A payment gateway is a remotely hosted software application that transmits transaction data (either from your website or from a virtual terminal where you manually enter or key in transactions) to a credit card processor. Our payment gateway solution is pre-integrated with most shopping carts, has the most features, including a virtual terminal for manual entry, and is the easiest to use.
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A payment gateway is a way to process electronic transactions. Payment gateways provide the tools to process payments between customers, businesses, and banks. If you are looking to set up your business so that you can take advantage of eCommerce operations, you have probably heard the term "payment gateway." A payment gateway is a necessary part of the transaction between customer, business and the banking institutions that both are using. A payment gateway is used to facilitate electronic transactions. Some of the main features of a payment gateway include:
Some payment gateways feature tools that can help your customers figure out shipping and handling costs, as well as sales tax. There are also fraud detection tools and other features that can be used with a payment gateway. Many eCommerce Web hosts offer payment gateways as part of their hosting packages.
While this process seems lengthy, in reality it only takes a few seconds to complete. In some cases, it happens in two seconds. In other cases, it can take as long as 10 seconds. It depends on the connection speed of the site, as well as traffic on the local Internet service provider. Before the sale is properly "settled", however, the product must be shipped. Here are the additional steps that a transaction must go through to reach final authorization:
A payment gateway can be very useful. If you want to accept online transactions you will need one. Even if you don't operate a business Web site, a payment gateway can be a useful ecommerce tool.
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Alliance Merchant Services is a registered ISO of Wells Fargo Bank, N.A., Canadian Branch, Toronto, ON, Canada