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Modern day online trading is probably one of the most time-dependent niches when it comes to payment processing. Due to the nature of commercial onlineForex trading and the fact that immense efforts and costs are invested to drive traffic, if a processing company’s platform or software cannot keep up with the volume of transactions in real time, the result is loss of sales and even the loss of clients to the merchant.

Attracting and driving online traffic through an online business funnel involves immense marketing efforts, effective analytic capabilities and ongoing optimization. These factors constitute the ongoing investment required to assure a successful online trading business. Delivering a customer to the stage of accepting your service offer when recognizing an attractive position must be supported by a practical and dependable payment service provider to ensure and exceed acceptable and functional business results with high conversion rates.

In the era of big data, internet economics, ever growing trading levels and high traffic volumes, it is of utmost importance for Forex trading platforms and providers to be supported by cutting edge payment processing technology with awide range portfolio of payment processing solutions.

Companies such as AllCharge, and also AlgoCharge that utilizes an advanced technological algorithm powered processing engine, are the type of payment service providers that are geared for modern day real time online transaction volumes.
An established online payment service provider has many responsibilities and must be able to provide merchants with the global ability to receive customer payments in the various forms of credit and debit card transactions as well as alternative payment methods such as local bank transfers, pre-paid cards and popular e-wallet solutions, all under one platform for fast, effective and reliable results. Being able to maintain high conversion rates for web based companies is a direct variable when choosing a payment service provider, as well as the capability to process various local currencies and provide attractive and comfortable transaction limits.
Payment Service Providers also referred to as PSPs, adhere to strict credit card industry standards and regulations. Since PSP companies are responsible for the transmission of credit card information and other sensitive financial data in an online environment, these organizations mustutilize advanced encryption technologies to minimize the possibility of data theft and fraud. This is why it is common to see HTTPS and SSL when making online payments and transactions.

In addition to supplying online businesses with a secure platform so their customers can complete online payment transactions faithfully, PSPs should also provide companies with a comprehensive back office reporting system to review individual transaction details, payment processing statistics, and general information and reporting. PSPs should also include special security management tools to protect merchants from suspicious purchasers and unusual credit card activity. These important security protocols minimize chargebacks while maintaining high conversion rates as well as reduce overall fraudulent exposure.

Without a secure and established payment service provider, online businesses would need to contact multiple financial institutions and establish many different relationships to allow forthe various types of payment processing solutions. This approach is both time consuming, expensive and difficult simply because companies generally specialize in their respective fields and are often not equipped to follow the many financial regulations set-forth by authorities and the Payment Card Industry council.
In today’s competitive and fast paced business environment, choosing the right payment service provider for a business can be the difference between failure and success. While on the surface, payment service providers appear to offer the same online services, the reality is often very different.
When choosing a PSP for a newly established online company, it is important to ascertain the types of industries a payment service provider has processed transactions for in the past and when the PSP was founded. For example, it would be unwise for a large online Forex or Binary Options company to establish a processing relationship with a small or young payment service provider that has limited or no experience with the online trading market.
Companies within certain industries and verticals find it especially difficult to obtain payment processing solutions due to the elevated risk that is inherent with their company’s business model. One of the many benefits of working with a payment service provider that specializes in the online trading industry is that it is specially equipped to contend with high risk credit card processing.
When a PSP is processing transactions for several companies within a specific and common online arena, it has greater exposure to online purchasers attempting to commit fraud or credit card theft on a specific business model and vertical. This greater exposure helps identify and prevent future incidents of fraud or credit card theft for all its current merchants.

Many registered companies in the Forex, Binary Options, and e-gaming arenas also find it difficult to obtain credit card and payment processing because they are not regulated within certain regions or financial zones. At present, only few payment service providers have managed to establish the required business setup to support such operations until the necessary regulatory requirements are met.

Another major concern for online merchants is whether their customers’ credit card information is securely maintained during and after the payments process. To minimize the possibility of credit card theft or fraud, payment service providers are required to practice strict security standards set forth by the Payment Card Industry council. These specific data security standards were introduced as part of an independent council that was established in 2004 by the American Express, Discover, JCB, MasterCard and Visa companies. Before these companies collaborated in creating one independent council, each organization demanded different requirements from merchants and financial organizations.

