A Brief Note on Electronic Payments

An Electronic Payment can be simply defined as paying for goods or services on the internet. It includes all financial operations using electronic devices. It comes with various methods, like credit or debit card payments or bank transfers. In fact one of the most popular and common online payment methods nowadays are credit cards.

An online payment solution helps to accept and process credit card payments.

How E- Payment works?

Online payments are made instantly. Therefore, it’s convenient and saves lots of time. However, the entire process behind the payment system is complex.

Here are the basics to make you understand it better-

• Customer action– The process begins when a customer visits the merchant’s site and adds to the cart items the products or services they want to buy. Thereafter, they need to fill out the payment form with certain information such as card number, expiration date etc.
  Depending on the payment method, the customer might be redirected to external service or bank’s website or continue the payment on the website or in an app.

• Payment authentication by the operator– The payment gateway checks whether the payment information is valid. If everything seems fine, the process continues and the payment gateway reports back the successful transaction. After which the customer receives a payment confirmation. The notification is usually displayed in real-time.

• Payment to the seller’s account– An online payment provider accepts a payment from a customer’s bank and transfers it to the merchant’s account.

Accepting electronic payments comes with lots of benefits for both merchants and consumers. These are highly effective for international transactions. It is cheaper, easier and faster than any other payment methods.

Online Credit Card Processing

Payment Gateway essentially deals with the online credit card processing. With the rise in electronic means of money transactions, paying through debit or credit card has become a necessity for the majority of us. Choosing a proper processor is very important to make the complete payment process fast and secure. It should also be hassle free without any hidden charges or any other fees. Payment processing speed and security could be a deal breaker if the customer is not up to the mark.

Accepting credit card is not sufficient, you should also look for a merchant account services. A few payment processing companies also have a high merchant account rate. A proper Credit Card processor for online credit card processing Lesotho or Online credit card processing Swaziland provides support in every aspect of your business starting from merchant account processing .

 The processing of credit cards and debit cards from both the front-end and back-end is the key to a proper business merchant processing. The details of cards along many devices like mobile device, POS, etc., and verified data according to the card holders name is taken care of. In fact the transfer request is sent almost immediately for crediting the same amount to the merchant's account.

In order to assure the merchant of the security and speed of the processing, the companies are engaging  in making the payment gateway more encrypted. Thus, any chances of forgery or hacking can be avoided. Also, choosing right Payment Gateway Lesotho continues to be a great protector for the security of the transaction.

 You will need a merchant account with your bank and also permission from the bank to process credit cards without a signature, to utilize a manual payment gateway. You might also need access to a facility such as an eftpos machine or online processing system to process the payments through.

Choosing the Right Payment Gateway Solutions

E-commerce is fast catching on and with its increasing popularity many businesses have started selling online. But having a site and a whole range of items is not the only need when it comes to conducting business online. In fact for a company that wants to sell items on the internet more effectively it also needs to be able to accept online payments. Cash on delivery is still an option but people today prefer making payments online rather than using hard cash. This is why it is essential for companies to have payment gateway solutions.

These services help you accept payments online and even provide ease of transactions to customers. But before you decide to go in for such services here are a few features that your payment gateway solutions should have-

• High level security- Since online transactions today face a lot of fraud and hacking it is important that such solutions give great security for you and your customers.

• Multiple payment options- These services should have multiple payment options available so that you can accept payment in a more easy and efficient manner.

• They should be easy to use so that customers don’t find it difficult to make payments.

• Authentication and login is a must have feature.

• It should be PCI compliant- This is a security standard.

• Should allow you to accept payments from all major cards. There are a number of credit card companies today and your online credit card processing Lesotho solutions should be able to accept payments from all top names.

These are some must have features and should be your main priority before getting a payment gateway installed.

It is also important for a business to find the right online payments solutions provider as only such companies can offer you the most suitable and high quality solutions. Whether you need a payment gateway Lesotho, Online credit card processing Swaziland or other such solutions be sure to find an experienced service provider. With the right solutions your business will be able.