subject: High Risk Merchant Processor [print this page] High Risk Merchant Processor High Risk Merchant Processor
Merchant accounts are the bank accounts particularly designed in order to accept the credit card payments. Moreover such payments are made by the customers either at store via credit card or online with the help of shopping carts which exist on the web page of company.
To accept credit card payment, merchant needs internet merchant account in any financial
institution or bank. Merchants who generally have high risk business like adult service providers, casinos, online gaming business, find difficulties to obtain merchant account. The reason behind this is the risk of credit card cheat rise with the high-turn involved. As a result banks don't give permission to the merchants to activate internet accounts,
After acquiring merchant account, next merchant would need a payment gateway accounts. This is generally processing account that verifies authenticity of credit card and transfers funds to merchant account.
Customer enters information of his credit card on merchant's web page. The information put on this web page must be encrypted. This makes sure that third party doesn't read this. Well it is mandatory to minimize credit card frauds. After that shopping cart series then compiles information and transfer the same to credit processor that is considered as payment gateway. Card processor validates information and decided company which manage customer's credit card and transmits billing request.
When the request is received then credit card firm validates accounts and see whether all the things are in order. Then it sends back acknowledgement to payment gateway. If information is discovered as authentic then credit processor initiates transfer of funds to merchant account.
Merchant accounts get funds for certain limited period of time, once which it shifts the amount to merchant's usual bank account. Merchants also have choice of selecting for third party merchant account. Merchant account provider firm actually collect funds on the merchant behalf.
Customer enters information of his credit card on merchant's web page. The information put on this web page must be encrypted. This makes sure that third party doesn't read this. Well it is mandatory to minimize credit card frauds. After that shopping cart series then compiles information and transfer the same to credit processor that is considered as payment gateway. Card processor validates information and decided company which manage customer's credit card and transmits billing request.
