answer below!
