Key Aspects Of Choosing The Right Online Payment Solution

Picking up the right ecommerce payment solutions for your e-commerce business is definitely a tedious task. However, here are a few helpful guidelines that will help you pick the right one to run your business smoothly:

1. The most preferred e-payment solution options these days are the credit or debit card, e-wallets and netbanking. Whenever choosing a payment platform for your business, ensure you choose a trusted payment gateway. Give multiple options for your clients to choose from. This way, it will help your clients opt for a payment option that is convenient for them. Usually while setting up a payment gateway, your client will be taken through a standard security procedure commonly known as a two-factor authentication. This involves setting up a login ID, password and an OTP to authorise registered mobile numbers or email ids. You can also set up a biometric authentication using smartphone scanners to add an additional level of security.
2. Safety of transactions always depends on the network type your customers opt to make online transactions. It is always recommended that payments be made through secured networks. If a public wi-fi connection is chosen to make online transactions, your clients are prone to risk. But this usually depends on the type of firewall installed in the system through which the payment is made. However, it is always recommended that when online payments are made an excellent firewall is installed in the system. This will help protect online transactions from any potential hackers. 
3. For online transactions, one of the major components necessary is the internet. If there is no good internet, the transaction process will be delayed or can be declined. In order to avoid this, it is always recommended to have access to good internet connections. Hence, it is highly recommended to invest in a trusted Hong Kong online payment gateway for your business.
4. Most shoppers online are looking for an easy transaction. They don’t want anything that is complicated or has multiple steps involved. It is always suggested that when you set-up an online payment, you make it easy for your customers. All the steps involved in making the payment should be easy, quick and hassle-free.
5. Sharing information online can always be a risk. However, to make online transactions, it is necessary that your clients share some of their bank details in order to process the payment. To ensure you give your clients a safe and secure payments, you must ensure you set-up a secure online payment solution for your business.

Keeping these aspects in mind will certainly help you may the right decision when it comes to choosing the right online payment solution for your business.

How Does Online Payment Processing Work?

Online payment processing systems are very popular these days. However, many people get confused with the anatomy or how things work in such systems. It is important to understand how a transaction works right from the start to the end. So, in this article we explain how these online payment services really work. This way, you will be able to understand how your own website, customer or member, as well as payment provider or service interact.

How To Get Started

In order to start with a payment solutions system, you need the following:

• Merchant account: which is enabled via some systems, although some systems such as PayPal do not require any merchant account and can even provide you with one.
• Payment service provider account – which you will need to get through your provider.
• A website or web page that has a button for payment donation or purchase – this will initiate the process of transaction, and you can use the code that is provided by your service operator or even your specialized software for shopping cart.

How The Transaction Begins

Once the website or web page has been set up, as well as connected to a mobile payment gateway or payment system that is online, the customers or visitors to your website will be able to make payments online for services and products. The process for online payment starts once the visitor clicks on the button in order to make the payment online to register for an event, or for membership fees. It can even be for a donation or for purchasing something online from your store.

Once the payment form online appears, the customer or visitor will enter their information for their credit card online, as well as submit the request for the transaction. It depends on who the service provider online is, as depending on that, the form might appear on the website or your purchaser might be redirected to a form on the service provider’s website. It also depends on the online payment technology that is used.

Once the transaction request is made, and the information for the credit card is provided by the purchaser, this information is very securely transmitted to the gateway that is operated via the service provider for payment. The information is properly encrypted so that neither you nor anyone else can view any of the financial or personal information of the purchaser.

Once this information is transmitted, the service provider will utilize a processing service for payment – which can be either one provided by another company or their own – to ascertain the credit card details of the purchaser. This is also done to confirm if the purchaser has enough funds to complete this transaction.

If the credentials entered by the purchaser are valid, and sufficient funds are there to complete the transaction, the service provider for online payment services will initiate a funds transfer from the bank account of the purchaser to the merchant account that is linked to your own website. Then your website will be notified that the transaction is approved.