Methods of online payment

• Bank payments.
• PayPal.
• Paytm.
• MovoCash.
• Payment-wall.
• Google Wallet.
• Mobile Money Wallets.
• Braintree.

An online payment system is an Internet-based method of processing economic transactions. It allows a vendor to accept payments over the web or over otherInternet connections, such as direct database connections between retail stores and their suppliers–a common method of maintaining just-in-time inventories.

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Identify security issues associated with E-commerce and discuss methods to mitigate risks.

Describe the differences between Transaction Layer Security (TLS) and its predecessor, Secure Sockets Layer (SSL).  TIP HERE.

TLS is simply and upgraded and more secure version of SSL. TLS is widely used throughout the web today, and is the top choice for transaction security. All versions of SSL and TLS can be enabled at the same time on a server.

2.Explain:   Secure Electronic Transaction (SET)   TIP HERE.

Secure Electronic Transaction is a communications protocol standard for securing credit card transactions over networks, specifically, the Internet.

3. Explain how to Make the Payment Process Easy for Online Customers.  TIP HERE

Provide a Number of Payment Methods. 

Allow Payments without Requiring an Account. 

Deliver a Seamless Design.

Make Errors Easy to Fix.

Ask for Essential Information Only.

Provide Reassurances on Security and Privacy. 

Keep Distractions to a Minimum.

4. What is https and htaccess?  TIP HERE.

A .htaccess (hypertext access) file is a directory-level plain text configuration file for web servers, which, in simple terms, controls access to a certain directory in your server. The use of .htaccess files became popular because they could be used to override global level server settings related to access of directories. However, in recent times, .htaccess can override many other configuration settings.

5. How do obtain an SSL certificate and secure transactions.  TIP HERE.

You can obtain an SSl certificate and secure transaction by the company providing it or by a third party.

6. Compare and contrast the appropriateness of employing a merchant account or a payment gateway to handle online transactions. TIP HERE.

In fact, the two serve totally different functions: a payment gateway facilitates online transactions and allows you to process them, while a merchant account is a holding account where those payments first land before being deposited into your regular bank account.

7. Discuss the process, advantages, disadvantages, and costs associated with opening a merchant account in a presentation.

In a business, a merchant always tries to make more profits by enhancing sales. In this modern age, no one wants to carry cash with him/her and therefore, people prefer online payment methods. A merchant account is opened so that the merchant can accept payment in different ways like credit card and debit card payments. In these days, most of the credit card transactions are sent to merchant processing banks for authorization of payments.

To open a merchant account you need to look for a perfect lender who will set up your merchant account and you can consult your banker to know about a well-known lender or you can also go on any online website to open your merchant’s account. Opening a merchant account has its own advantages and disadvantages.

These are some of the advantages of opening merchant’s account

Best way to accept credit cards

By opening a merchant’s account, you can easily accept credit cards from your customer. In this cashless time, you need to have a cashless system to enhance the growth of your business.

Cash is received fast

With the help of merchant’s account, you can easily receive cash from your customers. Same as your customers will ease at making payments to your account, you will also able to receive money more easily because merchant’s account will allow you to take cash within twenty-four hours of payment.

Expansion of business

With the help of merchant’s account, your business is expanded as you will be able to sell your products and services in different parts of the world. If you want to get rid of your money problems, then you need to open your merchant’s account.

More customers

When you will open a merchant account, you will come to know that you have increased the number of customers as customers prefer to use those products and services which allow them to make online payments or payments through credit card or debit cards.

These are the disadvantages of opening merchant’s account

High-risk factor

Merchant account has also a high-risk factor as when people pay through online methods, it includes fraud and privacy system is not so good sometimes if you have opened your account in a bank with high risk.

Many countries don’t use credit cards

Every businessman opens merchant account so that his customers use credit cards for payments but there are many countries which do not use credit cards for making payments.

High chargeback fees

Banks charge chargeback fees on merchant accounts as fees are higher for merchants account. This excess fee increases costs which result in reducing the profits of a merchant. The banks charge high fees for high-risk payment processors.

Cash flow is affected

The percentage of company’s sales through its merchant account is known as a reserve. The businessman doesn’t earn any interest in the revenue reserve.

High processing fees

Banks charge high processing fees for high-risk credit processing than for traditional credit cards. It takes more money to set up a high-risk merchant account.

8. Describe the process, advantages, disadvantages, and costs associated with using a payment gateway in your wordpress.

Advantage: The PayGate payment gateway extends WooCommerce by allowing the customer to make payments using PayGate via PayWeb. It works by redirecting the customer to PayGate at the point where credit card details are needed. The transaction is processed and the customer is redirected back to the merchants WordPress site.

Disadvantage: The free version is relatively basic

Fees are high for low volume sellers

PayPal takes customers off-site to complete purchase. This reduces your ability to optimise the checkout

Support can be slow, often a 24-hour email service

Costs associated with using payment is $10.00 per month