About Mike Kostic Expertise How to build successful commercial Web site, install shopping carts, real time online credit card processing, and make it sell. How to bring visitors using search engine positioning, advertise online, create your own affiliate program, and make money on your site.
I am just looking at trying to sell my products thru an e-store. However I am having a difficulty time trying to wrap my head around everything I need to be able to process credit cards. I understand that I should have a shopping cart, a payment processor and a merchant account. Correct me where wrong, but I my understanding is that the shopping cart collates all a customers order information and send the billing information to the payment gateway which is turn sends it to the merchant account bank for authorization.
That's where I start to get confused.
I have seen the terms payment gateway, payment processor and virtual terminal used somewhat interchangeably. Are they the same thing? If not what's the difference and which to I need.
Assuming they are the same,
I have also seen some hosting solutions, Yahoo Stores for example, that include a payment processor, but specify that you need a Nashville, formerly Envoy, compliant Merchant account. I queried the account providers and they say they don't know what that means. What exactly do I need to know to determine if payment processor is compatible with a merchant account?
Further to all this, when would I need my own SSL certificate, I think it is to secure card data as entered by the customer, between the customers system and the Web Server, and only if the Web host is not providing one. Is this correct?
Additionally, with the shopping carts. Do they need to be compatible with the payment processor or is there a common standard that they all follow. If not, how do I determine if the cart and processor are compatible?
I know that's a lot of questions, but I am a lot confused. Thanks in advance for your generous assistance
Answer I am just looking at trying to sell my products thru an e-store. However I am having a difficulty time trying to wrap my head around everything I need to be able to process credit cards. I understand that I should have a shopping cart, a payment processor and a merchant account. Correct me where wrong, but I my understanding is that the shopping cart collates all a customers order information and send the billing information to the payment gateway which is turn sends it to the merchant account bank for authorization.
-- OK
That's where I start to get confused.
I have seen the terms payment gateway, payment processor and virtual terminal used somewhat interchangeably. Are they the same thing? If not what's the difference and which to I need.
-- they are the same thing
Assuming they are the same,
I have also seen some hosting solutions, Yahoo Stores for example, that include a payment processor, but specify that you need a Nashville, formerly Envoy, compliant Merchant account. I queried the account providers and they say they don't know what that means. What exactly do I need to know to determine if payment processor is compatible with a merchant account?
-- Payment processor will tell you
Further to all this, when would I need my own SSL certificate, I think it is to secure card data as entered by the customer, between the customers system and the Web Server, and only if the Web host is not providing one. Is this correct?
-- Only if you have your own dedicated server (you don't need it). If you have shared hosting you will share the certificate too
Additionally, with the shopping carts. Do they need to be compatible with the payment processor or is there a common standard that they all follow. If not, how do I determine if the cart and processor are compatible?
-- The processor will tell you, but most of the carts will do
