E-commerce means doing commercial activities on over the Internet usually by doing transactions from your web site. To do e-commerce on your site, you need the following:
1. A Merchant Account: A special bank account meant for the purpose of doing business online. When you do business on your site, all the money goes to this account and you can retrieve it into your checking or savings account later.
2. A Transaction Gateway Terminal: The Transaction Gateway enables secure, real-time payment processing capability. Our gateway can handle credit card transactions between a web store/shopping cart or a computer with Internet access and a merchant account in real time, taking approximately 5 to 15 seconds. The gateway coordinates the transfer of funds between your bank and a customer’s bank. The web based graphical interface (control panel) manages your gateway and facilitates reconciling accounts, confirming authorizations, transferring funds, and generating reports.
Selling Product and services over the Internet involves four main parties:
– A merchant who is offering products or services for sale through a commerce-enabled website.
– A consumer or credit card holder
– A merchant bank that has contracted with the merchant, to enable the merchant to accept credit cards over the Internet.
– An acquiring processor, the company that processes credit card payments for the merchant bank.