What is online payment? The term basically explains itself. It’s simply the process of purchasing something and paying for it through the internet. To be a little bit more specific, online payment is a transaction made between a buyer and a seller, where the buyer browses through a variety of products or services, makes his selection, places his order and then pays for it. This whole process takes place online, and it all happens within seconds, let’s break it down for you.
Online Payment Requirements
There are three main requirements for every business that accepts online payment. These requirements are a third party service which you need to acquire before establishing your website. They include the following:
1- An acquiring bank: This party works with the banks responsible for issuing the credit cards being used. They give the authorization to use the credit card or deny it.
2- A payment gateway: The payment gateway facilitates the infrastructure needed to connect your website to the banking network.
3- A developer: This is usually an agency that builds your website and provides you with technical support throughout your online journey. With their help, you can integrate your payment gateway to your website.
How Does Online Payment Work?
When a customer hits the buy button, a series of steps will start occurring. It’s actually very interesting as it all happens in seconds! After acquiring the customer’s personal and billing information, your payment gateway will contact your acquiring bank, which will contact the issuing bank. Of course, the cost of the purchased item must be available on the customer’s credit card. Otherwise, the bank will decline your request and the transaction will fail to go through. However, if your request was approved by the issuing bank, they will contact your acquiring bank and then notify your payment gateway in order to approve the purchase and collect the money from the issuing bank.
Why should merchants collaborate with HyperPay?
As a payment gateway, HyperPay provides the infrastructure needed to connect your e-commerce website to the banking network. We enable merchants to accept various online payment methods from their customers in KSA, UAE, Jordan, Egypt, and Lebanon. All currencies are accepted on any type of device which raises your buyers’ retention and earns you their trust.
Our online payment processing is reliable and compatible with different programming languages and e-commerce platforms such as Magento, WordPress, PHP, HTML, and others. We provide an easy integration with a secure and seamless one-click checkout experience. And since security is crucial to us all with online payment, we provide over 120 internal risk tools to manage fraud. We also provide you with 24/7 chat support to ensure that your customers’ shopping experience is going smoothly because we understand that this is the type of reliability and commitment that your customers expect from your brand name.
Is your online shopping store struggling with accepting online payment? Contact us now and benefit from our merchant services today! Check out our Features.