Credit Card Processing Singapore for Your Online Merchantby Tony Madison Payment Gateway
What to say about Singapore beaches and tourism there. Throughout the year, the souvenir sellers make a lot of profit from a large number of tourists. There are many things to see, visit and eat in Singapore that will enchant you. The tourist places there are decorated in such a wonderful way that one does not feel like returning home from there.
But for the last one and a half years, the tourism sector around the world is now losing its popularity because the coronavirus has forced the whole world not to leave their homes. And even those who are going out are going on jobs outside only to earn for their families. By the end of last year, the survival rate of the business had come down drastically, due to which many businesses had shut down.
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But from the beginning of this year, the situation has started to come under control and many businesses have found new ways to survive. As people started promoting their skills through social media, many merchants realized that they would need websites to bring their businesses online. And the matter does not end here.
At first, they built a website only for taking orders, but when they felt that this was not enough, they opened merchant accounts by entering into agreements with banks to allow people to make payments and also a payment processor to support it. After this, when they saw that most of the population uses credit cards for making payments in the world, they started accepting credit card payments on their website too. But do you know how credit card processing is done and how many processes it has to go through?
Read further to know this.
Before knowing about credit card processing, you must know that how many parties are involved in this process and what are their duties which they have to fulfill otherwise the process is not completed well.
First (customer) - For credit card processing, it is the duty of a customer to get a credit card issued by a bank, which will help pay his bills when he makes a purchase.
Second (Merchant) - In order to receive a credit card payments, it is the duty of a merchant to enter into agreements with banks to obtain the necessary resources for receiving credit card payments such as a merchant account and a payment processor. Through these resources, he can get the money earned from his sales in his account in a safe and easy way.
Third (Acquisition Bank) - During this process, it is the duty of an acquiring bank to supply the necessary resources to the merchant to receive the credit card money received during its sale. After that process that money safely and quickly in the merchant's account.
Fourth (Issuing Bank) - During this process, it is the duty of an issuing bank to assist the customer in paying the bills of the customer with the credit card whenever the customer makes a purchase, which will be returned later by the customer. This gives convenience to the customers that they do not have to think about the lack of money while making a purchase.
Sixth (Card Association) - This company keeps an eye on every single transaction of credit card processing. It monitors each party involved in the process to ensure that they all follow their guidelines. And if there is any dispute during the process, then they also take the responsibility of redressing it.
And seventh (payment processor) - this is the most an important part of this process, without this, it is impossible to do the transaction. This "Payment Processor" is linked by merchant banks to their merchant accounts, which makes this transaction process fast and secure without any interruption.
Some easy steps are given to complete this process, after which the process will be completed.
(Authorization) - The customer presents his credit card for payment. When the customer's credit card is scanned, the website waits for the payment processor to work which submits the transaction entry to the card association and finally notifies the customer's bank.
Assuming that the customer is making a purchase, all the parties are informed that the transaction has been approved, after which the merchant is allowed to accept the payment made from that credit card.
After authorization, the website sends a list of authorized credit card transactions to their payment gateway. The payment gateway sends that payment to the card association, which then contacts the customer's bank and pays the customer's bill.
Finally, the payment is credited to the merchant's account through the customer's bank account.
This whole process carries out all the activities along with the regulation of PCI DSS. This feature keeps your account safe from online scammers, credit card frauds, and cyber malware. "Paycly" introduces "Payment Gateway" to give you the convenience of such a secure and fast credit card that solves every payment-related problem.
To solve any problem related to business transactions, contact "Paycly". "Paycly" is a trusted brand that provides its services across the globe. "Paycly" has gained experience in many fields and can provide you the best payment solution even during this pandemic. Quickly contact "Paycly" and get your solutions.
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Created on Sep 13th 2021 05:37. Viewed 211 times.