To utilize our ecommerce templates you should understand about ecommerce merchant accounts or shopping cart credit card processing.
A payment gateway is a separate e-commerce service that authorizes payments for online retailers and acts as an intermediary between the merchants’ shopping cart and all the financial networks involved with the transaction. This includes the customers’ credit card issuer and personal merchant account.
Another function of credit card processing payment gateways is transaction encryption. A payment gateway uses SSL 128-bit encoding technology to encrypt and decrypt all the data being sent through it. This keeps the data safe from potential wrong-doing.
You may get a shopping cart merchant account from a merchant bank or a merchant service provider in your local area. A merchant account provider is typically a separate company from the payment gateway. Some merchant account providers have their own payment gateways so they may offer a payment gateway and a merchant account in one package An e-commerce merchant account is basically a service for which e-commerce merchants apply, and after approval use online credit card processing services in their store front shopping carts. Information about mobile device ecommerce see: mobile e-commerce.
Another option is a third party credit card processor which is a payment gateway and merchant account together. These companies execute the shopping cart credit card processing on your behalf without requiring you to have your own merchant account. They usually perform the total of the transaction process i.e. the authorization, billing, reporting, and settlement.
Third Party Merchant Account:
Using the third party merchant account type of service, the merchant outsource's the payment processing part of the transaction cycle to a third party. This means you will not need to create merchant account, as they offer both the merchant account and the payment gateway. They handle all aspects of the transaction for you but require certain fees and percentages. All you have to do is to sign-up and you are ready to accept credit cards on your website. PayPal, Google Checkout, 2Checkout are a few third-party service providers.
The main benefits and shortcomings of operating a third party merchant account are:
Self-directed Merchant Account:
A Merchant account enables a seller to accept payments directly to his own merchant/bank account through a gateway. As a rule, such model suggests that payment details are entered on the seller’s website, however it is not compulsory. It’s up to the seller to decide which model to use. Hosted solution, which is when the payment details are entered on the website of the gateway, is used when the seller chooses not to deal with the PCI compliance.
To have your own dedicated merchant account you will need a bank or a merchant account provider that will allow you to have a merchant account and a payment gateway to work with it. Afterwards the process is rather simple – when the customers select the items to be purchased, they are taken to the check-out page which is SSL-secured on the server hosting the merchant’s website. Then the merchant’s payment gateway gathers the transaction information, encrypts it and sends it to the card issuer for authorization. The authorization response is routed back to the merchant through the gateway and the transaction is completed. The examples of real merchant account providers are RBS Worldpay, PayQuake, Worldpay, and others. These companies offer complex solutions from a 3rd party payment processing to opening a real merchant account. In the second case they also offer gateway services. Some companies like Authorize.net are working as a gateway only and help you in creating a merchant account.
The main benefits and shortcomings of operating a self-directed merchant account are:
Control every facet of your store, from merchandising to promotions and more. There are no limits to creativity with Magento. Expand Your Market Reach more customers by creating targeted micro-sites using Magento's multi-store retailing functionality. Magento's SEO features and user experience will attract and convert more qualified customers, leading to business growth. Competitive, Low Cost of Ownership Magento's commercial open source business model yields a product that is superior for a fraction of the cost.
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