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Payment Gateways

A payment gateway helps merchant websites (online store websites) to place a credit card/check transaction with the customerís credit card issuing bank.

Merchants websites do not have the intelligence nor the authority to talk to the vast financial network in order to validate credit card transactions. The payment gateway knows how and who to "talk to" to get that answer. It is a network service that seats in between the merchant websites and the financial network.

To process online payments, you also need a Merchant account. It is a virtual bank account that is associated to your real business checking account. It does not hold the money but only provides an interface to helps you receive electronic payments. This Merchant account is mandatory because banks do not talk to the credit card network or payment gateways. That is the job of the Merchant account processor.

Payment gateways offer a list of merchant account provider to chose from. The same with merchant account providers who have their suggestions of payment gateways. So there is usually no need to deal with two different companies since one will sign you in with the other.
With myEbiz, lots of choice since it is fully Integrated with 130+ payments gateways, click here for a list of supported payment gateways. See also the ones that myEcommerce.biz recommends as reliable and cost-effective.

Better than words: step by step transaction diagram process
Step1: The merchant's website sends a CC transaction to "Payment Gateway" via a secure site connection.

Step2: The "Payment Gateway" receives the credit card transaction request and submits it using a secure site connection to the "Merchant Bankís Processor".

Step3 : The "Merchant Bankís Processor" sends the complete transaction request to the "CC Network" (financial system network that is used to process CC transactions).

Step4: The "CC Network" forwards the complete transaction to the "Customerís CC Issuing Bank".

Step5: The "Customerís CC Issuing Bank" accepts or refuses the transaction depending on the customerís available funds and sends back the results to the "CC Network".

Step6: Then the "CC Network" transmits the results to the "Merchant Bankís Processor".

Step7 : The "Merchant Bankís Processor" sends the results to the "Payment Gateway".

Step8: The "Payment Gateway" saves the results of the transaction and then transmits those results to the merchantís website who deliver them to the end customer.
This is the end of the approval process, which usually takes less than 3 seconds.

Step9 : If the The "Customerís CC Issuing Bank" has approved the transaction, it will send the funds to the "CC Network".

Step10: The "CC Network" sends the funds to the Merchantís Bank. Within two to four business days the "Merchantís Bank" will deposit the funds in the Merchant's bank account. That is called the settlement process.


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