Online Payment Systems and Their Features

by Akriti Yadav Business Head An online payment system is an extremely effective eCommerce application that helps in authorizing payments that are made by credit cards, debits cards, cash cards, IVRS, IMPS, NetBanking or E-wallets. These systems encrypt the sensitive financial information, such as CVV and credit card numbers, in the process protecting the customer as well as the online merchant from instances of fraud, which are quite common these days. These payment systems enable easy and secure transfer of information between the acquiring bank or Front End Processor and the payment portal. Further, the diverse payment portals covered by the perfect gateway for online payment includes website, mobile handset and interactive voice response service.

Additionally, the perfect online payment system offers the processing capability that is required for management of multi-level backend operations. Let us look at an example! A payment gateway’s auto capture processing capability enables acceptance of payment as soon as a transaction takes place, thereby proving useful for merchants with a large number of transactions or limited human resources. Further, these gateways also enable cancellation of a transaction or refunding the money of a customer, in case the online merchant was unable to honor a certain transaction. The transaction details too can be ascertained through the attached email ID or the order ID. Online merchants can also use these gateways for tracking online payments, along with generating customized reports. Vendors can easily use these reports and advanced analytics, such as payment share reports and payment trend reports.

The use of an online payment system enables online merchants to plan out new marketing strategies, since they have more time to concentrate on their business instead on focusing on accepting payments. A gateway for online payment also offers easy reconciliation options, through settlement reports that separates out the total money received in a day into individual payments. Most of these gateways also offer the capability for generating account statements, which can help an online merchant in providing an overall view of the debit and credit transactions that are taking place. These payment systems are also able to effectively handle all chargeback transactions, which is essential when trying to reverse a specific charge that has been wrongly imposed on a customer. In fact, using this facility, the merchant would also be capable of contesting a chargeback transaction, thanks to being supported by the proper documents, effective communication with the bank, as well as better understanding of the chargeback request. The functionalities offered by a gateway for online payment ensures that these are the ideal choice for online retailers, who are looking for more than a payment portal.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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