E-commerce
has raised a lot of doubts especially in the minds of customers regarding the
quality of product and services and regarding the security of payment made. The
doubts regarding quality can be laid to rest by consulting the reviews
published by previous customers. The doubts regarding the security of payment
can be laid to rest only upon understanding how e-payments work. Businesses
usually employ trusted solution providers like Payment Asia to handle everything
payment related.
A
payment gateway can be understood to be the service of coordinating the
transfer of funds from banks through cards and other means of online payments
for example e-wallets. The process of e-payment via payment gateways can be
roughly summed up in three steps – entering of information, processing of
information entered, action based on receipt of information. Payment solution
providers like Payment Asia help businesses find the best possible payment
gateways based on their budget, business and customer base. The trustworthiness
of Payment Asia is reflected in PaymentAsia reviews bearing accounts of the
experience of satisfied customers.
Entering and Processing Of
Information
The
first step in e-payment is the entering of relevant and necessary information
in order to make a particular purchase. This includes information regarding
product of choice, cost of product, mode of payment, bank details, etc. The
information is sought in the website and securely transferred to the customers’
bank via the payment gateway. The information entered, once approved by the
customers’ bank is then sent to the company of the card held by the customer
like MasterCard or Visa for further action.
Action based on Information
Received
When
the information entered is transferred to the bank and received from the bank
by the card provider, there are two possible outcomes. The transaction could
either be approved, which sets of the processes of settling up the amount
involved in the transaction. Or, the transaction could be declined. This
information is then transferred to the bank concerned which in turn notifies
the merchant of the website thereby completing the transaction.
Settling Up in Case of Approval
of Transaction
If
the transaction is approved, the merchant deposits the receipt with the payment
processor who in turn adds the amount due to the merchant’s account and submits
the due to the customers’ bank. The card providers pay the bank and
simultaneously deduct the amount from the customers’ account thereby making a
successful transaction. It is essential that businesses or merchants avail the
help of trust-worthy solution providers to assist in seamless execution of
transactions. Payment Asia reviews,
for instance, give them an idea as to what to expect when availing the services
of Payment Asia.
