Payment options play a crucial role in every kind of e-business solutions by facilitating online transactions. Since security concerns are one of the major factors which deter online users from using websites, the importance of payment options becomes all the more important, so much so that it can make or break any e-commerce site. Over the years we have seen a lot of evolution in this arena and we will keep on witnessing many changes in times to come. Online payment systems are an evolution of EDI (Electronic data exchange) which came into limelight in late nineties. These systems have gained tremendous acceptance these days due to widespread usage of internet. These systems facilitate the acceptance and processing of ACH transactions. ACH stands for Automated clearing house. Every electronic credit or debit card transaction fall under ACH category. Payment gateway provides a secure path from website to payment processor’s authorization and transaction capture systems. Merchants create their own merchant account to take credit card details from the website and process the money via a payment service processor like Paypal . A merchant account is basically a bank account which is underwritten by a bank. It allows the merchants to receive payments through credit card or debit card. Due to the high risk associated with credit cards, these merchants are allowed to only process the cards and not the transactions. The transactions are handled by payment processors. These processors implement anti- fraud measures to ensure the protection of customer and the merchant. Banks ask these merchants for PCI compliance. Being PCI compliant means that one has to follow a set of standards called PCI-DSS (payment card industry data security standards). These standards were created by payment card industry security standards council to mitigate the risks associated with credit card security.
Magento Go offers several additional features in order to facilitate online payments. Following are some of the services offered on Magento Go platform.
1) 3D secure Credit card validation: These services provided on Magento go is valid for selected payment gateways. It provides an additional layer of protection against fraudulent charges.
2) Krout Fraud detection: This feature again tracks and detects fraudulent activities associated with an online site.
3) Integration with region specific payment service providers: A Magento Go store can be configured with alternative processing services like Paybox direct, Google checkout etc based on region wise preferences.
4) Methods for different types of payments : We have seen the usage of several other payment methods like Cash on delivery, Bank transfer etc in several e-commerce sites. Magento Go provides specific methods using which such modes of payment can be easily integrated in your e-commerce sites.
