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E-commerce payments are financial transactions between a buyer and a seller that take place online. They can be made using a variety of methods, including credit cards, debit cards, digital wallets and bank transfers.
How does e-commerce payment processing work?
The buyer’s account is debited and the seller’s account is credited. The payment processor authorises, captures and settles the funds. Transaction details are securely transmitted between the buyer, seller and payment service provider.
Online payments use a payment gateway to link online businesses to a payment processor. The processor then collaborates with your bank to clear and transfer funds. This enables safe and secure global payments anytime, reducing both transaction and labour costs significantly. A user-friendly E-commerce payment gateway eliminates repeated entry of card details and personal info. It streamlines checkout by working with third-party processors.
A virtual terminal is a piece of software that enables companies to take payments over the phone or online without requiring a real card reader. Your PC becomes a payment card terminal using a virtual terminal. For remote billing or accepting credit and debit cards over the phone, it’s ideal. By employing web-based software, virtual terminals allow you to handle payments online without the need for a physical point of sale (POS) terminal.
Customers can use a secure link to make payments online with the Pay by Link payment option. It’s a rapid and practical method of receiving payments for products and services.
To start with, a unique payment link is created by a Merchant. The customer receives the link from the Merchant via invoice, text message or email. After clicking the link, the client is taken to a secure payment page. The client completes the purchase by entering their payment information. An immediate indication of the payment status is sent to both the merchant and the client.
Advantages:
It simplifies the procedure of making payments. Lessens the requirement for physical point-of-sale systems. Enables companies to provide remote client service. Reactivating customers with unsuccessful transactions or abandoned carts is possible.
Methods of Payment:
The consumers can pay with their preferred means, such a card or direct debit.We deal with several different suppliers of payment services such as: CyberSource, Elavon, Worldpay, GoCardless, Volt, Stripe and Adyen. These suppliers also enable Pay by Link.
Amex
American Express is a multinational payments organisation that provides charge, credit and prepaid cards to both individuals and companies. It gives consumers access to goods, knowledge and experiences that improve lives and foster corporate success. American Express not only issues cards but also handles transactions using AMEX cards, including those from third parties.
Prepaid, gift, credit and charge cards are issued and processed by American Express for customers, small businesses, mid-sized businesses and large corporations across the globe. American Express cards, like those issued by Visa, Mastercard and Discover, are accepted by businesses worldwide. Because American Express is both a card issuer and an acquiring bank, it makes money from cardholders and companies that accept its cards, unlike Visa and Mastercard.
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