Payment Card Industry Data Security Standards (PCI-DSS) continue to evolve in order to meet the changes in technology, payment methods, and risks associated with a dynamic global business environment. PCI compliance is important for merchants and financial organizations to ensure that proper credit card information is protected. There are 12 PCI DSS requirements a company must follow in order to attain PCI Certification status. Companies that are PCI Certified must also undergo an annual audit in order to have their certification renewed on an ongoing basis. Using a PCI-DSS certified Payment Service Provider enables the online merchant to focus on their core business activity and strategy. There are a few PSPs that have developed services that enable merchants to store certain card holder data for swift and easy processing of following payments and transactions without the registered customer needing to provide his card details again. This solution increases conversions, optimizes customer service, saves costs and enhances the customer experience.

Payment Processing Companies

A payment processing company is a third party which is appointed by a merchant to handle transactions through credit cards for merchant acquiring banks. These companies are facilitators of today's online businesses.

Types of payment processing companies:

These companies are generally of two types. One is Front-end processors having links to different card associations, merchants who authorize and see to the settlement services to the merchant banks. Whereas as the name suggest, the Back-end processors job starts after the front end processors and transact the funds from the issuing bank to the merchant bank.

How to start with a payment processing company:-

The overall processing is complete only after all the details are verified for the details and also for any fraud transactions. The records of previous transactions are also cross checked for confirmation. After the confirmation process is complete the transaction is processed but if there is any doubt in verification then the transaction is denied. A payment processing company gives a powerful tool for the online businesses and makes customers do business online by accepting different available of payment options. It increases the business turnover as the merchants get order-to-cash and cash-to-reconciliation. The process of online payments should be simplified for all web order, cash sale, phone order, invoice or any other form of payment.

Algocharge is one of the best payments processing companies which support nearly all major credit and debit cards with full support for online as well as off-line processing. It has features for ease of the customers like integrated merchant account services and payment gateways. 

The online business is always susceptible to fraud and data theft, the payment processing include number of security measures to verify each and every transactions through credit card. While selecting the right payment gateway, the features of the service provider should match the requirements of the business. The organizations in online business must satisfy the requirements of PCI DSS. Companies independently processing the payments online, must have tools to meet these dynamic requirements. ALGOCHARGE is equipped with PCI DSS features and is able to process online credit card payments and can use the direct server to server interface (API). It also has a number of interfaces to suit the customer requirements. To accept credit cards details over electronic networks, the data of the cardholder is always encrypted and stored in a high security environment like Algocharge uses advanced firewalls for maintaining a secure network. Any information of the cardholder is restricted from access and is allowed to only persons assigned with unique ID.

An ecommerce payment gateway is the service that is offered by various payment gateway providers which is specially designed for ecommerce websites. The payment gateway receives requests for the transaction which is further connected to the credit and debit cards and next to the issuing bank of these cards for authorization and transfer of money. The funds are transferred to the respective merchant account after verifying all the details. 

How to select best ecommerce payment gateway?

Selection of ecommerce payment gateway is very crucial for the success of any ecommerce business because it help save lots of time as well as money. As the payment gateway is used to transfer the information of customer’s payment card from the sellers secure website to secure merchant processor. Actually it is a terminal which collects the information of the credit and debit cards, encrypts it, and further securely transmits the data to the respective merchant account. Before selecting a Payment Gateway, the fee and other charges should be carefully evaluated. Generally the set up fee is negligible or free with monthly or per transaction charges. These rates are negotiable and if there is any offer of contract then it should not be accepted unless there is good chance of sales. The best ecommerce payment gateway should have software to screen for fraud prevention and tax calculation prior to any request. The features which identifies the payment gateways as best ecommerce payment gateway are like they integrate effectively with shopping cart software and allow quick automated billing with other value-added services. It helps in keeping record of all the transactions, deposits, taxes and charge backs. The design of the product should be according to the end user needs and convenience.

