Online Merchant Accounts Key Terms

Learn about the features of an online merchant account

Online merchant accounts are a convenient way for businesses to have access to their accounts. It also makes online credit card transactions easier to process. Online merchant accounts offer additional support features such as fraud services and customer support. Any business that wants to sell large quantities of their product online or sell to an international customer base needs to have an online merchant account. The account helps by offering faster processing and support for chargebacks.

 

Automated clearinghouse (ACH) payment

An automated clearinghouse (ACH) payment is an electronic transfer of funds when an individual buys a product from a merchant. ACH has become the national standard for linking merchant account payments to banks.
Try: NACHA provides an explanation of how ACH payments are processed.

Online payment gateway

An online payment gateway is a specific application that connects a shopping cart on a merchant's website to the merchant's payment processor to make a transaction.
Try: Merchant Accounts Express provides information on how an online payment gateway works to provide secure transactions for the customer and the merchant.

Keyed transaction, card not present transaction

A keyed transaction, or card not present transaction, is a payment that was processed manually by entering credit card information into an online payment gateway.
Try: VerePay provides tips for consumers and businesses to help prevent fraud when completing a card not present transaction.

Online processing

Online processing is a system that authorizes and completes a transaction made online. This is done through a payment gateway or third-party processor.
Try: Authorize provides a diagram that shows how online payment processing works.

SSL certificate

An SSL (secure socket layer encryption) certificate is a secure, private connection that all merchants must acquire for accepting payments. This secure connection provides safety measures for the customers and the merchant to avoid fraud and ID theft.
Try: VeriSign provides an explanation of SSL certificates and how they work to keep the customer's information safe.

Virtual terminal

A virtual terminal is an online interface that provides a merchant ways to manually process credit, debit and e-check transactions. This service is available on any computer with an Internet connection and is often used for phone sales and mail order businesses.
Try: Element Payment Services provides the benefits of using a virtual terminal and also provides a virtual terminal demo.

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