Most people in the world use online payment to save time, and Online payments make people get rid of tension and stress. The payments can be made for electricity bills, EMI, mobile recharge, and for any online purchases.
How online payment system does works?
The working of online payments systems is explained below. They are:
- First, the customer selects an item to be purchased and completes the checkout process. They also choose the payment via credit or debit card and enter their card details on your payment page.
- The card details are then transferred to the payment gateway. And then, the payment gateway transfers the information to the payment processor.
- This payment processor transfers the transaction information to the credit card network and verifies the customer’s card details.
- After the verification is done, the card network requests authorization to release the funds with the customer’s bank. After they confirm a sufficient amount in the account, the issuing bank will submit a response to the credit card network. It indicates whether the transaction has been approved or not.
- The information is then sent to the payment processor. This processor requests the funds from the issuing bank. Then these funds are transferred to the merchant’s account.
Benefits of online payment:
The benefits of online payment are given below:
Payments from anywhere, anytime:
Online payments are made from anywhere and at any time. Payments are made from home or the workplace simply by logging into the online portal of your bank. This type of payment makes people get rid of physically visiting a payment center to pay the bill. It also saves a lot of time and effort. These digital payments make you easily pay bills such as taxes and premiums before the due date. It also protects you from paying a late fee.
Enhanced security:
Some people still do not trust digital payments and think that online payments are not secure. But it is not true. The banks have multiple security measures to make every single payment fully secured and protected. Apart from the password, details such as 3D secured PIN, card PIN, and the OTP numbers are asked to complete the transaction.
Mobile access:
It is considered one of the important benefits of online payment. Many banks in the world have their mobile apps and exclusive websites for mobile devices. Among all the websites of banks, the https://exactly.com/ is useful for making more online transactions. Using these website transactions can be done using mobile devices.
Track your payments on the go:
This benefit is used to check the last payment made by the business person.
Once you have logged in, a good option is to track past online transactions, including payments and transfers.
There are different t tools available, and it lets you filter the statement by date, month, or year. It eliminates the need to go to the bank to get entries in your passbook.
Bottom line:
From this content, you have learned how online payment is made and the benefits of the payment. is a safe and secured website, and it also depends on the reporting solutions.