There is a wide range of services provided by different payment gateway's and the selection should be done very carefully while picking the best ecommerce payment gateway. Algocharge is one of the best ecommerce payment gateway providers as it offers service of payment gateway as well as merchant processor and users do not have to hold two separate accounts. This is best ecommerce payment gateway as with other important features it offers better rate in comparison to others. ALGOCHARGE is a solution for all small and medium merchants and enables them to start processing payments in just 48 hours. They meet all processing requirements and including other benefits it provides both the services Payment gateway and Merchant Account ID (MID) at the sale platform. It has Multicurrency processing system as well as PCI-DSS compliance with 24/7 support services.

Ecommerce Merchant and Payment Gateway

An ecommerce merchant and payment gateway account has become very essential for transactions of money from credit and debit card sales. They are special kind of bank accounts created to hold the funds temporarily after the funds are being transferred from the holders account to the normal bank account. The ecommerce merchant facilitates cashless buying and selling as well as helps in promoting online business worldwide. 

What is an ecommerce merchant?

Ecommerce merchant and payment gateway gives freedom to the customers to choose a payment method from numerous available alternatives and enhances the business activities. There are a number of merchant accounts available to suit the need of the customers and also type of the business to be conducted. Generally the merchant account is of two types Keyed and Swiped, depending on the method of access of data from the card. The ecommerce merchant collects the information on the card of the customers’ and uses it for the payment through different available technology. The information present are processed using real time and different payment gateways associated with the online websites.

How a Payment Gateway operates?

When a credit card transaction is processed, the information of the cards are  sent to the authorized bank of the cardholder to check for the availability of funds to pay for the sale. Whereas in a traditional brick and mortar transaction there is a point of sale machine which takes the cardholder data, formats it accordingly and sends it to the respective payment gateway to see if the customer has sufficient funds.

What are the benefits of ecommerce merchant and payment gateway?

Ecommerce merchant and payment gateway assists the online business in financial transactions and gives the customers privilege to select their choice of payment method. The Keyed ecommerce merchant account, takes the customer card information by mail, fax, internet or over the internet without ever really meeting the customers. The transaction of money is done through payment gateways. In the spot payments, the funds transaction is processed after the cards are swiped through a terminal which is also portable to facilitate the mobile selling. They also provide online transaction facilities with the most advanced payment processing which protects the customers from fraud services like services provided by ALGOCHARGE payment solutions. Like an ecommerce merchant account, ALGOCHARGE offers access to various payment processing services through credit card and debit card payment processing. It is equipped with multi currency merchant account (MID) to support multi-business models.

Ecommerce Merchant and Payment Gateway

Payment Gateway is the essence of any e-commerce site. No online payments can be made or received without an ecommerce payment gateway, which is a vital part of any physical or online payment transaction. These online payment solutions are mainly ecommerce merchant services used by online retailers and e-businesses for authorization of their payments. Consider them as a payment processing service which is used in a store or retail outlet as a physical point of sale terminal. The only difference between a physical or offline and online credit card processing is in the way the information is transmitted. 

While in an offline payment transaction the customer’s card is swiped through a credit card machine, in an online credit card payment processing the card information is entered in an online form, which is then sent electronically to the card processing company using an ecommerce payment gateway. 

Ecommerce for New Businesses

Every day, a number of new businesses are born. For many new entrepreneurs, the ecommerce work process can be confusing but actually there is nothing much complicated about it. It just requires a few simple things and then you will also be accepting credit card payments over your website just like your competitors. 

In order to use an ecommerce payment solution for your website, you need only two things – an ecommerce merchant account and a Payment Gateway. When a customer selects items from your website’s catalogue and places an online order for them, he or she needs to enter their credit card information in a secure order form. This information is then sent to your ecommerce payment gateway that handles the payment verification task. 

The Role of a Payment Gateway

Mainly responsible for automating the complex payment transactions between an online merchant and the customer, an ecommerce payment gateway is a third part computer process system. It authenticates, routes, processes and rejects or takes credit card payments on the merchant’s behalf over encrypted and secure internet connections. This allows the merchant accept credit/debit cards and process all other types of electronic money transfers online. 

