Merchant Account Terminology
Bank
Bank and financial institutions assist in setting up Visa, Discover,
American Express and MasterCard merchant accounts. Banks provide
their services in exchange for processing fees. Assuming you have
reasonable credit, setting up with MonsterMerchantAccount’s
merchant services is simple. Our relationship with banks and financial
institutions making our merchant account offering appealing.
Begin accepting payments online today.
Choosing a Bank
Credit Card Processing & Clearinghouse
Processing credit card transactions usually occurs at a clearinghouse.
When your shopping cart within your online store receives the credit
card during the payment process, the Transaction Processing
Clearinghouse is the organization that authorizes and validates the
card (making sure the number matches the card and that sufficient
funds are available).
Merchant Account Provider (Accept Credit Cards)
Merchant account and credit card service companies are plentiful on
the Internet. In Industry terms, these companies are called merchant
account providers or Independent Sales Organizations.
Make sure you research these companies before you pay for their
e-commerce certified merchant services. Brokers make money by
either an up front fee, an application fee, or a per transaction fee. Their
main goal is to place you with a bank or company experienced with
Internet transactions that accepts your credit history.
What's Involved?
Costs
The cost of setting up and maintaining a credit card merchant account depends on who
you choose to provide your merchant account services and how many middlemen you go
through. In addition, we will
waive the setup fee and the application fee for your merchant account.
Review our Merchant Account information you will learn how to bypass the confusion of working
with multiple third-party vendors. Our representatives will take care of you regarding
all aspect of your application process to hooking up your merchant ID into your online store.
Contact us at (877) 663-5169 for a FREE consultation.
We are an excellent solution for your merchant account credit card processing needs. We also offer a leading online store building application
To learn more about building your own online store visit MonsterCommerce Shopping Cart Software!
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Credit Card Merchant Accounts enable you to accept credit cards over the Internet. Did you know over 85% of all Internet transactions
are paid for using online credit card payments? Don't miss out! Let us help you complete your e-commerce payment process with our merchant account services.
Choosing a Gateway
Gateway
The final piece to setting up a merchant account to accept online payment is the gateway that connects you to the transaction
clearinghouse. There are three common gateways:
Credit Card Card Swipe Machines
The machinery next to nearly every checkout register in the country. After the card is swiped, an authorization code displays,
and is usually printed on a credit card transaction slip. The authorization comes from the clearinghouse that the store's
bank contracts with, and it effectively assures valid payment to the merchant when the customer signs on the dotted line.
This method is not needed for pure-play dot-com businesses.
Desktop Software
For e-businesses, desktop software can be used as the transaction gateway. Once you receive the credit card number
via phone, mail, or email the merchant manually enters the credit card numbers and payment amounts into the computer
software, and transmits the list over the Internet to the clearinghouse designated by the bank. In a few moments,
the clearinghouse responds with a list of good card and bad cards to allow the merchant to proceed as necessary.
This software solution works better than the card swipe machine, but may not work for large volume stores.
It also requires re-keying data from each order into your computer, which can lead to user errors and can
be time consuming.
Real-Time Web Gateways
There are several payment gateways to the transaction clearinghouse that can authorize and validate credit card
payments while the customer is still online. These gateways provide a walkway from your website to a different
modem channel to check the credit card status in real-time, a very complicated process if you were to do it on
your own from step one. If you wish to use a real time gateway, which is most common with ecommerce shopping
cart software, make sure it is compatible with the system you are going to use. Our MonsterCommerce shopping
carts are compatible with most major merchant accounts, including Monster Merchant Accounts.
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to service the travel industry! We
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