Are you looking to sell your product online? Are you new to it and would like to learn about it? Let me give you a virtual walk through the process, explaining you each part of the process.
XYZ is a prospective customer who wants to buy some books online.XYZ visits your website say, Amazon.com. XYZ reviews the sales copy of the book and clicks on “Buy” button. The book is then added to XYZ’s Shopping cart. This process can be repeated and more products can be added to the cart.
After XYZ is done with his shopping and reaches the checkout point where XYZ gives out his financial and personal information filled out in a form. Here XYZ either pays through cash or a credit card processing system which is encrypted for security purposes. The encryption should be in the form of VeriSign SSl certificate this is done to prevent fraud of the financial data.
Financial details of XYZ are then transferred to a payment gateway service. From here the electronic data is transferred to financial networks relevant to payment. Once this transaction is secured and completed successfully the website’s merchant account is credited and XYZ’s account is debited.
After the funds are cleared, money can be transferred from your merchant account to your company’s ordinary checking account. Credit card processing system also ensures that proper receipt is issued to the customer.
Merchant account
Merchant Account in layman’s terms is a bank account. The purpose of this account is to aid businesses by facilitating payment made through credit or debit cards. In other words, merchandise account is an exclusive agreement between
- A Merchant bank
- A Retailer
- A Payment processor for the settlement of Debit/credit card payments.
This payment processor is managed by both the bank as well as the merchant.
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