It can be very helpful to know a little about online transaction processing before you start accepting this refund form. Payments provided on the website are verified and authorized in real time, which means that the customer has to wait for confirmation that everything went as it should.
This type of processing requires an internet merchant account, a payment gateway, an integrated shopping cart and a transaction form. A merchant account is used by a processing company or bank to obtain verification from a credit provider and move funds to a supplied merchant account.
Online payment processing requires a gateway to securely send customer information to the appropriate bank. It is linked to the shopping cart and payment gateways for ecommerce the supplied transaction form. The shopping cart tracks customer selections so they can be filled into the form. Gateways send data after the user clicks the Submit button on the transaction page.
Accepting Online Payments: How Do These Components Work Together?
The integration of the above components creates a reliable setup for businesses that want to accept online payments. What exactly happens once all these factors are in play? First, the customer browses the company’s website to find the items they want to buy. They add each product to a shopping cart that tracks all selections until the customer is ready to buy.
Once all items are selected, the customer will proceed to the checkout page. This page can be accessed via login or can be displayed immediately by clicking on the provided button. A business may have additional pages related to shipping options or other non-payment details integrated into the checkout process. In the simplest form, the customer is redirected to a single page requiring their name, address and compensation details.
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