After a customer places his or he order and payment gateway receives the credit card information, it routes the information to the credit card processing company that further contacts the credit card issuing bank to verify the validity of the card and other data. The bank either approves or declines the transaction and then the processor again sends back the information to the website’s shopping cart system through the payment gateway. 

The whole ecommerce payment processing is completed electronically in a matter of seconds. Once you have a payment gateway integrated website and a merchant account, the entire payment processing becomes easy and fast. When the transaction is accepted by the customer’s bank, the payment is deposited into your ecommerce merchant account after deducting the merchant account provider’s or any other fees charged. Then the remaining money is transferred into the bank account of your company.

An online merchant account facilitates a retailer to take debit or credit card payments from their customers. It is one of the most important elements for any business that allows businesses to conduct their financial transactions so their customers may choose their preferred payment methods. There can be as many types of merchant accounts as there are merchant themselves. Mainly, the “merchant account type” has these two categories: ‘Keyed’ and ‘Swiped’, which are further divided into different sub-categories.

Every merchant is classified into a particular category and sub-category on the basis of how he or she collects card information and process their transactions. Read through to know which group your business is classified under –

Card Not Present or Keyed Merchants

These are the merchants that collect their customers’ card information indirectly and use different ways for payment processing based on the technology used and business environment. The sub-categories within this category are as follows –

Internet or ecommerce merchant accounts

Since ecommerce merchants conduct their business through website, they collect card information online and process their payment in real time using an ecommerce payment gateway, which is integrated with their shopping cart. 

M.O.T.O. or Mail Order/ Telephone Order Type Merchants

These merchants collect card information and their order by fax or mail, over the phone or through the internet. They rarely meet their customers in person and key-enter the transactions manually using payment gateway services or through a software, terminal or point-of-sale system. 

Face to Face Merchants

These are the solo professionals, small businessmen or the mobile service providers, like repair tradesmen, consultants, contractors, landscapers, lawyers etc. Mobile merchants require on spot payment processing services when they meet their customers to provide their service or deliver the product.

Card Present or Swiped Merchants

These merchants interact with their customers in person and physically swipe cards through a point-of-sale system or a terminal to collect the card information. Following are the sub-categories within this category –

Retail Merchants

These merchants meet their customers face to face in an office or storefront from where they conduct their business. They physically swipe their customers’ cards through a point-of-sale system or a terminal.

Mobile/Wireless Merchants

These merchants require accepting credit card payments processing on the spot. They process their transactions on-site and in real time using a portable wireless terminal. 

Restaurant Merchants

These merchants conduct their transaction like retail merchants. The only difference is that they may need to add tips to their charges which is done using tip function.  

Lodging Merchants

Examples of these merchants include Bed & Breakfast, Motels or Hotels Merchants. They typically process their transactions like retail merchants. The only difference is that they can adjust the settlement amount depending on the duration of stay of a customer and include any extra fee, like taxes a day or more later.

Gaming Payment Solutions 

To have a gaming merchant account is a basic necessity for all legalized online gaming sites. It provides their clients with the ability to place a bet or make a deposit using their credit cards. No virtual online gaming operation can run profitably without a merchant account that offers to the customers the real time credit card payment processing services. Whether yours is an online casino, gambling or any other gaming site, finding a right credit card payment processing company for fast and affordable igaming payment solutions is significantly important. 

Benefits of Establishing a Global Merchant Account for Gaming

Setting up a gaming or gambling merchant account will help the gaming merchants manage their gaming business and control their profits. Following are some significant advantages and services that the online gaming businesses can offer to their clients through utilizing gaming merchant account –

• It provides unfailing prevention from online scams and this becomes even more important when it is about financial matters. A PCI compliant gaming payment gateway allows you to screen transactions. This way you can easily identify and cancel any fraudulent transactions.
• By utilizing payment processing for gaming, you can ensure secure credit card payment and transactions and secured servers provide additional protection from internet scams.
• For offshore merchant accounts holders, it provides more beneficial time-saving offers and helps in their business’ worldwide expansion through giving them opportunities to have credit cards processed offshore and supporting transactions in a number of currencies. 
• A gaming online payment facility provides real-time processing services and you can get immediate responses from the credit card issuing banks of your customers. It also provides your customers with additional benefits by incorporating shopping cart options into gaming merchant accounts.
• These services provide 24/7 customer services, which enables the customers to have their questions answered in time. These accounts also allow you to take debit and credit card payments, which helps increase customer base.

