Online payment are classified as car-not-present transactions or CNP, because it is impossible to check the card and the cardholder. If a transaction proves to fraudulent, the money will be reclaimed from the business owner’s bank account. This fraudulent event is called the chargeback. Even if a a cardholder-not-presents is authorized by the cardholder’s bank, this does not necessary guarantee payment.
To protect online customers, there are SSL Certificates that can be used too create a secure channel to transmit credit card information from the business website to the internet merchant account processing network, receive the results and post them back to the business website.
The third step is back to the website. Regardless of the internet merchant service provider or payment gateway, the website still needs to integrate with the service providers. There are detailed instructions given by the service providers.
There are some requirements needed whenever a business would like to have an internet merchant account. The business owner must have checking account with a bank. If the person, in case, do not have a checking account with any bank, there are acquiring institutions that can set up the account to be used in processing the payments.
Making your business process credit card payments over the internet is one of the fastest growing transactions today. There are many incentives by getting an internet merchant account provider. It is hassle free, comprehensive and can increase sales and profits that you get from the business.