Secure payment gateways: The tool for eCommerce

by: Caroline Blair<br /><br />An online merchant would most likely want to open a secure payment gateway to handle all his credit card transactions. This is the only tool necessary for his online business to be a success. Though credit card transactions are most likely be open to fraud cases it does beat the pains of handling tangible monetary funds. <br /><br />When we talk about eCommerce, the only way for money to be transferred from seller to buyer is through the use of credit cards. Of course, it is more complicated than that. The gist is this: <br /><br />A merchant sells his products and services on the net. The buyer wishes to buy them and since there is not POS terminal, the buyer will most likely place his order via MOTO (Mail Order / Telephone Order) and give his credit card details through there. We call this a Card-Not-Present Transaction (CNP transaction). By giving these details, the merchant&#39;s acquiring bank will be the one to send all funds to the merchant&#39;s bank account. <br /><br />&ldquo;Credit card transaction is just a walk in the park...Now, you can rest and leave everything to us...&rdquo; Not really. These transactions entail a lot of complications if they are &ldquo;left to themselves&rdquo;. This is the importance of getting a Secure Payment Gateway.<br /><br />Secure payment gateway offers fraud prevention tools that are necessary to any online merchant so that credit card fraud is avoided. These tools include: an address verification service, card code verification, the implementation of multiple user accounts and a password-required mode. <br /><br />More so, credit card companies are setting up strict security programs for merchants and cardholders alike so that clients are more protected and confident that their funds are not hacked.<br /><br />Getting secure payment gateway will indeed make life and business more pleasurable and worry-free. <br /><br /><em>(Caroline Blair, a native from Boston, has effectively lectured on the &ldquo;Importance of Secure Payment Gateways to today&#39;s web wondering Entrepreneur&rdquo;and has deemed a significant amount of praise for her contribution to Cambridge Business Students by raising the bar in terms of Risk Management Modules and eCommerce importance)</em>