Algocharge and Online Gaming

Since online gaming industry imply substantial risk level, such as probable refunds, chargeback, fraud etc, not all payment gateways or banks that offer merchant accounts dare to deal with online gaming merchants. With problems ranging from identity verification, security and fraud to local payment solutions, it becomes very tricky to take payments from customers all over the world. 

If you are also looking for a reliable and experienced gaming merchant gateway provider, you are at the right place. Along with being easy to integrate to, Algocharge also allows you to take major credit cards so you can enjoy the convenience and reliability of a round the clock available online gaming payment solution. Our online gaming merchant facility allows you to accept Visa and Master Card and payment in several foreign currencies and allows your customers to pay in their local currency. 

What Are Payment Gateway Services

Payment gateways or online payment services are those special services that are designed to provide customized and innovative processing solutions to the online merchant community. They are also known as merchant service providers and ecommerce payment solutions. Their integral billing processor makes sales processing and electronic transactions easier by allowing and regulating the collection and transmission of credit card information.

These payment processing gateways are the software applications with the functionality of a card processing company. They are advanced payment solutions and are similar to credit card processing terminal that helps merchants in accepting credit card payments online and fulfill their needs of online payment processing services. 

Two Kinds of Payment Gateways

1. In the first type, the payment gateway acts as the merchant-side API (Application Program Interface). It is a code, which is integrated into the server hosting ecommerce site of the merchant.

2. The second type is the secure order form. In this the payment gateways take their clients to a third-party site for ecommerce payment processing and credit card processing into the individual account of the merchant. This is the most common type of Payment Gateway service.

How Payment Gateways Work! 

The Payment Gateway Providers facilitate the information transfer between the Front End Processor (acquiring bank) and a payment portal (like mobile phone or website). Here is how these services work –

Step 1: The customers enter their credit card details through automatic phone answering services or place their orders on websites through “submit order” or a similar button. 

Step 2: When the order is placed through a site, the web browser of the customer transfers information from the browser to the merchant’s web server using Secure Socket layer or SSL encryption to encrypt the information. 

Step 3: Then the merchant forwards the details of transactions to their Payment Gateway using SSL encryption. After that the payment gateway forwards this information to that payment processor, which is used by the acquiring bank of the merchant. Then the payment processor forwards the information to the card association like – Mastercard/Visa.

Step 4: When the associated bank receives the authorization request, it sends a response code to the processor. The response code suggests whether the payment is accepted or declined and also defines the reason for a failed transaction e.g. – insufficient funds etc. 

Then the response is forwarded to the payment gateway, which further forwards it on the site that interprets it as a relevant response. After that it is relayed back to the merchant and the card holder. The whole process takes 2 to 3 seconds to complete.

Step 5: All the approved authorizations are submitted by the merchant in a ‘Batch’ to the acquiring bank. Then the total of the approved funds are deposited into the merchant’s nominated account by the acquiring bank. 

This whole process of payment authorization, settlement and funding takes from 2 to 3 days.

About Algocharge

As an ecommerce merchant and payment gateway provider Algocharge functions like an ecommerce application. It authorizes online payments for online retailers and e-businesses in the most secure and protected way. It encrypts the credit card numbers and other sensitive information to make sure that the information is transferred securely from the customer to the merchant.

What to Look for When Hiring One?

Hiring an efficient and reliable credit card payment processing company is the best first step taken to help your business grow online. But when it comes to selecting a good merchant service provider, there are so many things that you will need to look for. There are countless numbers of companies that provide merchant processing services while making it difficult to decide which one will fit your needs the best.

