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Electronic payment methods One of the most popular payment forms online are credit and debit cards. Besides them, there are also alternative payment methods, such as bank transfers, electronic wallets, smart cards or bitcoin wallet (bitcoin is the most popular cryptocurrency).
By far, an online payment solution is the easiest and fastest method of payment to you and your customers. ... pay, which is a payment gateway * An acquirer, who takes care of the money transfer.
A payment processor is a company (often a third party) appointed by a merchant to handle transactions from various channels such as credit cards and debit cards for merchant acquiring banks.
A dollar amount for every transaction processed: The payment processor (who might also be your merchant bank) makes money by charging a fee, called an authorization fee, every time you process a transaction (whether it's a sale, a decline, or a return no matter).
Payment Processor. A payment processor enables merchants, and in particular brick-and-mortar stores, to process credit card payments. They provide the point-of-sale (POS) systems and other equipment needed to allow a store owner to accept credit cards.
It also authorizes payments for card-not-present transactions, mostly e-commerce websites. ... The difference is a payment processor facilitates the transaction and a payment gateway is a tool that approves or declines transactions between you and your customers.
When a customer orders a product from a payment gateway-enabled merchant, the payment gateway performs a variety of tasks to process the transaction. ... The payment processor forwards the transaction information to the card association (I.e.: Visa/MasterCard/American Express).
Online payment refers to money that is exchanged electronically. Typically, this involves use of computer networks, the internet and digital stored value systems. ... Online payment is usually the transaction that results in transfer of monetary funds from the customer bank or credit card account to your bank account.
Basically, when the customer places an order on the merchant's website, the payment gateway securely gathers and stores the transaction data, which is processed and forwarded to the acquiring bank and to the credit card networks, which, in turn, transfer the encrypted information to the customer's card issuing bank for ...
noun. The definition of an electronic payment system is a way of paying for a goods or services electronically, instead of using cash or a check, in person or by mail. An example of an electronic payment system is PayPal. An example of an electronic payment system is the use of a credit card.
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