About the Author
Theodore "Ted" Jenkins
I am Ted. I write, therefore I am.
Electronic payment processing came into existence only about a decade ago, when the Internet start making its presence felt. Theoretically speaking, it gives an option for a number of banks and financial institutions to be linked together that gives consumers an option to shop online with the help of credit cards. Now you can simply make buying online easy by giving your credit card information. Next comes the step of clicking the send button on the page and waiting for the item to be shipped right to your doorstep.
Advent of advance software
But electronic payment processing is not as easy as that. First and foremost, some of the people are hesitant to conduct electronic payments because of the supposed lack of security. Furthermore, Internet frauds that take away your hard-earned money abound. But thanks to the advent of more advanced software, pivotal steps are being taken to change this. New security steps are being implemented by a number of reputable sites to ensure that your credit card information would not be splattered all over the Internet. In addition, there are also secure online payment systems that you might be interested in.
So the question now arises: How does electronic payment processing take place? To start with, you make the intent to buy with your credit card online. It is worth pointing out that the E-store generates an invoice for the purchase and selects the credit card that is going to be used. Next, the store then submits a payment request to your credit card company.
The information sent is then authenticated. If authorization is given, a request is then sent to the credit card company for payment to the E-store’s bank. The credit card company gives you a nod of approval or rejection of the payment request. If the transaction is approved, the E-store then gives you a buying order.
Security aspect
The security for electronic payment processing on a Web site and the security of your data are pivotal issues for you as a consumer and for website owners. Implementation of an SSL interface using the https protocol is not enough to safeguard your customers and avoid any hassle. In order to opt for a reliable and secure solution to accept credit cards, the below mentioned issues must be considered:
• International credit card processing
• The credit card processing third party
• Data protection
• The user interface
Published by Theodore "Ted" Jenkins on August 15, 2006 04:44 PM
