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.
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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.
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Question by Kin: Question about ACH payment?
Im supposed to get an ACH payment, the payroll said they sent it out this morning and may take a day or two. So funds should be available saturday morning?
Best answer:
Answer by cainvest1
ACH payments only settle Monday through Friday at most banks. If they sent it today as a payroll day-cycle item it will credit your account tomorrow. If it was sent as a normal night cycle payroll item you will receive credit on Monday.
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Paga resolves to tackle payment challenges in Nigeria
From global brands such as Emirates Airlines who use Paga's payment gateway to accept payments from customers purchasing a plane ticket with a debit card or Paga account, to local businesses such as FoodPro who use Paga to disburse payments to staff …
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Stripe: Why it's my de facto standard for payment processing
Payment gateways often lack adequate documentation, so integrating them in your code usually tests a developer's patience and sanity. This is one of the reasons I was initially attracted to Stripe (plus, there is lots of positive feedback in the …
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Question by M Shadows: What is the difference between Merchant Account and Payment Gateway?
Online Shopping
Best answer:
Answer by imisidro
Merchant account is a bank authorized account which allows you to accept major credit cards, electronic checks, etc. Note though that rates banks will charge you are higher if you are operating an online store because the “card is not present”
Payment Gateway is a software which actually processes customer order information, address, credit card number, etc. The data is sent to a credit card authorization network which verifies that the credit card is valid and verifies that the shipping address matches the billing address. Example of payment gateway is Authorize.net http://www.authorize.net
If you have only a few items, you can operate without a payment gateway and only with a merchant account — as long as you can manually assess the order and identify signs of fraud. All you need is a merchant account and a terminal where you can manually key in the credit card information
With a payment gateway, the order and credit card information is directly sent to your merchant account. So if the customer pressed the BUY NOW button twice, their card can be charged twice, as against when you manually key in the number, you can ignore the duplicate order
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Question by kavinrocky@1: Best Payment Gateway Provider?
My site is a freelancing site and i need the best Payment Gateway Provider..
These should be included :
Check – Regular Mail
Check – FedEx Overnight
Paypal
E-Gold
Moneybookers
Payoneer Debit Card
Bank Wire
Thanks
Best answer:
Answer by Michelle C
sitepoint.com/article/money-where-mouse-is-gateways
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Question by bhu: What is Payment Processing engine and Payment Gateway?
Can a corporate setup its own gateway or engine to process online money transactions. How is it done and what would be the cost to setup one.
Best answer:
Answer by ERAZ
Through payment gateway you can accept online payments from your clients on your website like 2co.com, moneybookers.com etc and they charge some percentage for providing this service like (.05$ +10%) for transaction > 100$ but exact figurs vary from gateway to gateway and yes you can setup your own for this you need to open merchant account in any bank. but my advice is to go for 2co as they also accept paypal along with credit cards and their fee is less than others and also taking services of any gateway is easier than settingup your own as gateway also provide security for not only client credit card but also for you and client feel more comfortable with well known gateways.
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Merchants' Choice Payment Solutions Partners With CardFlight for Customized …
CardFlight is a leading provider of mobile POS technology and tools that makes it easy for anyone to accept swiped card-present payments in any mobile app with virtually any merchant account. They offer both turnkey mobile applications and robust …
Read more on PR Newswire (press release)
Coin, Wocket, Plastc: The all-in-one cards trying to sprint ahead of Apple Pay
In most cases, credit card information is just being transferred to the merchant's terminal like it would be through a traditional magnetic stripe card. The difference is that Coin, Wocket, and Plastc have all integrated security features that are …
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MiFID II, MiFIR, Block Trade Washes, AlphaMetrix, Charges for Cash, Bitcoin …
No intermediated clearing through a futures commission merchant will be permitted. Before any order of a participant is effectuated, the participant must have all necessary funds in an approved depository account or collateral in the form of the …
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Question by Devin E: online ACH payment put me over the limit, please help!?
I recently recieved a credit card from capital one. I have a line of $ 500 credit, and have been making transactions but have also been paying them off. recently I have made a couple transactions that have put me close to my limit but certainly not over it. I checked the account online today and it said it was over the available credit limit so i checked the recent transactions and saw that there was an “online returned ACH” payment for $ 100 which ut me over the limit. What does that mean and how do i fix it? Will this hurt my credit score?
Best answer:
Answer by Jessica
Capital One is evil.
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Question by sean: What is a secure payment gateway?
How does it work to a merchant’s advantage?
Best answer:
Answer by happy
You need a payment gateway to process your on line payments as well as your normal credit card processing card company. They take your customer’s card details over the Internet and perform security checks on your behalf. It’s not to your advantage, because you have to pay twice and it’s not something you can do yourself.
It depends on the volume of business you transact through your site as to whether using a payment gateway is financially viable. For low volume transactions, a company such as paypal to take your online payments will be much much cheaper and it’s very straight forward. Google has also introduced a similar service recently.
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