It is imperative that the company you hire should be dependable and you should know everything about their service policies before hiring them. The following are a few tips that will help you selecting a suitable merchant account provider for your business –

Approval Rating: Check for their average approval rate, which includes fee to apply, processing speed and percentage of approved applicants. A compliant online credit card processing service, like Algocharge, will always have a higher rate of approval and they will not charge any fee for processing your application and will do it quickly.

Set-up Cost: A good credit card processing service is that, which does not have high start-up costs and doesn’t overcharge you for setting up a merchant account and payment gateway.

Support Service: Always select a service provider that provides top notch customer service. They should be available for any queries 24/7, should be prompt in reply and should provide useful information. In addition, an accessible merchant service provider will have various ways of contact, such as – email, telephone and instant messaging.

Start-up Time: An efficient credit card payment processing company will never take more than one to two days for approving your application and getting you in business. They should be quick in setting up the online merchant account.

Point of Sale Options: A good credit card processing merchant account provider will offer various POS options. Availability of card readers or swipers through the services is equally important, especially if you operate from distant sales areas or if yours is a retail business.

Online Features: Good merchant processing services always offer payment gateway, online merchant account and one type of virtual terminal. 

Fraud Prevention: Only a secured payment processing service can provide protection to its clients. Look for SSL, fraud protection, real time processing, CVV2 acceptance and address verification services while hiring a service provider.   

Thus a good credit card processing service will offer the most economical, accommodating, versatile, quick and reliable services.  Be very careful about hiring a service provider.  They should be able to meet your needs and help increase your sales and customer base. You can count on Algocharge for all these facilities and best services in the industry.

Taking credit card payments can make your ecommerce business more convenient, flexible and lucrative. But as an online merchant, you should always be careful regarding these payments and take necessary measures for credit card fraud detection and prevention. If you fail to put a proper fraud management system in place, the unscrupulous elements or hackers can swindle you by providing wrong credit card numbers or wrong identification. 

But there are systems that not even accept a single discrepancy. Algocharge incorporates all these advanced fraud detection and protection features and ensures authorized and safe transaction. The following are some methods that can be used to identify frauds –

Check Your Daily Reports: Looking at your payment gateway reports before processing credit card payments and orders will help you detect fraud. The transaction reports include all attempted and declined transaction attempts. If you see several attempts for placing a single order, it can be a sign of card testing, in which the thieves try to find active cards and balances. 

Use Lockout Feature: In this method the cookie based or IP protocols are used to “lock out” the customer, whose attempts to enter a card number fail a number of times. 

Use Add-on Fraud Services: In this service, additional searches on a card number are performed. These searches go beyond the standard Card Security Code (CSC) and Address Verification services (AVS) to verify if the card contains any reports of fraud or frequent chargeback or has been reported stolen. Many credit cards processing companies offer these services with additional monthly charges of $20 to $30. 

Look for unusual Shipping Address: To detect a credit card fraud, you can check if any unusual or different ship to address has been provided. Often the thieves request to send the products as a gift to an address that is different from the billing address (mainly a foreign address). If you find any such request, you can verify it through a quick courtesy call to the cardholder. 

Recognize Big Payers: Usually, the thieves make very expensive purchases and are willing to pay huge fees to get the merchandise shipped quickly. They further resell the products and earn huge profits. Detecting these activities and following-up can save you from any deception.

Use Secured Payment Gateways: By using the most secured payment gateways like – Algocharge, you can ensure that your personal information remains safe. All good merchant credit card processing services provide secure gateway and fraud protection for their clients. 

Other Measures: Apart from these quick steps there also are some “common sense” tactics that will help you in credit card fraud detection –

• Be careful when taking orders from high-risk regions like – Africa, Middle-East, Eastern Europe and Southeast Asia.

• Watch all the email addresses closely. If the address contains any random characters or do not correspond to the customer’s name, stay away from any type of dealings with them.

• IP firewall can also be used to block the thieves from making multiple attempts.

 Thus early detection of a fraudulent activity can save you from being a target of a credit card fraud. It is good to be proactive about your business’s security. Never hesitate to make a phone call or send a follow-up email to your customers for verification of any order since it’s only you who can check these frauds and save you and your customers.