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Real-Time Internet Processing

Suggested Business Use: Internet and Mail Order/Telephone Order (MOTO)

If most of your business is conducted on the Internet, Real-Time processing is the way to go. When your customer is finished shopping and is ready to pay, they simply click on your "Checkout" link and are switched to a secure page where they type in their credit card information. In about 3-5 seconds a message will then appear on their monitor showing whether their card has been accept or declined. Two days later the money will arrive in your business checking account. Real-Time providers will provide you with an online database containing all of your credit card transactions which makes month-end accounting and balancing simple. Real-Time processing is a good solution for those who plan on having a lot of transactions daily. Real-Time processing helps to automate your payment acceptance process, unlike in Retail establishments where entering in credit card information must be done manually. Most Real-Time solutions are coupled with a "Virtual Terminal" that allows you to process MOTO orders manually via your web browser from any location that has access to the Internet. You're basically getting a 2-in-1 solution for the same price.

Real-Time purchase prices usually range from around no cost to $200. The pricing greatly depends on how much the Merchant Account Provider wants to profit off of a Real-Time sale.

Here is a diagram of how Real-Time Credit Card Processing works:

For further detailed information check out the pages:

• Real-Time Processing vs. Non-Real-Time Processing

• How Online Transactions Are Processed

• Questions for Internet Real-Time Processing

• Buyers' Guide to Online Payment Acceptance

Pricing Information

Here's the rates and fees you can expect to pay for Real-Time credit card processing. (Note: Rates and fees may be higher or lower depending on what type of business you are operating, what country it's located in, and your credit rating.)

Advantages & Disadvantages

There are advantages and disadvantages to using any processing solution. Below is a table pointing these out for Real-Time Internet processing:

Real-Time Payment Gateway Companies

In order for you to accept credit cards via your website you must have a payment gateway company link between your sites order form and the processing bank. The gateway company acts as a "pipeline" to transfer the secured credit card information to the bank for processing and funds transfer to your merchant account.

There are quite a few payment gateway companies available to choose from. Depending on the Merchant Account Provider or bank you are working with will probably determine which payment gateway company you will be using to process your credit card transactions automatically. Some gateway companies can set you up directly with their services, while others require you to go through one of their resellers. Some of the different payment gateway companies are AuthorizeNet, ECHO Inc., NexCommerce, VeriSign, PaymentNet, SecurePay, iTransact.  The two that are probably the most well known are AuthorizeNet and VeriSign. All of the gateway companies work pretty much the same. Some may have different features then others, but generally all do the same.

For more information on payment gateways:

• Secure Payment Gateway

Quick Tip:

• If a shopping cart system is not included with your real-time package check with your merchant account provider to see which shopping cart solutions will work with that particular particular gateway company you will be connected to.