A Beginner’s Guide to Merchant Accounts
‘So, what is the sequence of events when a customer buys something from my online store?
“1. Customer visits your site 2. Customer clicks on a “buy me” button after reviewing sales copy 3. The selection is added to the shopping cart. 4. Once at the ‘checkout’, the customers’ personal and financial details are recorded via a secure form - well, it should be secure anyway :). 5. Details submitted from the form are transmitted to a payment gateway service, which is separate to the cart. The gateway service securely routes the information through the relevant financial networks. 6. If the transaction is successful, the customers’ credit card account is debited and your merchant account is credited. 7. Once all funds have cleared, you are then able to transfer money to your ordinary business checking account.” ‘
Read more at A Beginner’s Guide to Merchant Accounts
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