Hi, My friend is running a book store, a store with 5 branches. He is already selling his books online and processing payment through Paypal but now he likes to offer other payment processors which deposits sales money directly in to his bank account. Can anyone explain me the complete process and what things he needs other than his bank account.
He basically needs a merchant account and a payment gateway. The merchant account is a relationship with a merchant account provider, which enables the business to accept credit cards and facilitates the transfer of money from the customer's card to the business's bank account. The payment gateway connects the website to the merchant account. You must have both to accept credit cards on the internet, with the exception of using a 3rd party processor like paypal. The merchant account would also allow him to physically accept credit cards in his store using a terminal or software.
1) Is authorize.net and verisign is a Payment gateway? 2) If merchant account which accepts physical credit cards in stores will work with the internet transanctions?
Yes, authorize.net and verisign payflow link and pro are payment gateways. Verisign was purchased by paypal several years ago so payflow link and pro are now available through paypal. Processors require separate merchant accounts if he is going to accept in his store and over the internet. Pricing is completely different for the 2 and the type of risk requires that they be on separate merchant accounts.