A Beginner’s Guide to Payment Processing
Payment Gateways is very important for online business. Online buiness is very important payment protection and ensure secure transaction for your customer.
In this article you will learn payment protection in online business and Overview of payment processing.
Payment Processing
Merchants and customer relationship is very important to secure transaction in internet connection. third-party services often handle verification, processing (or declining) the transaction on behalf of the merchant. Processing payment in online business include many things.
1. Customer
With credit card based transaction. The buyer ask for cardholder details for paying online or, also own a brick-and-mortar store, through your Point of Sale (POS) hardware.
2. Merchant
Provider of service and products. The Business owner has authority to receive payment in online from customer.
3. Credit Card Network
Many credit card available to pay online For Example American Express, MasterCard, Visa, and other credit and debit card networks facilitate the transactions between card issuers and Business owner.
4. Credit Card Issuer
This is the financial institution, company, or bank issuing cards to holders and buyers.
5. Payment processor
Processors handle routing payment details via the card networks and to the customer’s issuing bank.
Online payment services.
Modern online payment services offer easy-to-use, fast and secure ways to pay online for shopping and services.
1. Bank transfers
Bank Transfer is a very trust able to pay online for shopping and services. The main benefit of bank transfers is that customers don’t have to disclose any financial details to you in order to make a purchase.
E-commerce website are use bank transfer for secure payment to sale products internet successfully.
Everyone don’t have a credit card. This why is bank transfer is secure payment in online business to just share details and procced payment.
2. PayPal
PayPal Is very trusts bale payment gateways to work online business. we can PayPal payment for online shopping just add email address and pay this is very it pay money in online business.
3. Debit card
Online business one more payment gateways debit card. Debit card transactions is very easy to processing since the issuing bank doesn’t need to decide whether to issue credit to the customer to cover the purchase cost.
Debit card online transaction you need pay every transaction fees to your debit card providers bank. This is small fees he charge in your bank account
4. Credit card
Online business one more payment gateways Credit Card. Generally, credit card payment processing starts with a customer purchase. The cardholder data is sent to the processing network and then the processor contacts the issuing bank to check if there are sufficient funds in the consumer’s account to cover the cost of the purchase.
5. Digital wallet
Online business many payment gateways available to pay for shopping and services. Digital Wallet is another payment gateways to pay online for Example Google Pay And Apple Pay.
Digital wallets store payment information in these smart devices so buyers won’t need to provide all the details or whip out their credit or debit cards to pay for their purchase.
Now you know about Payment gateways in online business to pay secure transaction card wallet and many more like PayPal stipe Payoneer etc.
