Having an E-Commerce Payment Processing Solution in the e-business website is an advantage to the buyers and sellers. To make the e-commerce solution work, your website needs the following:

1. Shopping Cart

2. Payment Gateway

3. Merchant Account

The Shopping Cart

The Shopping Cart is the software installed in your website to assemble the items picked by customers, calculate total amount, calculate taxes for the items, collect the details of customers’ payment, and send the details to the gateway page for the processing of payment. Shopping Cart software or system is not a system that handles all the financial transaction but it is only a place where customers put the items they want to purchase.

Some shopping cart software are already provided by the website host while some are available anywhere, but it is important that you choose the shopping cart that would be suitable to your gateway and merchant accounts providers. You should get the one that is approved and recognized by your merchant banks that process the receiving of payments.

The Payment Gateway

The Payment Gateway is system that fulfills the role of the intermediary between your merchant’s shopping cart and the payment transactions involved in the purchase made by your buyer. The payment gateway will check the credit card or payment methods for the accurate processing of the payments. The gateway transacts with the merchant account providers to process the transactions as directed by the customers. It is important to choose the right gateway, at the minimal costs, for your e-business to ensure its success.

The Merchant Account

Internet Merchant Account are those institutions that process the payments. The accounts enable you to get the payments from the credit cards of the customers and transfer it to your own account. Your Internet Merchant Account allows you to take payment through online transactions. To keep your Merchant Accounts working properly, you need to pay monthly fees with rates of 2% to as high as 4%. Accounts or credit cards with greater risks of collection due to fraudulence have higher rates of up to 4% to12%.

When applying for the Internet Merchant Services in order to make your Payment Processor working efficiently, you need to establish a website with systems and designs approved by the merchant institutions.

Your website needs to have existing pages where the merchant can make a visit and formulate appropriate reviews in order to process your application for your Internet Merchant Accounts. The pages should include the following:

1. Privacy Policy (this is used to describe how the website handles the personal information of the customer for the service they provide.)

2. Terms of Use (describes all the details regarding use of website.)

3. Refund Policy (the policy should discuss how and where to apply the right to refund.)

4. Shipping Policy and costs (the policy should include in its statement the exact amount applied for the shipment of items purchased.)

5. The information you provided when you registered in the domain should also be the information that you will give when you apply for the approval.

6. The contact number you provided on your website should also be the contact number to appear on your application. The e-business that you established should not be listed as “restricted”.

8. The SSL encryption for the Shopping cart should protect the details about your customers.

To get the approval for the application to the Internet Credit Card Processing, you should supply them with complete requirements and a good website page. You will also have a wide range of access to other merchant accounts available in the financial online banking institutions.

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