International Payment Processing - An Overview
- Date: 2007-06-14 - Word Count: 261
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Payment processing involves the exchange of payment, billing and transaction information between a customer, the payment gateway and the merchant.
International Payment Processing Methods
Payment processing may be local or international depending on the kind of business you have. Some international payment processing methods include:
1. International cards
2. Pay pal
3. E-wallets
4. Cash methods
5. Pre-paid methods
6. Check
Merchant Benefits
With international payment processing merchants became capable of:
• Global acceptance
• Real-time confirmation of payment
• Processing speed is fast
• Internally accepted method
• Customer security
• Easy to use
• Can gain popularity
• Facilitate customers to shop without credit cards or bank accounts
• Excellent for small amounts
• No 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.
• The Payment Gateway
• Payment transfers to Merchant account
• Payment Receipt and report
• Data transfer to merchant's database
• Receiving 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.
International Payment Processing Methods
Payment processing may be local or international depending on the kind of business you have. Some international payment processing methods include:
1. International cards
2. Pay pal
3. E-wallets
4. Cash methods
5. Pre-paid methods
6. Check
Merchant Benefits
With international payment processing merchants became capable of:
• Global acceptance
• Real-time confirmation of payment
• Processing speed is fast
• Internally accepted method
• Customer security
• Easy to use
• Can gain popularity
• Facilitate customers to shop without credit cards or bank accounts
• Excellent for small amounts
• No 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.
• The Payment Gateway
• Payment transfers to Merchant account
• Payment Receipt and report
• Data transfer to merchant's database
• Receiving 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.
Related Tags: payment processing, international payment processing
With Instabill merchant accounts you become capable of not just accepting credit cards online but also become capable of offering various international payment processing options to your customers and provide safe online transactions. Your Article Search Directory : Find in Articles
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