Online Merchant Account Services

There are various types of online checking account services, which process credit cards online. The choice of a service depends on your business type, degree of risk, local legislation and many other factors.

Credit cards feature a computer chip, on which all the transaction data is stored. There are several ways this data can be read:

  1. Via credit card readers. A reader is a device connected to a bank. It reads the information stored on the chip, processes it and sends it to the merchant bank.
  2. Via automated response units. They provide a voice authorization when the information is typed in and sent for processing. Then you have a receipt created and authorized over the phone.
  3. Via payment gateway. This is the most common and available payment method.
In order to make a transaction, you can either use a bank or payments processor, or take advantage of an authorized bank’s agent, who has a MasterCard and/or Visa registry. In the former case, you are going to have to get your account directly from the bank. In the latter case, you will have your data verified by the bank, and the fees will be paid by the agent.

If you have decided to make transactions via online merchant services, you should take care of your own financial security. Make sure your service is located on a secure server. Do not share your passwords or other personal and confidential information with third parties unless you trust them. Do not use public or corporate computers for your business purposes, because they may have keyloggers and other program tools, which read whatever you type on the PC.

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