Seamless Transactions! Understanding Payment Acquiring Process

“Payment for Purchase – The Complete Transaction”

“Cash & Carry” – the simplest mode of any transaction. Be it on or off-line, physical goods or service related, what matters most to the consumer is that their purchase is successfully and satisfactorily fulfilled. To the merchant, receiving the transacted funds securely from the consumer is of highest priority.

Payment Acquiring: Process the payment for the transaction efficiently and in a secured manner, ensuring that the merchant receives the transacted amount without issue.

Payment Acquiring Bank: Also known as the merchant acceptance bank, this is the primary funds transfer link between the merchant and the consumer. It is the respective acquirer, one of many that partner with the merchant to enable payment transfers made via different acquirers.

A cross-border transaction includes a specific process of detailed verification and validation. The transaction is first accepted by the acquiring bank before being handed off to the international card associations, issuing bank and merchant for validation. Once the data pertaining to the transaction have been validated, the card association will issue an instruction to the issuing bank to debit the funds. Having processed the relevant data, the card association’s clearing house will forward the outcome of the transaction to the acquiring bank which will then transfer the funds due to the merchant’s account. This completes the cycle of operation for payment and is a necessary step for a merchant to ensure timely receipt of the funds due to them from the transaction.

Choosing the best payment acquiring partner

To a cross-border online merchant, the 2 measures of an effective acquirer are payment success and chargeback rates.

Payment Success Rate: Measures how often the issuing bank approves/authorizes a transaction. A high payment rate indicates that more transactions have been successfully processed for payment, ensuring increased revenue.

Chargeback Rate: The rate at which the consumer refuses to pay the issuing bank for the transaction. The international consumer has the right to decline payment for a transaction under dispute and may request for the return of the funds debited from their account.

When a chargeback occurs, the issuing bank can refund the consumer without prior approval from the merchant. The most common reasons for chargebacks include fraudulent transactions, goods not up to the consumer’s expectations, and unsuccessful payments. A high chargeback rate not only indicates increased losses for the merchant but also the presence of fraud risks, reminding us that a high success rate may not be a good thing. To that end, the payment processing organization must possess effective risk assessment and management capabilities that enable the merchant to maximize revenue.

Oceanpayment’s Payment Acquiring Solutions

Oceanpayment are the authorized payment gateways for Visa, MasterCard, American Express, Discover, UnionPay International, JCB; and for PSPs like Google Pay and Apple Pay. As a DSS Level 1 certified payment provider, Oceanpayment is the only Chinese fintech company globally licensed to offer digital payment technology solutions and services.

Localized Support and Services for Merchants with Global Presence

Through our operations centers in primary markets like the US and Europe, and newly created markets like Singapore, Australia and Southeast Asia, Oceanpayment offers cross-border merchants services customized to local payment acceptance needs.

Transactions originating locally will be processed through the local banking network while cross-border transactions will be processed via a cross-border/regional acquirer. Compared to cross-border transactions, local transactions have a higher payment success rate.

Technologically Innovative Multi-scenario Payment Service

Oceanpayment is the first global payment service provider in the country to adopt SDK technology. We leverage Web/API integration to offer a wide range of multi-scenario payment services including shopping cart checkout, subscription payments, In-App payment, pre-authorized payment, payment through links provided and via the Call Center.

As e leading brand for payment solutions and services in China, Oceanpayment’s QR code to screen payment technology enables payment to be made from various devices like the desktop computer, laptop and iPad, satisfying the consumer’s diverse needs.

Smart Risk Management for Transaction Security

Oceanpayment’s home grown Smart risk management system incorporates fraud detection knowledge charts and rules-based assessment models that effectively minimize fraudulent activities, resulting in decreased frauds and related chargebacks. Additionally, Oceanpayment’s 3DS2.0 solution provides the merchant with seamless 3DS2.0 verification, guaranteeing security for each transaction.

Minimized Handoffs for Seamless Payment

Minimizing any potential hiccups in the payment process and creating an environment of trust effectively drives consumer loyalty. Honing our industry knowledge and in-depth experience in payment processing over the years, Oceanpayment continues to upgrade our products and services to give our merchant a ‘smooth ride’ in payment services.

• Homegrown “Big Data + AI Risk System” enables the merchant to avoid 99% of transaction risks.
• Access to Acquiring Resources + Smart bank networks automatically optimizes the operations process and streamlines connection to the banks, improving the success rate.
• Follow-up Payment Request is a function that is automatically triggered to send a second payment request to complete the transaction, minimizing the number of abandoned orders.
• Customized payment interactive screen and payment mode to meet the consumer’s needs for the ultimate payment experience.
• 7×24 operations support with recommendations for optimization based on detailed analysis. Always looking out for the customer.

From cart conversion to efficient, secure and convenient processing, we are with you every step of the way.

Conclusion:

Since inception, Oceanpayment has thrived on innovative technology and continuous improvement. Staying true to our core belief in localization, we have established operations centers in locations worldwide, reaching out to our customers in every corner of the earth. Guided by our drive to provide solutions and services that are relevant, secure, convenient and easy to use, we continually strive to research and develop products that encompass the core capabilities of innovative technology, risk management, and customer experience.

Presently, Oceanpayment supports hundreds of thousands of ecommerce sites across more than 200 countries and regions. And we continue in our quest to build a faster, more secure and stable one-stop platform for our global cross-border merchants.