PAYMENT ASIA
Source: https://www.paymentasia.com/en/
KNOW HOW CREDIT CARD PAYMENT WORKS Even though online credit card payment solutions are the popular medium for payment, many among us do not know how it works. A TRANSACTION INVOLVES AN INNOVATIVE PAYMENT GATEWAY, WHICH AUTHORISES AND VALIDATES THE TRANSACTION, A CRITICAL STEP TO CHECK FRAUDS AND UNAUTHORISED ACCESS TO INFORMATION. FOLLOWING ARE THE STEPS THAT ARE INVOLVED IN AN ELECTRONIC TRANSACTION. STEP ONE: THE CREDIT CARD IS SWIPED INTO A CREDIT CARD TERMINAL, WHICH EITHER CAN BE IN A FORM OF HAND-HELD MACHINE OR OVER THE TOP TERMINAL. STEP TWO: FROM THE POINT OF SALE, THE INFORMATION IS TRANSMITTED THROUGH A SECURE PAYMENT GATEWAY TO THE BANK OR CREDIT CARD COMPANY FOR THE VALIDATION OF THE TRANSACTION. STEP THREE: ONCE THE PAYMENT IS AUTHENTICATED, THE AMOUNT IS CREDITED. SALES SLIP CONCLUDES THE TRANSACTION
STEP FOUR: THE SLIP IS SUBMITTED TO THE ACQUIRERS OR MERCHANT’S BANK STEP FIVE: THE MERCHANT’S BANK THEN REQUESTS THE CREDIT CARD COMPANY TO MAKE THE PAYMENT STEP SIX: THE CREDIT CARD COMPANY FURTHER THEN REQUESTS THE CARD HOLDER’S BANK TO CLEAR THE PAYMENT.
Evidently, online credit card payment solutions are far more complex than it seems.