12 Apr 2022 By PAYCEC
Online transaction processing system deals with such questions as credit card validity, available funds, fund settlement, card limits, data security, user authentication, and so on. One more essential function of the payment processor is security. A payment processor is responsible for checking whether card information is valid, and protecting you from fraudulent activities. They also take care of various errors, accidental transactions, and incorrect charges.
As the basic level of a common payment gateway, an online transaction processing system follows these steps:
It connects to the merchant account. It gives the businesses one or more options for integrating online card processing with the merchant business account.
It keeps track of the payment information for each customer's transaction. The merchant sends their customers' information to the payment gateway using the gateway provider's tools. The gateway encrypts the payment information during transmission to ensure the security of the information.
It forwards that data to a payment processor or an acquiring bank. At this point, the acquiring bank takes over. It performs some fraud screenings before sending the transaction to the card networks.
It returns to the merchant the notification of approval or decline. The merchant sends a confirmation or rejection notification to their customers based on their yes or no response. They may request another form of payment from their customers.
The payment gateway acts as a go-between for the customer and the merchant, ensuring that the transaction is completed securely and quickly. An online payment gateway can make it easier for merchants to integrate the required software. The gateway manages the customer's sensitive card details between the acquirer and the merchant as a middleman during payment processing.
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