Never lose a single nickel
By getting to know how money moves, you will get to understand all the complexity of processing transactions. Ever since Sting’s CD was sold online in 1994, as the first online transaction, many things have changed. A large part of E-commerce companies nowadays moved to mobile devices that include tablets, laptops, and other types of smart devices.
For the customer, it should feel secure and convenient, as it felt like paying in cash, all you need is Internet access and a payment card. By using this advantage several billion people got the chance to sell or buy a product or service worldwide, regardless of their location.
Before the first order takes place
Your first step as a Merchant is to create an online store or a membership-based website that will allow you to communicate and offer goods or services to customers around the world. To collect the funds from your consumers you will be needing an active Merchant Account at the Acquiring Bank. Bridge your eCommerce business with the selected bank by configuring the payment gateway that will ensure information transmission and secure the money flow.
After clicking the BUY button
Right after you have chosen your favorite item or service on a web shop the payment gateway collects the data necessary for the execution of the transaction entered by the buyer, processes it, and forwards it to the Acquiring Bank (Merchant’s bank) for further processing. When the order is placed, the payment request from the Merchant’s bank has been forwarded exclusively through specialized channels to the buyer’s bank that verifies the request depending on the funds available. If the transaction is approved, the bank forwards the authorization code to the Merchant’s bank through the channels of the card networks. The Merchant’s bank receives a response from the cardholder’s bank and forwards the response to the Merchant through the payment gateway. If the transaction is approved, the funds’ transfer is to be implemented successfully. If the transaction is rejected – the order is also dismissed. The user is provided with information by the Merchant about a successful purchase (with an electronic invoice) or a rejection of the transaction. At the same time, the user receives information from his bank about the success/failure of the transaction.
ThePayPortal Solutions
We offer the full package of services for your eCommerce business: Merchant Onboarding, Risk Management, and Payment Gateway Solutions. Start processing payments online using our Payment Gateway which operates as a virtual POS terminal. Since the Acquiring Bank monitors all the transactions, the issues of chargebacks and refunds can harm your business credibility and even lead to the termination of the Merchant Account. By using methods that reduce fraud and chargeback risk, ThePayPortal protects the Merchant Account from being terminated. Make us a partner you can rely on.
