Web Based Merchant Account Banking Systems for Small Business

It is important to note that the bank account of the payment gateway and the issuing bank exchange their information through a credit card interchange. The major credit card interchanges are: Visa, MasterCard, Discover Card, American Express and JBC Diners Club. All of the communication between these two financial institutions is done through the interchange. Each interchange charges fees to the issuers (financial institutions that have credit card accounts) andoriginators (financial institutions with accounts where transactions are originated.) The payment gateway will most likely pass these fees onto the owner of the web-site. The privilege to use some of these interchanges can be costly, so the business needs to carefully weigh the benefits of accepting those credit cards with the costs.

Checks and E-Checks. The decision to take check payments or e-checks should be decided up front before selecting a merchant system. The reason for this is that many merchant systems to not deal with or process checks. This could in turn force you to have to change systems mid use. There are ways around this: Check by Phone is not an online tool, but check information taken from an online form could be phoned in by an employee. Again, as with the credit card interchanges, a business needs to weigh the costs of taking check information over the web with the benefits they will get by offering it as a method of payment. There are still some people out there that do not have a credit card.

Automation. A business received the benefits of automation when it is able to take credit and debit cards. This automation is great for recurring or revolving charges. It is a great feeling to get that email notification of "You've Got Money!"