Use the perfect opportunity offered by Oceanpayment to complete your online credit card processing. With the latest credit card payment processors available for a reasonable price, processing card payments can be simple for your customers.
When it comes to online credit card processing, there are many choices available in the industry. Choosing the best option among them requires patience and a clear understanding of processing card payments. Online credit card processing has increased during recent times, especially with the introduction of online transactions. Nowadays, most people use credit card payment processors to ease their transactions. Reducing money-based transactions has become a trend these days, especially with online processing card payments through E-Commerce websites.
What is online credit card processing?
Online credit card processing is a method used to transfer money during E-Commerce purchases. Nowadays, digital merchants prefer processing card payments over other transactions since they are easier and quicker. These credit card payment processors obtain information from the customers before approving their transaction, later credited into the merchant’s bank account. Whether it is a small business or a large one, processing card payments is a huge advantage compared to other transactions.
How to choose a suitable credit card payment processor?
The concept of processing card payments can be divided into multiple criteria like a processor for brick and mortar business, a startup, multiple channels, international sales, overall best, and small businesses. So while choosing the credit card payment processor, the merchant must make a choice. Certain features that need to be considered while availing of online credit card processing technology are listed below.
● Speed of the transactions – The speed of the transactions plays an important role when it comes to online credit card processing. Some of the credit card payment processors like Stripe and PayPal will be suitable for faster transactions.
● Overall performance – Authorize.net will be a perfect solution for processing card payments when it comes to overall performance. Businesses that offer multiple products for sale in countries worldwide should use such credit card payment processors for enhanced transactions.
● Multiple transactions – When it comes to online credit card processing, multiple people can try to access the network simultaneously. So the credit card payment processors being used should have the ability to perform multiple transactions in multiple channels. WePay is the best example for processing card payments with this criterion.
● International transactions – While certain credit cards are built for processing card payments within the country, other cards are issued to perform international transactions. Selecting an international credit card payment processor like 2Connect will allow international clients to purchase products from your site.
● Extra fee – Depending upon the business type and transaction type chosen by the website merchant, the processing card payment fee will vary. While some credit card payment processors offer monthly or annual fees with fewer service charges, others offer fast processing with heavy service charges.
● Security – This is a necessity in all online credit card processing techniques. Creating a secured payment gateway will ensure that the customers’ card details are transferred without any leakage. The customers, while processing card payments, should feel secure without losing their money through unwanted hacking.
Why choose OceanPayment for processing card payments?
For merchants who are confused about selecting a suitable online credit card processing application, they can contact oceanpayment for their services. With advanced customer care technology and fast processing card payments, Oceanpayment offers a variety of options from which the merchants can choose. With OceanPayment, the merchants can receive customized credit card payment processors for their website and online stores. From the speed to channel selection, each option for processing card payments will be arranged based upon the merchant’s request with a customized budget.
Online credit card processing requires a website where your customers can go to make purchases, and you’ll need a way to process those payments securely. In this article, we’ll mainly talk about what is online credit card processing and how does it work.
What is online credit card processing?
Generally speaking, online credit card processing involves the following roles to participate in:
Credit Card Networks: A credit card network determines where a particular brand of credit card is accepted and sets the interchange fees for each transaction. There are four major credit card networks: Visa, MasterCard, American Express, and Discover. Credit card networks are also often called “card associations” and “card schemes.”
Cardholder: The cardholder is the customer or client who makes payments or purchases with a credit or debit card.
Issuers / Issuing Bank: The issuer grants the cardholder the right to use the card, determines the cardholder’s line of credit, and approves or declines the transaction. Most credit and debit cards are issued by banks that partner with either Visa or Mastercard, but American Express and Discover act as both credit card networks and credit card issuers. The issuer is also often called an “issuing bank” or a “cardholder’s bank.”
Merchant: The merchant is you—the business that receives the credit or debit card payment.
Credit Card Payment Processors: Credit card payment processors or “payment processors” are the companies business’s hire to process their credit card payments. Credit card payment processors provide businesses with access to a merchant account through an acquiring bank and otherwise manage the merchant’s end of the credit card payment process.
A credit card payment processor is a tool used by merchants to process transactions. The payment processor provides a way to accept credit card payments and transmit banking information securely. Credit card payment processors can specialize in high risk industries or be traditional mainstream processors.
How to process credit card payments online?
It usually takes just a few seconds for a credit card or debit card payment to go through when processing credit card payments online, but in that short time a huge number of events take place.
The credit card payment process begins when a customer purchases from an eCommerce site. During the checkout, the customer’s payment data is collected and safely encrypted in the high risk payment gateway. The payment gateway can be considered the middle man between the merchant and paying customers. Once the gateway receives the payment data, the payment processor can verify it. This step ensures that the buyer is indeed who they say they are. After the cardholder is confirmed, the payment processor transmits the payment data to the respective credit card company and bank. It is up to the card company or bank to authorize the transaction. Card companies and banks make sure the purchase is a typical behavior of the cardholder. Most times, a transaction checks all the boxes and is approved. During this step, the payment processor communicates to the payment gateway that the transaction is approved. Finally, the payments reach the seller’s high risk merchant account after being released from the bank. The merchant gateway reflects that the transaction is complete and releases purchased products for shipping.
The transaction may decline if fraud is detected during the approval process by the card company and bank. In some cases, card companies and banks will place a hold until the cardholder indicates the purchase is valid. When this happens, the processor communicates with the high risk payment gateway that there has been a denial. Because online payment processing is a card-not-present transaction, it makes it easy for hackers submit fraudulent online orders. Thanks to the built-in safety features of credit card payment processors, all parties are better protected from fraud.
Processing credit card payments online for something safe, fast and efficient is simple when you have the right partner. This is where Oceanpayment comes in, contact us for more details about online credit card processing.
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