You have many options for online payment processing, but merchant accounts are one of the best choices for most people. Outside of extremely small operations that only work with a few customers at a time, merchant accounts will service most people well. You’ll need to understand a bit about how they’re priced, but they offer the business owner a great deal of control. They also give you a greater degree of security for your business. Read on for the reasons why merchant accounts are the most effective means of accepting money online.
Merchant services use multiple layers of SSL encryption to keep the data in a transaction secure from outside intrusion. The basic system creates a randomly generate session. You can think of this as a room that exists in an infinite space. Everything that happens in that room is only observable by the parties in that room (the buyer and the seller). Once information is exchanged, the gateway sends it to the seller using an additional layer of SSL encryption and the room that held the transaction no longer exists.
Hackers can’t spoof such encryption easily, so this system is fairly standard among merchant accounts for the time being.
Aside from the necessity of accepting payments online, the speed of delivery for those funds is important. Typical delivery time is around 24-48 hours. Anything more might be sign that your merchant account isn’t of great quality. Speed is also essential when processing refunds, as this determines how long funds are held (if at all) and what happens when a refund is processed.