How to Process Payment Online?
By Ranju Kumar
Surfing the web one would come across multiple websites where some payments are involved. However to process payment online is something that requires a bit of exercise and homework. One could also use the credit or prepaid debit card for such payments.
However it is necessary to appreciate the basic difference between subscription website and the normal marketing website before you send money online. Basic difference of the subscription website to the normal marketing website is its ability to receive as well as process payment for access to their membership zones.
What Looks Simple May Not Be So
On the face of it the process may look quite simple. However that could be only in theory. In reality the process may not be simple at all. For one thing, the payment services should be directly linked with the member database of the website as well as their content management solutions to be really effective. Reasons for it are that the entire process needs to function in a cohesive manner.
Someone signing as member must have a link to the member databases to be issued with a password automatically so that they could access the content for which they signed up. Commercial loans may also require organizing of such linking to be effective.
Steps Involved
Ordinarily in order to process payment the prospect has to enter the credit or debit card details in the order form provided to him by the website. Information entered gets automatically encrypted and are sent to some payment processor that would check whether the information so provided are genuine and whether the card is valid.
When the outcome is in the positive, the information is passed on to some merchant service company mostly dealing with the merchant accounts trade finance. Such service agencies would check them, accept the money paid, and refund the same to the website owner deducting the fees payable for the services rendered.
Submission of the Process
Deciding to subscribe the visitor would click on the link provided and would be redirected to the website. Link would normally be to secured server that would encrypt the information dispatched on the Internet. Detection of secure server is quite easy as the http normally in the address tag will change to https. On pressing the submit button the information is processed to the gateway provider that would check all the details like lost, stolen or invalid cards.
Such verifications are necessary for factoring the probabilities of fraud involved in the transaction. If the gateway provider is convinced about the genuineness of the card they will proceed on to confirm the transaction through some merchant service provider. Merchant account trade finance practice is to reconcile all transactions in all bank accounts at the end of the day.
Overseas Process
To process payment overseas the websites often resort to commercial foreign exchange. Ordinarily the system follows is to accept one or more currencies as the base currency and to convert others in terms of the said currency taking into consideration the currency conversion values. This is also required since overseas commercial loans and other transactions often require such conversion.
About The Author
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