Online payment is the exchange of money in an electronic format. This typically includes use of the digital value systems, internet and computers. It can be processed from a checking account, credit card or any other sort of clearing house (for instance- Paypal).
There is a great need for the merchants to fulfill certain safety requirements who are accepting online payments. The security for online payments is especially developed to reduce the likelihood of private information and billing being stolen. The frequent billing systems that are involved in online payments also need to be scanned from time to time for the purpose of security.
A merchant should have access to online payment gateway to accept card payment in UK and other countries.
A regular process of online payment comprises of the underneath stages:
- A client has to deliver the information related to the payment to the merchant.
- Thereafter the merchant will submit it to the online payment gateway.
- The payment is passed on the payment processor.
- Authorization of the payment is required by the processor and then the payment gateway gets a response on the payment.
- The merchant gets a response back.
- Client gets a response by the merchant showing the success or no-success of the online payment.
An online payment system pertaining to e-commerce facilitates the approval of online payments. E-commerce means of online payment is gaining high popularity these days because people are highly using internet banking and doing more shopping online.
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