Merchant payment processing platform
To accept an online payment the merchant needs to have access to an Online Payment Gateway. The online payment gateway is a service provider that is integrated with credit card and debit cards; electronic cash; micropayment systems; and session-level protocols for secure communications and transfers the online payment information between the merchant and the payment processor.
There are many reasons Why Every Business Need Online Payment Platform and it is also important you understand how this payment platform work.
A typical online payment process system consists of these stages:
1. A customer submits the payment information to the merchant. Example, customer completes the payment form on the merchant website and submits the information.
2. The merchant now submits the payment information to the online payment gateway.
3. The online payment gateway then submits the payment to the payment processor.
4. The payment processor authorizes the payment and responds to the payment gateway.
5. The payment gateway finally responds back to the merchant
The merchant responds back to the customer showing that the online payment was successful or not and taking the appropriate and prompt action.