You can accept an online payment from any website or application using MyGate’s payment gateway. MyGate offers multiple payment solutions that easily integrate with your ecommerce site. These payment solutions will enable you to accept credit cards online. Most popular shopping carts have pre-integrated into MyGate’s internet payment gateway, which greatly reduces your costs. Our solutions cater for both merchant hosted or MyGate hosted payment pages, offering you ultimate flexibility. MyGate’s hosted payment pages are customisable and allow you to implement the look and feel of your website through a built in CSS editor.
Our UK payment gateway enables global processing of all major international credit cards from around the world 24 hours a day / 7 days a week, allowing both debit and credit cards transactions to be processed through MyGate’s banking networks. Multi-currency processing and settlement can be configured based on your specific requirements. MyGate’s secure tokenization services enable a 1Click checkout that does not require you to store any card details. All online payments are processed via our secure online payment gateway, which is PCI compliant.
Using the MyGate web console, you can view and manage all online transactions processed through the gateway – allowing you to capture requests and refunds and authorise reversals. Alerts can also be set up to ensure that you are notified by email when an online payment occurs.
MasterCard and Visa require that the settlement of a credit card transaction takes place at the time of delivery of the purchased product or service. The online card payments will be authorised which will reserve the funds on the credit card until you choose to capture the transaction for settlement. If you are providing a product or service with real-time delivery, then deferred settlement can be configured not to be activated on your account and the payment will be captured in real-time.
The credit card transaction process is defined mainly by an authorisation and a capture (settlement). An authorisation request is processed to the acquirer who, in turn, processes to the issuer. If the online payment is approved / successful the issuer will reserve the funds on the credit card for 21 working days. This is called an authorisation. In order for you to receive your funds, a capture / settlement request is required.
MyGate provides the most comprehensive and efficient online payment systems for your business needs.
INTERNET MERCHANT ACCOUNT
In order to accept online payments, an internet merchant account (IMA) is required from an acquiring bank. An IMA is specifically used to process debit and credit card payments online. This is also typically known as a Card Not Present (CNP) environment. Since the card holder is not present at the time of purchase, the security controls around processing the transactions are traditionally higher. Even if you have a merchant account for your physical store front, you will require an online merchant account to accept online payments.
Finding an Acquiring Bank that best suits your business
The MyGate payment gateway works with UK merchant accounts as well as international merchant accounts. Understanding your requirements will aid in advising the best merchant account for your specific needs. Once this has been identified, we can work with you to get your application processed to that bank. MyGate works with a wide range of UK merchant banks that support various industry sectors. If you are a new merchant requiring online merchant account services, MyGate can contact your bank to request assistance in processing your internet merchant application.
In order to apply for an internet merchant account from an acquiring bank, certain information about you and your business will need to be supplied.
You will need to supply:
- Company registration information including where your company is registered
- The website address
- Description of your products or services
- Your terms & conditions for online trading must be on your website
- A refund/cancellation policy (this must be stated clearly on your website)
- A shipping policy including any exportation restrictions (physical goods only)
- Details of your customer response plan
- If you are a newly established business (under six months), you may be required to supply an outline of your business plan
- Information about the directors in the business
Setting up an Internet Merchant Account
The merchant account will be linked to your business account and all successfully authorised and settled transactions will be deposited into your nominated account. The acquiring bank may charge a signup or setup fee and for processed payments they may charge a fixed transaction fee for debit cards, and a percentage for credit cards.
In addition to an online merchant account, you will require a payment gateway to process the transaction from your website, shopping cart or application to the acquiring bank. Your merchant account is integrated with MyGate’s payment gateway and allows authorisations and settlement of debit and credit cards to be processed online. The internet merchant account can also be set up to process multicurrency transactions. All major credit cards such as MasterCard, Visa, AMEX, Discover and JCB can be processed through the payment gateway.
The internet merchant account can be linked to 3D Secure for additional security. In order for your account to be linked to 3D Secure, you will need to request that the acquiring bank enrol it. Once this has been done, MyGate will set the internet merchant account to 3D Secure from within MyGate’s system.