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Merchant Check Processing
![*]() Online Reporting provides
for all credit card sales reports, check sales reports, banking
and settlement reports, and returned item reports to be automated
and available over the internet 24 hours a day. Online Reporting
is one feature that the Third Party Secure Payment Gateway
companies sell to merchants. Companies that have their own
proprietary Secure Payment Gateway typically provide Online
Reporting at no extra cost to the merchant.
The Third Party Secure Gateway Provider typically charges
a Software License Fee or "sells" the Software Module through
ISO's, ISPs, Agents, and Banks. These Secure Gateway Providers
also typically charge a Monthly Access Fee for the Secure
Gateway. The ISO, Agent or Bank that brings in the clients
usually marks up this fee. Some Secure Payment Gateway Providers
also charge an additional Transaction Fee. Because the Secure
Payment Gateway Provider generates their income by linking
a Processor to a Merchant, they must charge fees above and
beyond what a store front merchant would pay for the same
transaction processing services; Processors that have their
own Secure Payment Gateway can often provide a more cost effective
internet processing service because they do not have to pay
a Third Party Processor for this service, and consequently,
they often do not charge the merchant additional fees for
the Secure Payment Gateway, Software Module, or Online Host
Software.
Internet Processors and Secure Payment Gateways usually provide
a "virtual terminal" that allows merchants to log on to the
processing center and hand-key in new transactions. Some also
provide a means of issuing credit transactions to the merchant's
clients. The Virtual Terminal is a large selling point for
third party Secure Payment Gateways, but is a common element
of Internet credit card and check processing that you should
not have to pay for. Look for the Processor that has their
own gateway and that does not charge extra for Real Time Processing,
Online Reporting and Virtual Terminals.
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