An Ecommerce blog all about running an online store. Brought to you by the shopping cart experts at PrestaShop.
http://www.prestashop.com/blog/en/ - 03/04/15 12:02:11 - 05/29/12 11:50:15
There’s nothing quite like starting your own online business. The excitement. The optimism. The… online payment processing? If you want to turn a profit, you’ll need some kind of online payment processing. But unlike some things, the typical online payment services offered isn’t recommended for DIY devotees.
That’s not to say you can’t process your own payments. If you want to set up a merchant banking account, build your own secure server, and make sure all your data storage and handling techniques meet strict compliance rules, by all means, have a go. If not, well, Brink’s Checkout is here to help.
How Does Online Payment Processing Work?
Imagine your online payment is a paper check. When you click ‘buy’ on a website, it’s like you’re giving your paper check to a guy behind a desk. He walks it back to another office, where a girl calls your bank and finds out if you have the funds to cover the check. She also verifies your identity. Your bank transfers money to the seller’s bank, and calls the girl to tell her. She relays the massage to the guy behind the desk, he tells you, and you get to download your 99-cent eBook.
Sound complicated? It is.
When you buy an item, the transaction starts through the payment gateway. The gateway then contacts the payment processor, who contacts your merchant account and the issuing credit card network. Depending on the card, transactions are either authorized by the network or by the cardholder’s issuing bank. Once the authorization is either accepted or declined, your merchant account is notified and the payment processor is notified as well. Funds are delivered, goods are sent on their way, and all is well.
Getting to Know the Key Parts of Online Payment Processing
To manage an efficient and secure online payment processing service, you need several key components, including:
1. A Payment Gateway
2. A Payment Processor
3. A Merchant Account
4. An Online Shopping Cart
5. Some Means of Fraud Prevention
6. PCI Compliance
7. Professional-grade Security
8. And other components if the goal is complex sales such as international and recurring ones
But what are these? Let’s take them one at a time.
- An online shopping cart is the link between your goods and your customers. It’s also where the payment process starts. Shopping carts and payment services must be integrated to work well together. Once the checkout button is clicked, the shopping cart has done its job. It’s on to the payment gateway.
- The payment gateway is like the guy behind the desk. It’s the job of the payment gateway to handle the transaction securely and effectively, sending encoded information from the website to your payment processor.
- Payment processors manage the communication between your merchant account (basically, a holding account for credit card transactions) and the credit card network. Much like the girl in the office, the payment processor is the middle man between the paying account and the receiving account.
- Fraud prevention and professional-grade security are the most technical pieces of the puzzle. To combat identity theft, online payment processing service rely on a bevy of safeguards, including industry-leading data storage and encryption techniques, order behavior analysis, and complex security algorithms. By law, credit card processors have to meet strict compliance regulations.
Selling your wares online is nothing to be afraid of. With the right payment processing partner managing your transactions, you don’t have to worry about legal compliance and time-consuming tech issues. Via Brink’s Checkout, PrestaShop clients can have all of these components in a single place without requiring technical expertise to start selling. You can relax and manage the front end of your store, knowing that the payment processes are in the hands of the pros.
Marketing is a critical part of any successful ecommerce business. While a multi-pronged approach is necessary for marketing any store, it’s crucial to first focus on your target market. Knowing who makes up this target market will help you get your message to them across all marketing channels – PPC, SEO, social media, email, affiliate, and any others you might target.
In this post, I’m introducing you to customer personas and the process of identifying your ideal customer to better focus your marketing efforts.
The great thing about ecommerce is that you can start a business anywhere in the world once you pin down just the right idea or product. And with PrestaShop, you can do it right now, for free. But before launching any new business, there are a few big questions you should consider…
PrestaShop was at the Salon des Entrepreneurs in Paris early February, where an estimated 65,000 future business owners came to learn from some of the world’s most successful startups and industry leaders. The PrestaShop stand was crowded with visitors who came to learn about the new fully-hosted PrestaShop Cloud, our ecommerce solution that allows anyone to create an online boutique in just a few clicks. In addition to answering questions about our free platform, our in-house expert Christophe Bernon went over some of the fundamentals of setting up an online store during two well-attended workshops.
If you’re in ecommerce, you’ve probably heard of Google Analytics (GA) from either your developer, designer or even through one of our newsletters. GA is one of the most powerful tools online and one thing that makes them so popular is that the standard version of their product is completely free to use. It’s the reason we integrated their functionality into the PrestaShop ecommerce software.
You’re probably thinking, all that sounds good, but the question still remains, “What exactly is Google Analytics?” Today we’ll explain Google Analytics in plain English, without using any tech-y acronyms.
Games, ebooks, movies, music, graphic designs and computer applications–these are just a few of the things you can now purchase online as digital products. We’ve invited Jimena Diaz de Vivar, owner of the PrestaShop store Dulzura de papel, to share her experience selling graphic design templates for themed party printables such as invitations, posters, napkins and food presentation details. Read the five benefits she shared with us if you’re considering selling your digital creations online–it might just be the perfect move for your business.