OPPapers.com Essay Index >> Technology >> Internet Payment Gateway
We have many free term papers and essays on Internet Payment Gateway. We also have a wide variety of research papers and book reports available to you for free. You can browse our collection of term papers or use our search engine.
Internet payment gateway. Internet ... interface. What is an Internet Payment Gateway?
An Internet Payment Gateway is a feature of a virtual terminal. ...
... any transaction over the web once a payment is made over the internet, site owner ...
to collect funds, you need to have a merchant account and a payment gateway. ...
... are as follows Client, Merchant, Transaction system and payment gateway. A client
is a computer system that is directly connected to the Internet via an ISP ...
... for the secure transmission of credit card information - especially on the internet. ...
This information is needed to ascertain the relevant payment gateway. ...
... If you want to handle online credit card transactions yourself, you will need an
Internet-ready merchant account, a payment gateway service and an SSL ...
Submitted by drinkfirst on April 1, 2006
Category: Technology
Words: 1783 | Pages: 8
Views: 275
Popularity Rank: 41,921
Average Member Grade: N/A (Add a Comment / Grade this Paper)
Internet Payment Gateways & Schemes
Every merchant that wants to accept and process payments on the Internet is required to have the following:
An Internet merchant account
A Virtual Terminal
An Internet Payment Gateway certified with their credit card processor.
What is an Internet Merchant Account?
An Internet merchant account is a merchant account specifically approved for processing "card not present"
sales [i.e. "MO/TO" (mail order, phone order) / Internet-Based transactions].
Visa and MasterCard have different criteria for evaluating the potential risk involved in credit card
transactions where the card is not physically presented to the merchant. This type of business is typically
referred to as "card not present" or "MO/TO" (mail order/telephone order) merchant. For this reason, a
separate merchant account is required to process credit card transactions over the Internet.
In order to process credit cards online the first thing you will need is an Internet Merchant Account. An
Internet Merchant Account is a relationship between a business / merchant that is selling goods or services
over the Internet (you) and a merchant bank. This relationship enables you to accept web-based credit card
payments from their customers. Here is how it works:
The Merchant Bank assigns you a unique number called a Merchant ID Number or MID. This unique
number is attached to each credit card transaction that originates from your Web site. The Merchant ID
number is also associated with your business checking account. This allows funds captured from your
customer's credit card payments to be automatically deposited into the proper business checking account. It
takes approximatly 48-72 hours for the funds to settle into your business checking account. To qualify for a
merchant account, you must meet the...
You must Login to view the entire paper.
If you are not a member yet, Sign Up for free!