An Ultimate Guide to the Online Payment System
Nowadays, many businesses rely upon the online payment system because this helps most companies to increase to a new level. It has brought a new revolution in the new growing technical advancing world of business. You do not need to go to the bank to deposit or withdraw money through this online payment system. If you don’t know the online payment system in detail, this article will help you!
Let’s talk about different aspects of an online payment system!
What is the Online Payment System?
It is also called an electronic payment system in which payments for products are paid online without using credit cards.
Types of the Online Payment System
There are two main types of online payment systems!
#1. Online Payment With Help of Credit card: The customer withdraws and deposits money online using the credit card, and then the online payment system manages the transaction process.
#2. Online Payment With the Help of Debit Card: In this, you can take the payments from the customer’s bank directly by using a debit card.
Working of an Online Payment System
The online payment system mainly consists of three parts involved in the whole process of money transactions from start to end.
- Payment Processor: It connects the two banks like the bank of the customer with the seller’s bank by reading the information that is mentioned on the customer’s credit card to ensure that there is enough money available in the bank account of the customer for the transaction.
- Payment Gateway: It is the software that acts as a broker between the payment processor and the company that gets the information from the customer’s credit card, and it causes the money transaction process to complete quickly.
- Merchant Account: Through this account, the customer pays their payments by using credit cards. Without this account, the customer can not withdraw or deposit the money with the help of credit cards.
How to Create an Online Payment System Step Wise
There are the following steps that are involved in the creation of an online payment system:
- First of all, select a consultant who is an expert in this field and help you to his work with the proper rules and regulations and with complete security.
- The next step is to make a platform for the host.
- Then create the payment page.
- From the payment page, find the appropriate payment processors that help you receive the payments using a debit card or credit card.
- Then mix your payment page with the merchant account.
Benefits of Online Payment System
There are the following benefits of an online payment system:
- It is faster than other payments methods.
- You can withdraw or deposit the money quickly at any place at any time.
- It is a more convenient method of payment for your customers.
Verdict
This article highlights some critical aspects of the online payment system, and hopefully, you will now have a better understanding of all these aspects. If you are looking for a good company that will help you build payment software, then iPayTotal is the best company. If you want to take help from the company, then contact iPayTotal today!
