Can SecureGlobalPay provide us with a Secure Payment Gateway at no cost?
SecureGlobalPay offers SSL (Secure Socket Layer) Application Programming Interface (API) for e–commerce merchant Website builders and providers an encrypted connection to a powerful Secure Payment Gateway. All SecureGlobalPay merchants receive significant benefits by using the SecureGlobalPay technology, the heart of the SecureGlobalPay Internet product suite.
What is a Secure Payment Gateway?
A Secure Payment Gateway is the Internet technology that handles the electronic interchange between customers, vendors, and each of their respective financial institutions. This gateway is the actual electronic medium where packets of information regarding payments are carried, thus the term – payment gateway. In the early days of electronic banking, fraud was more difficult due to the cutting edge nature of the transmission protocols, and as a result, security was limited. It didn’t take long for various criminal elements to realize the huge potential electronic financial transfers possessed. Thus the race began where smarter crooks forced financial and software/data industries to improve security in ever evolving cycles. Currently the industry have managed to stay a step ahead and offer secured payment gateways that enable greater volumes of transactions while protecting each participant in the payment stream from consumer to financial institution. This is the principal benefit offered with an Internet merchant account so your business can freely accept credit cards online.
How does a Secure Payment Gateway differ from a Merchant Account?
The Secure Payment Gateway is primarily responsible for the security of the information transferred by the Merchant Account. It helps to visualize the payment gateway as a body guard for your credit card information and functions similar to a credit card terminal or Point of Sale device. It picks up the information at point A and securely relays it to point B. When it reaches point B the merchant account either approves or denies the information.
The Secure Payment Gateway does quite a few things but primarily, it stores the transaction securely on its server and will sending the information back and forth for authorization, approval or denial back, and settlement to the processor, sponsoring bank and website.
A Merchant Account however has a different purpose all together and people often tend to get this confused. The single most important thing to know about a merchant account is it’s ability to transfer funds from your customers’ credit and debit card purchases to your business bank account, after they’ve been approved and processed. You could be surprised to know that you won’t actually have direct access to your merchant account to withdraw your funds. Instead, the funds or proceeds from your credit card sales will be deposited automatically into the business banking account of your choice, usually within 1-2 business days.
SecureGlobalPay will take you step by step on how credit card processing works from beginning to end. Additionally, we will provide you with a Secure Payment Gateway with no upfront costs whatever. This is our promise to you! Understanding basic terms will help you feel confident when you decide which Secure Payment Gateway works best for you!
