How Does E-Payment Work?

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.

 What is a Payment Gateway?

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.