So, you want to accept payments online?
When it comes to setting up a merchant account for your online business, the process can be downright confusing. There’s so much more to it than simply identifying a merchant bank that can provide you with decent rates and nominal fees. Of course, you’ll want to shop around for good rates when it comes to your merchant bank but negotiating rates is just a small part of the commercial transaction cycle that you’ll need to consider.
There are several key components and services that make up the ecommerce process. Merchant accounts, payment gateways, shopping carts, processors, it all starts to get pretty complicated when you look at all of the players involved. Let’s recap the basic online payment process: