Tag Archives:Payment
High Risk & Low Risk Merchat Services

What is Payment Processing engine and Payment Gateway?

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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What is the difference between Merchant Account and Payment Gateway?

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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which technology is used for payment gateway ?

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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Lastest Payment Gateway News

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

Lastest Payment Gateway News

Cash Payment Gateway Receipt
payment gateway
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)

how do i MAKE a payment gateway?

Question by TheHermit: how do i MAKE a payment gateway?
okay don’t be so quick to judge.. i understand its not easy and its gonna take a LOT of work.. but it seems like the internet doesnt want me to know the answer to that! i could find NO sources for this.. ok lemme split this questions into sub-questions so its easier to answer (..?)
* is there any reading material for this?
* how much investment are we talking here?
* is there a proper tutorial that gives any pointers?
* on a scale of one to ten how retarded do u think this question is.. as in how hard is this gonna be for a good PHP programmer (me)

thanks in advance!
and we could do without the wisecracks thank u!

Best answer:

Answer by Shedy G
if you that stupid why ask its a10

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What is an ACH payment?

Question by d man: What is an ACH payment?
I am wanting to set up a high and free checking account and one of the monthly requirements is to have at least one direct deposit or ACH payment. What is an example of an ACH payment. Would a payment like netflix be considered an ACH payment.

Best answer:

Answer by doreen k
If you arrange for your Netflix monthly subscription fee to be automatically debited from your checking account, then that would be an ACH (Automated Clearing House) payment if you set it up that way. If you instead provided your debit card number, then that would NOT be an ACH payment.

ACH payments can be used for things like automatic payments to insurance companies, utility companies, etc. When you make these arrangements, just be sure to request an ACH or automatic checking account payment, using your routing and transit number and full account number (as it might appear on the bottom of your checks, assuming you have paper checks printed for your checking account). Again, do NOT provide your debit card number, as that would not be an ACH payment.

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Question about ACH payment?

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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Q&A: Indian payment gateway?

Question by thil: Indian payment gateway?
Which Indian payment gateway is easy to integrate to any opensource shopping cart.. ..

Best answer:

Answer by Lauren Green
You could check out this list of payment gateway that is widely used in India but not sure whether they are easy to integrate or not.

http://ijsid.wordpress.com/2009/06/01/top-10-payment-gateway-india-new-column-on-10-things-in-no-ranking-order/

Or I would suggest you opt for international payment gateways like PayPal. Here’s a list of other payment gateways that you could also consider integrating as they are widely known and recognized as well :

http://www.instantestore.com/accept-credit-cards.cfm

Hope this helps.

Lauren

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Q&A: online ACH payment put me over the limit, please help!?

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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