Three things are necessary to accept credit cards over the internet:
- A payment gateway acts like a bridge between your website and your merchant account since they can't be integrated directly.
- A payment processor is like a tollbooth on this bridge, verifying the card details with the card-issuing bank and authorizing the funds. It comes with your merchant account.
- A merchant account holds the money from online sales and, after a waiting period (typically 2-3 business days), funnels it into your business checking account.
Example transaction with Connect by Lumi
- A invitee registers through the website and adds their credit card details for payment
- The transaction details are sent to the payment gateway and the merchants payment processor checks invitees account for funds
- The payment is accepted and this information goes back through the Credit Card Network and to the Merchant Payment Processor and on to the Payment Gateway
- The transaction is finalised
- After a settlement period the payment is sent to the merchant Bank
There are two ways a payment gateway can be integrated with Connect so you can collect online payments: API and HOP. An API is a direct connection between both applications. When using an API, your invitees will enter their credit card info on registration pages. You can also collect onsite payments through the OnArrival app.
Our in-house merchant account and payment gateway combo is the simplest, most popular option that can be up and running in 1-2 business days which takes a set percentage of each transaction. You can process payments in over 145 currencies but we can only transfer the funds in USD, GBP, AUD, SGD, EUR & CAD. Remittance every 30 days and reports are available on the 6th day of the following month for accounts settling in US or Australian dollars and the 11th day for all other currencies. Payments will be transferred to your bank account by the last week of the next month. For example, transactions processed in June will be paid by the last week of July.
See below for other API gateways, these typically take 2 - 21 days to setup
- Payflow Pro
- Authorize.Net (AIM)
- Moneris eSELECTplus
- Ogone (Ingenico ePayments)
- TouchNet Payment Gateway Web Services
When using Hosted Order Pages (HOP), your invitees would actually leave Connect and enter their credit card information on a page hosted by the payment gateway. Once the invitee has paid, they are returned to Connect and sent a confirmation email. There are some limitations to using hosted order pages. Examples of this type of gateway that work with Connect include:
- Authorize.Net (SIM)
- CyberSource Secure Acceptance
- PayPal Express Checkout