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Te payment gateways (2)

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  • 1. Payment Gateways eGroup Presented by: Gary Hanley 4th September 2012Web Based Business Solutions
  • 2. “The main reason a Business Owner takes their Business online is to make money. And in today’s economic climate this can be quite tricky.”Web Based Business Solutions
  • 3. How a Payment Gateway Works?Web Based Business Solutions
  • 4. What is a Payment Gateway? In simple terms a payment gateway is the online equivalent of a credit card processing (EFTPOS) facility that you would find in a physical store. To your customers the interaction of your website with the payment gateway appears seamless, but in actual fact it is one of the most important aspects in the security of their transaction. When a customer creates an order on an online store, their credit card details are sent encrypted from your website to the designated payment gateway. Your bank will have a payment processor set up to retrieve this information from the payment gateway and then communicate with the card company to perform all the behind-the-scenes checks and eventually will pass an approved notification back to the payment gateway and finally back to your website. This whole process only takes a few seconds.Web Based Business Solutions
  • 5. Payment Gateway versus PayPal Payment Gateway PayPal Requires a merchant account Doesn’t require a merchant account Takes time to set up Start processing immediately Settles funds immediately Does not settle funds daily Set Fees Fees are a % of transaction value PayPal is less expensive in the short term. However, in the long run, a Payment Gateway is always the cost effective solution.Web Based Business Solutions
  • 6. Merchant Accounts An Internet Merchant Account is required to accept credit card payments online. If you can already accept Credit Cards on an Eftpos machine you have a merchant account. This is a good place to start. The Banks seem to prefer upgrading you to an Internet Merchant account if you already have history.Web Based Business Solutions
  • 7. Merchant Accounts cont… What you need to understand now that it is not the banks that are actually granting this account – it is Mastercard/Visa Card et… This is because they are the ones that are actually underwriting the transaction. i.e. they are assuring that clients transaction is 100% safe. Even to the extent of failure to supply. The client is entitled to a 100% refund. To this end we have experienced banks demanding up to $800k in funds before issuing A high risk account. High Risk Account Low Risk Account 12 month service Physical Product always in stockWeb Based Business Solutions
  • 8. I Have a merchant account – Now what? Now that you have your internet Merchant account your bank may not have all the features you require. The banks mostly will process a single transaction and will offer no extra functionality for say subscription or recurring payments. For this you may need to use a Payment Gateway service like Eway.Web Based Business Solutions
  • 9. Advantages of Payment Gateways This method of payment has many advantages over other methods, such as: • Much faster (and easier) than cheques or manual credit card processing • Much more secure than manual credit card processing • No need for the customer to jump between your site and a third-party site (such as PayPal) to perform a transactionWeb Based Business Solutions
  • 10. Choosing a Payment Gateway Technology changes everyday, your gateway needs to be PCI compliant to keep ahead of the hackers There are several factors to consider when choosing a payment gateway, including price, features, integration and support. PRICING FEATURES INTERGRATION & SUPPORTWeb Based Business Solutions
  • 11. Pricing All payment gateways will have fees associated with them, but in the long run they are generally worthwhile as they will save you time and provide extra security. Make sure you compare gateways to see what will be best for you, for example one gateway might be cheaper for small customers with only a few sales a year, whereas another might be better for larger customers with thousands of sales per year. Dont assume that PayPal is going to be cheaper than other options. For a small turnover it probably will be, but for larger turnovers it can be significantly more expensive.Web Based Business Solutions
  • 12. Features Make a decision based on the features that are important to you. Features you might look out for include; • reporting, • processing refunds, • multiple user accounts • recurring transactions. • Integration into some accounting packagesWeb Based Business Solutions
  • 13. Integration & Support Most payment gateways provide an API for developers to build websites that can interact with the gateway, but if using open source content management systems such as Joomla,Drupal,Wordpress OsCommerce etc the hard work is done for you. If you are using an open source solution a module may have been built for your preferred payment gateway. If a module is not available, it can be developed, but be prepared for additional development time. As well as this it is vital to check that your bank is supported by the payment gateway, otherwise you wont get paid! In general the four major banks in Australia are usually supported, but make sure you check first.Web Based Business Solutions
  • 14. Questions?Web Based Business Solutions