• Payment Processing Software: The Backbone of all Online Business

    June 9th, 2016 by
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    Payment Processing Software: The Backbone of all Online Business

    Can you imagine an online shop selling products and services without a payment processing software? It is like trying to fly a kite without the thread. In online portals, the customer buys a product or service through a click and also pays for it through a click. You may not know much about behind the scene action when you buy something from internet but there is actually a lot of action before your payment goes into the account of the vendor electronically. At the core of all this action is the payment processing software. All online businesses need to hire the services of a third party that provides payment gateway in the form of this software. It is this software that makes financial transactions on the website possible for the business.

    The payment processing software installed at the website of the business owner is connected to the association of credit and debit cards. This network then connects with the issuing banks. You may not believe this but every single payment made electronically at an online shop goes through 4-6 parties. The network of these parties is known as payment value chain. Now you know that the click that you make does not send the money into the account of the company directly but instead the command goes through this network of parties where the information about the account of the customers is verified before the transaction is actually complete.

    It is easy for a business owner to say that he wants to receive payments from his customers electronically through their credit and debit cards. But when one takes a look at different international currencies and the sheer numbers of banks and credit card companies issuing various kinds of cards, it appears to be a daunting task. In fact, there are hundreds of methods of payment electronically that can only be handled by someone doing business when he gives the contract to a third party. This third party or the vendor has the ware withal and the technology to process payments electronically safely without any fraud.

    You need to pay a small fee to the provider of payment processing software for every financial transaction that is done at your website. This fee is not much and you are actually made free from all worries of financial fraud which is priceless for you as a business owner.

     

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