Accept Credit Card Payments Online Securely With An Online Credit Card Processing Service

Posted by instantcharge on July 1st, 2022

Accept credit card payments online and let your online business grow internationally. The process of paying to buy something with a credit card is flawless. First, swipe or tap a card on a machine. Then, wait for the approval to occur. At last, sign off the purchase, if required. All of this functions in two or three seconds. 

Yet, many things drive behind the scenes when you are desiring that fast approval! We’ll also explain what happens when you provide your card details. Additionally, the security measures that are in place to save your details after making a purchase. 

What is credit card processing online? 

Credit card payment processing implies a multi-step procedure required to successfully execute online payments performed via credit card. In today’s digital era, payments can occur anywhere - in person, online, via mobile phone, or via email. Accept Credit card payments online Poland accepts various members. These consist of the customer, merchant, payment gateway, credit card processor, credit card network, issuing bank, and acquiring bank.

Additionally, credit card payment processing is an essential part of processing credit card payments in a safe, timely manner for customers. By operating with a credit card processing company, you can deliver an optimistic checkout experience for your customers. When customers feel confident that your business is reliable and secure, they will make repeat purchases and stay loyal to you always. So, opt for InstantCharge and facilitates your customers with ease of online payment accept. 

Who are the members of the credit card payment processing online? 

The members concerned in the credit card payment processing online comprise: 

• Cardholder: This is the customer that delivers their card for payment of products or services.
• Card issuer: This card issuer (or “issuing bank”) delivers the credit card to the customer. They are liable for authorizing and refusing transactions, customer billing, and payment collections.
• Merchant: This is the company that sells products or services.
• Merchant Account: This is a kind of bank account that enables businesses to receive credit, debit, and mobile payments.
• Acquiring Bank: An acquiring bank inquires, underwrites, and has the merchant accounts that are required to receive credit cards. They can offer the technology allowing businesses to process online transactions, and take on chargeback risk. And transfer funds into a merchant’s bank account.
• Payment Processor: Payment processors are institutions that partner with acquirers to get merchant accounts, manage support, handle payment processing, and build technology on behalf of acquirers. 

How to Accept Credit Card Payments Online?

Various small businesses are now also online, or even online-only. Whatever kind of online business you own, providing your consumers the capability to expend with their credit card online delivers them with more comfort and can promote sales. eCommerce online stores, cafes that take orders online, and digital solutions businesses wouldn’t be capable to serve without this ability.

Delivering this payment service to your consumers is not challenging. If you intend to receive online credit card payments, then you’ll also require to establish a payment gateway for that. Again, this may be comprised of your merchant account or payment service provider strategy.

You will require an online digital store, and the most standard way of acquiring one is to sign up for an account with an eCommerce payment platform provider. Credit card online payments are such a necessary part of current eCommerce that all of the primary eCommerce payment platform providers will enable you to accept credit cards as a mode of payment.

Just be conscious that there is normally a price assessed with this. Online credit card transactions generally have higher processing costs than in-person online payments.

Streamlining the credit card payment process online 

Credit Card Machines

Initially, there is a requirement for a credit card reader or terminal. Today, there are several credit card machines available that can serve any processing atmosphere.

Famous devices consist of point-of-sale (POS) terminals. And which reinforces accept credit card payments online with magnetic stripes and chips. Some of them are magnetic stripes only. Additionally, devices are specifically built for an isolated type of atmosphere.

Near-field communication (NFC) readers are payment terminals that enable tap-to-pay abilities for contactless credit cards and eWallets. 

Payment Modes

The payment transaction initiates when the customer provides one of them: 

EMV Chip Card: A payment card having a computer chip that can verify personal identification number (PIN), approve purchases, validate account funds, and keep personal records. Chip cards streamline EMV payment processing across Europe and the US.

Contactless card: A credit or debit card that does not need physical contact between the cards and the credit card machine. 

eWallets: eWallets keep a customer’s payment details on a mobile app or smartphone device, allowing payment to occur without a plastic credit card. 

The procedure of online credit card processing. 

When the card is entered or tapped on the credit card machine, the approval initiates. While approval is the procedure where the issuer authorizes or refuses an online transaction. Merchants use it to assure customers have enough funds available when they buy something online. 

1. The credit card details forwarded to a payment gateway. And which acts as a connector between the merchant and a credit card payment processor.

2. Accept online credit card payment processor will receive this detail and forward it to the credit card network (like Visa or MasterCard).

3. The credit card network forwards this detail to the issuer.  

When the issuer gets the customer’s details, authentication starts. 

1. The card issuer will validate that the cardholder has enough funds in the credit line to authorize the transaction.

2. They may also verify the card verification value (CVV) and assure the billing address corresponds to what is on file to save fraud.

3. If the transaction is authorized, the merchant services are approved. And the issuer puts a hold on the amount of the purchase on the customer’s account. Then the card reader or POS terminal has to receive a message “approved”.

4. The merchant offers the customer a receipt at the end of the sale. 

At this stage, the payment assurance procedure is complete. 

How does a refund functions on a credit card payment online?

Even if a transaction is authorized, a customer can dispute it for a refund after purchase. These disputes are known as chargebacks. The primary causes for chargebacks comprise fraud, accepting defective products or services, and technical issues, such as double charges. A successful chargeback would mean a refund to the customer.

How do online payment modes remain secure?

The card payment industry has measures to save cardholder details should a security breach happen. The Payment Card Industry Data Security Standard (PCI DSS) spreads out the minimum security features required to restrict the possibility of compromised data. 

Data encryption is a way to preserve customers’ data. With laws evolving more strict over time, additionally to increasing cybersecurity threats, encryption makes use of a numeric binary code to cover sensitive data like a customer’s name, account number, expiration date, and service code. However, the more instant the encryption code is, the more challenging it is for hackers to acquire access.

Tokenization is another way of preserving customer data. Specifically the customer’s account number. During an online transfer, a token substitutes the account number with a unique set of characters. Tokenization also varies from encryption in that each token is original and can use only by a particular merchant and customer.

Finding the best credit card payment gateway provider

Now you comprehend how complicated the credit card payment process can be. So, it is crucial to select a payment processor that will boost your business. 

A reliable payment gateway will integrate into your software to offer your customers a flawless checkout and bookkeeping experience. Additionally, they will boost customer data security by assisting you and your customers to keep PCI compliant, assuring secure payments at all times. 

International payments integrated is proud to be the ideal partner for independent software merchants exploring to promote and protect the payment experience. However, we persist in not only assisting your customers but to protecting ISVs directly by enhancing income.

Contact InstantCharge to know more about how our payment solutions can profit your business, and how can you accept credit card payments online and add significance to your software.

DROP_MAIL: mcare@instantcharge.co