 Over
60% of U.S. households are online, and more than half of these
households shop from home on a weekly basis. In fact, according
to Ipsos-Reid, a leading research company, of the 100 million
Americans who use the Internet, half of them will spend at
least $500 shopping online this year. This means that if you're
not selling online, you're missing a significant revenue opportunity.
And with advances in technology, selling online has never
been easier or more cost-effective.
An online store allows you to be open for business 24 hours
a day, 7 days a week and 365 days a year. Not only is this
is an important convenience for your customers; it also means
more revenue for you. An online store also helps you to reduce
your overhead costs since you don't need to hire reception
staff and people to take orders. With the right payment processing
tools, these functions are all done automatically for you.
And lastly, an online store helps you to reach new markets-across
the country. An online store is no longer an option for a
successful business; it's a critical step in managing and
growing your business.
 The
most important part of selling online is accepting payments
from your customers ranging from a single transaction (i.e.
the purchase of an item from your Web site) to a series of
transactions from a customer (i.e. the payment of membership
fees or installment payments via your Web site). Online payment
processing offers a customer the convenience of submitting
their credit card or other forms of payment on your Web site,
and for you to actually receive the money from this transaction.
Recurring payment processing allows you to set up regularly
scheduled payments for your customers for a series of transactions.
With VeriSign® Payment Services, you have access to a
variety of comprehensive, professional-grade features like
Recurring Billing Services. And VeriSign® Payment Services
allow you to offer your customers the added benefit of peace
of mind by using a brand they know and trust.
Online Payment Processing Basics
Purchasing online may seem to be quick and easy, but most
consumers give little thought to the process that appears
to work instantaneously. For it to work correctly, merchants
must connect to a network of banks (both acquiring and issuing
banks), processors, and other financial institutions so that
payment information provided by the customer can be routed
securely and reliably. The solution is a payment gateway that
connects your online store to these institutions and processors.
Because payment information is highly sensitive, trust and
confidence are essential elements of any payment transaction.
This means the companies, which have in depth experience in
payment processing and security, should provide the gateway
such as VeriSign.
The Payment Processing Network
Here's a breakout of the participants and elements involved
in processing payments:
Acquiring Bank: In the online payment processing
world, an Acquiring Bank provides Internet Merchant Accounts.
A merchant must open an Internet Merchant Account with an
Acquiring Bank to enable online credit card authorization
and payment processing. Examples of Acquiring Banks include
Merchant e-Solutions and most major banks.
Authorization: The process by which a customer's
credit card is verified as active and that they have the credit
available to make a transaction. In the online payment-processing
world, an authorization also verifies that the billing information
the customer has provided matches up with the information
on record with their credit card company.
Credit Card Association: A financial institution
that provides credit card services that are branded and distributed
by Customer Issuing Banks. Examples include Visa® and
MasterCard®.
Customer: The holder of the payment instrument-such
as credit card, debit card, or electronic check.
Customer Issuing Bank: A financial institution
that provides a customer with a credit card or other payment
instrument. Examples include Citibank, Suntrust, etc. During
a purchase, the Customer Issuing Bank verifies that the payment
information submitted to the merchant is valid and that the
customer has the funds or credit limit to make the proposed
purchase.
Internet Merchant Account: A special account
with an Acquiring Bank that allows the merchant to accept
credit cards over the Internet. The merchant typically pays
a processing fee for each transaction processed, also known
as the discount rate. A merchant applies for an Internet Merchant
Account in a process similar to applying for a commercial
loan. The fees charged by the Acquiring Bank will vary.
Merchant: Someone who owns a company that
sells products or services.
Payment Gateway: A service that provides
connectivity among merchants, customers, and financial networks
to process authorizations and payments. The service is usually,
operated by a third-party provider such as VeriSign.
Processor: A large data center that processes
credit card transactions and settles funds to merchants. The
processor is connected to a merchant's site on behalf of an
Acquiring Bank via a Payment Gateway.
Settlement: The process by which transactions
with authorization codes are sent to the processor for payment
to the merchant. Settlement is a sort of electronic bookkeeping
procedure that causes all funds from captured transactions
to be routed to the merchant's acquiring bank for deposit.
Online payment processing
requires coordinating the flow of transactions among a complex
network of financial institutions and processors. Fortunately,
technology has simplified this process so that, with the right
solution, payment processing is easy, secure and seamless
for both you and your customers. You as a businessman do not
have to buy a credit card processing software, or deposit
huge amount in the banks as security deposit or you do not
even have to hire professional to handle the billing and other
backend activities. This entire headache has been taken care
of by the company who actually undertakes all this activities
on your behalf with the help of new technology.
At FutureNet Technologies, we help you bring
about this transition for you. We have a vast experience of
handling E-Commerce transitions. We can help you narrow your
focus for setting the boundaries of change.
| The
unique features available to merchants such as: |
| 1 |
Low transaction fees |
| 2 |
Low setup |
| 3 |
No monthly fees |
| 4 |
Live international customer support |
FutureNet Technologies gives you the ability
to accept credit card and bank account payments on your website
or online auction. We will add the “Buy Now” &
“Add To Cart” buttons to your website so that
your site is ready to sell.
Please be free to contact us
for any more details. We thank you for your time and assure
you of the best in products and services at all times.
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