Payment processing involves the exchange of payment, billing and transaction information between a customer, the payment gateway and the merchant. Payment processing may be local or international depending on the kind of business you have. Some International Payment Processing methods include:
- 1.International cards2.Pay pal3.E-wallets4.Cash methods5.Pre-paid methods6.Check
Merchant Benefits with International Payment Processing
With international payment processing merchants became capable of:
- oGlobal acceptanceoReal-time confirmation of paymentoProcessing speed is fastoInternally accepted methodoCustomer securityoEasy to useoCan gain popularityoFacilitate customers to shop without credit cards or bank accountsoExcellent for small amountsoNo risk of any fraud or security
How Online Payment Processing Works?
It may be tough to grasp how online payment processing is carried out. Various steps and terms might make this process even more complex to understand.
Once a customer has chosen a desired product, he will fill out the payment form with personal and credit information and submit the form after which a variety of backend processes are initiated.
- oThe Payment GatewayoPayment transfers to Merchant accountoPayment Receipt and reportoData transfer to merchant’s databaseoReceiving the payment
Payment Gateway and International Payment Processing
Payment gateway verifies the validity of the credit card. It manage the process of transaction, contacts to the bank, reports back the results and transfer the money to merchants account. A merchant account keeps the credit card payments. But merchants do not have the right to use these deposited payments until money is transferred to his bank from the merchant account. When the payment processing is completed successfully, then the customer receives a receipt and the report of transaction. All the payment data or record is then stored into the merchants database.
About the Author: Melody Wigdahl
Melody Wigdahl is a 25 year veteran of the payments industry, and has been an international ECommerce specialist since 1993. For the last decade, her primary focus as been the area of alternative payments.
Melody has been with UseMyServices since 2003, and enjoys the challenges of being involved with cutting edge technology on a daily basis.
Melody also currently acts as Editor for OnlinePaymentNews.com.