As the press of a button has given rise to the convenient of masses online users in these modern era, there is no doubt that online payment is the way to go in both business and personal transactions. From something as big as world tours, cars and electronic items to something as small as cosmetics and mobile phone accessories- everything can be purchased and sold online. While online payment is made to be so easy and cost effective, why still go for wire transfers that cost a fortune and cheques that almost becoming obsolete?
Most consumers expect to be able to make payments online and receive their order hassle free and as a business owner, it is necessary to be prepared unless you want to say “no” to accepting money. Whether you are an existing online payment user or you are exploring for another payment system for your business, it’s vital to choose a competent and reliable merchant service provider according to your business’s needs.
Here is a quick overview about the online payment mechanism for those who are new to this field.
Online Payment System – At a Glance
There are many ways to outline the flow of online payment system, in brief this is how it works:
- Buyers shops at Merchant website
- Checkout and select payment option at PayMundo
- PayMundo authenticates with relevant Financial Institution
- Financial institution reverts on payment result to PayMundo in real time
- PayMundo reverts payment result to Merchant in real time
- Merchant informs Buyer payment result (success/fail)
- Financial institution settles payment to PayMundo
- PayMundo settles payment to Merchant
Online payment system takes place when your customer buys your product/service online and then pays for it online via credit card, bank transfer or any other intermediary. First thing you need to have is a Merchant Account with Merchant Service Provider like PayMundo.
A Merchant Account plays a primary role in the online payment cycle. It checks and verifies the payment details submitted by the customer. This includes if the credit/debit card or bank transfer details are valid, if the particular card is stolen or reported lost by someone, or if it has enough funds to pay for the underlying purchase.
The next important thing is a reliable Payment Gateway. When a customer submits any payment related details, it is not directly divert to the merchant account. As a matter of fact, the details are submitted via the payment gateway which then passes on the information to the pertinent financial network through which then forwarded the results to the merchant account. In other words, a payment gateway serves as an intermediary between your website, where the payment is made and your bank account where you receive the funds.
Deciding on a Gateway Provider
With loads of gateway providers out there, sometimes it’s difficult to make the right call. Merchants are advised to read extensively about the fees, guidelines and notifications of your chosen payment gateway and chose one that fits your needs. Other key factors to keep in mind are the levels of customer support and coverage of the area/country. Look for a high level of security so that your customers feel secure in doing online business with you.
Why PayMundo?
- Dedicated acquiring account and merchant support team
- PCI-DSS Level 1 Certified E-Commerce Gateway
- A front end audit and processor with Secure Gateway
- Experienced with various bank processing systems around the world
- Full support for global marketing and sales
For more features , kindly send in your inquiry to info@paymundo.com .
HK: +852 81717 215 (Ex: 1012)
USA: +1 416 800 2348 (Ex: 1012)
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