How do I start taking payments online?
At We Tranxact we work with a range of ecommerce partners to help you start selling your products and services online with ease. It’s easier than you think:
- You need an internet merchant account that manages the transfer of funds between your customer’s credit card and your bank account.
- A payment gateway, to capture, encrypt and securely transmit credit card details between the internet merchant account, bank account and card providers.
When a customer proceeds to checkout, the payment gateway transmits the details of the request between your website, the banks and the credit card providers involved. Typically, in just a few seconds, you and the customer get confirmation of whether an online purchase has been successful.
What is a Payment Gateway and how does it work?
A payment gateway is software that transmits transaction information to merchant acquiring banks and responses from issuing banks (such as whether a transaction is approved or declined). Essentially, the payment gateways job is to encrypt and then securely transfer a customers credit card details between your merchant acquiring bank, the customers bank and the credit card schemes (Visa, MasterCard etc).
Payment gateways are primarily used when processing card transactions online. Our panel of highly established payment gateways gives your customers more payment choices (Visa, MasterCard, JCB, PayPal, Union Pay, AMEX, Diners Club and many more).
Payment gateways capture and transfer sensitive data such as debit/credit card numbers and therefore need to be protected from any fraudulent parties. The card associations have created a set of rules and security standards which must be followed by anyone with access to card information including payment gateways. This set of rules and security standards is called the Payment Card Industry Data Security Standard (PCI-DSS).
Recurring payments or subscription service
Recurring payments (also called continuous payment authorities – CPAs) feel like direct debits but aren’t. Recurring payments work like standing orders or direct debits, but funds are taken directly from the card rather than the bank account. Subscriptions and Recurring Payments is a low-cost way for you to accept credit card for content site subscriptions, newsletter fees, club dues, or recurring donations, and is easily integrated with your website.
Recurring payments does not involve the storage of any card details, so you don’t need to worry about achieving PCI compliance.
How the application process works
We Tranxact offers a fast, simple application process with an impressive turnaround time.
Complete the online application form or call us on 0121 516 8231.
We will discuss the best payment gateway options for your business.
When your application is provisionally approved, you’ll receive test account credentials, so you can integrate your chosen payment gateway with your e-commerce website.
When you’re ready to go live, switch your shopping cart from test to live and you’re ready to accept card payments!