How to Accept Credit Card Payment Online

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Here's a quick tutorial that reveals how to accept credit card payments from your customers both online and offline. To accept credit cards, such as Visa or MasterCard from customers... over the phone, by fax or online in your website shopping cart, you need (1) an online merchant account and (2) a payment gateway.

How Online Credit Card Processing Works

While the process behind any online credit card transaction is complex and appears to take forever, it is actually instantaneous. A consumer pays you with a credit card and you, the business owner, fill out an online transaction using your browser and Smart Screen. Upon completion of the transaction, the information passes the data through the businesses merchant account to the credit card processing bank. (The processing bank is connected to a series of financial networks that work to manage processing, clearing, and settlement of credit card transactions.)

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How Online Credit Card Processing Works

While the process behind any online credit card transaction is complex and appears to take forever, it is actually instantaneous. A consumer pays you with a credit card and you, the business owner, fill out an online transaction using your browser and Smart Screen. Upon completion of the transaction, the information passes the data through the businesses merchant account to the credit card processing bank. (The processing bank is connected to a series of financial networks that work to manage processing, clearing, and settlement of credit card transactions.)

The processing bank then sends the transaction to the customer's credit card issuer, who returns an approved or declined response. If approved, the appropriate funds and transaction information are sent back to the processing bank, where the funds are secured from the card holder and scheduled to be deposited into the merchant's bank account. If declined, a response is sent back to the processing bank.

Transaction results are then relayed back to the payment gateway, which stores the results and sends them to the customer and the merchant for confirmation and verification. This is when, as the merchant, you receive a receipt. The funds from the transaction are verified upon the merchant batching, and later deposited into their bank account.

What is a "Shopping Cart"?

Simply stated, a shopping cart is a software application that lets customers put items in an internet "storage basket" for easy, simultaneous purchase. It calculates shipping (based on pricing, number of items or weight) and sales tax, and also may be set-up to send a copy of the completed order to a fulfillment center, accountant or other email capable locations.

Accept Credit Card Payments from Your Customers

The order process is easy. Once you fill out the application, you receive confirmation quickly. There's never any quesswork. You know exactly what's going to happen and when. It's all explained upfront. In order to explain the exact process, you should know the major participants in the credit card transaction and settlement process as well as their roles:

1. The Gateway acts as a bridge between your company and the financial entities that handle the processing and settlement of credit card transactions.
   
2. Your Merchant Bank Account is the bank account that allows you to receive settlement funds for credit card transactions processed through the Internet.
   
3. The Acquiring Bank is the bank that holds your merchant bank account. If you signed up for the Authorize.Net Payment Gateway through a reseller or other sales organization, you may not have a direct relationship with your acquiring bank.
   
4. The Processor refers to the payment processor that processes credit card transactions (e.g. TSYS, FDMS Nashville).
   
5. The Credit Card Issuer is the financial institution or bank that issued the credit card to your customer.
   
6. The Credit Card Interchange System refers to the system established by the credit card associations that allows acquiring banks to submit credit card transactions to the credit card issuing bank for settlement on behalf of their merchant clients.

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