Online Merchant Accounts
Internet Merchant Accounts are very similar to that of a MOTO Merchant Account (Mail Order / Telephone Order) because the customer’s card is not available at the time of purchase. This is also known as a “Card Not Present” or “CNP” account.
One option for processing web payments is to connect directly to the processor through the merchants website to process payments. For most people, the development overhead, staffing, etc. make this direct connection implausible.
The solution is to use a payment gateway such as Authorize.Net, QuickCommerce or Zoomgate. These payment gateways serve as an intermediary between your website and the entity that facilitates the payment processing. Other related advantages include the ability to process credits, refunds, or make charges via a payment gateways administrative interface also known as a Virtual Terminal.
What you should know about Online Merchant Accounts
Because the credit card isn’t present at the time of purchase, there is an increased risk of fraudulent purchases and the rate structure reflects this risk. But that’s not the only factor as it relates to the rate structure. Other variables such as the Average Ticket Price (AVT) have an impact as does the type of web oriented businesses. Some categories of online businesses also present a greater frequency of customer chargeback’s (customer disputed charges) and others may require a High Risk Merchant Account.
It’s critical that the agent configuring your rate structure understand the variables mentioned above. Too often we’ll see processors that present rate solutions that look terrific, but in practice have nothing to do with the reality of businesses requirements. At 1st National we’ll be sure to get this right.
The Benefits of a Virtual Terminal
Aside from the ability to connect a payment processing module to a shopping cart, The “Virtual Terminal” empowers the merchant to accept credit cards by entering the information on their PC via the web. This option provides great flexibility for many businesses where there is a mixture of customers processing via the online cart, and others that prefer to contact a sales agent for processing.
Another terrific benefit is that the same technology used to connect the payment gateway to your shopping cart can also be used to process payment on your Smartphone. 1st National offers a free download, Mobile Merchant Pro, that supports the iPhone, Android, and Blackberry which give the merchant the ability to process payments. These applications act a front end to Authorize.Net, Quick Commerce, and Zoomgate.
In many cases, 1st National can provide you with a complimentary Zoomgate Gateway. This can provide great flexibility for your business and customers.
Interested in what 1st National can do for your business? Give us a call or complete our “quick quote” request. Between our well rounded inventory, Class A Settlement Banks & Processors, and a full suite of Merchant Services, our talent agents are sure to be of value.
Toll Free: (877) 964-1622
Online Merchant Account Product Examples
1st National offers a variety of PC Software, Virtual Terminals & services to allow your site to accept credit card payments. Below are just a few examples.
For those of you who are 1st National customers you should be aware that your discounts can be quite aggressive, so please make sure you talk to us before purchasing from our cart.