How Online Payment Processing Works?Blogger User August 1, 2019 0 COMMENTS
The transfer of funds from one account to another electronically is the online payment system. This system processing checks the issuing banks of the customer to see if they have the right amount of credit to cover the customers’ stuff payments. After getting the surety the amount is transferred for payment.
In this era of technology, many businesses are operating online and providing their customers the opportunity to pay online as in online shopping. Before going any further, an important concept must be heed upon which is 3 P’s; the players, the payments and the pricing.
In the processing of debit or credit payments, usually, three main types of players are taken into account, which could be electronically, on the telephone or in face to face in person. Through the line of the persons, at one extreme is the customer and at the other, is the business (merchant). While the technology is there between the two ends to help connects each other.
To trace the movement of money between the business requirements and coming from a customer in a business is an alerting yet important task for a businessman. For the processing of payments, two usual stages are there;
- The authorization
- The settlement
This is a common phrase that everything comes with a price, and it applies here too. For the transaction of any sort, it requires some to be paid. In any case, every facility has a cost and so the banks and the service may have their prices to be paid for providing this services including the association of credit cards, issuing banks, merchant banks, payment processors, etc.
There are different results regarding these topics but our website, the ACE MoneyTransfer provides the simple, easy to understand and to the point results.