Our company provides custom ecommerce application development, shopping cart development and credit card gateway integration services on the ColdFusion development platform. We provide payment gateway integration services for providers like Paypal, Authorize.Net, Billmelater, Multi channel payments and lesser known payment gateways across the world like etpv, mobipay etc.
Given Below is certain terminology that helps you understand Credit card processing better.
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Credit Card Processor: The credit card processor provides the merchant account which enables you to accept credit card payments and interfaces with your bank account for depositing funds.
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Credit Card Gateway: The gateway provides a web based interface to the credit card processor. Gateways provide two main services 1) enables your web site to communicate over the internet to process credit cards in real-time 2) provide management and reporting interface for any transactions run through the gateway.
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Merchant Account: A merchant account is provided by the processor and enables you to charge credit cards and acquire funds in your company’s name.
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Bank Account: Your bank account will be the final destination for funds charged to your clients credit cards. The processor will typically interface your merchant account with your bank account to deposit funds to your account on a periodic basis.
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Fees: When setting up the required accounts you will be faced with a number of fees including but not limited to the following:
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Merchant account setup fee: This is normally a one time fee for setting up your account with your processor.
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Merchant account discount rate: This is the discount rate, or percentage the processor will take from any transactions processed through your merchant account. For example a 2% discount rate means that your processor will keep 2% of the dollar volume processed through your account.
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Merchant account per transaction fee: This is a fee for each transaction for example $0.10 would mean for each charge you made you would pay $0.10 in addition to applicable discount rate for the transaction.
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Gateway account setup fee: This is a setup fee which a gateway may charge for setup.
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Gateway account per transaction fee: This is a fee for each transaction for example $0.10 would mean for each charge you made you would pay $0.10 in addition to applicable discount rate for your account. Typically this transaction fee is independent of any similar fees the processor may charge.
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Monthly gateway fees: Gateways typically charge a fee on a monthly basis for providing gateway service. Gateway service includes online reporting and an interface to your web site to enable it to process credit cards in real-time.
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Minimum discount / transaction charges: Some gateways / processors charge a minimum fee for your account so even if no charges are run, a set amount must be paid each month.
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