Online Payment Systems

Online Payment Systems

Online Payment Systems I told in my earlier blog that initially for few days you must browse the net to see what is happening here. Then I explained you a very simple method to earn some money without any investment. Now before going further let us discuss a very important thing that is how payments are done. On internet nobody sees each other ,rarely talk but then how payments made. In offline world you go to shop ,do some shopping and pay across the counter either by cash or credit / debit cards. Everything is visible and transparent with minimal risk. On the other side at majority of places on net you have to make advance payment for some service or good. There is no need of personal interaction. Generally all payment transactions are handled by a payment processor.

Payment processor is an agency acts in between merchant and customer and is responsible for all safe transactions. There are multiple ways to receive and pay cash online. Take a quick look about online payment systems. Do not get into too much technical details.

  1. Automated Clearing House – These are electronic credit and debit transfers allowing customers to make payment from their bank accounts for utilities, mortgage loans and other types of bills . Majority Payment Processors offer ACH payment options to customers especially for periodical transactions like monthly payments.
  1. Merchant Account – It is a bank account that allows a customer to receive payments through credit card or debit card. Merchants are required to obey regulations established by card associations. Many processors act as a both the merchant account as well as payment Gateway.
  1. Payment Gateway – This allows merchants to securely pass credit information between the customer and the merchant and also between merchant and payment processor. The payment gateway is the middleman between the merchant and their sponsoring bank.
  1. Payment Processor – It is the company that is appointed by a Merchant to handle credit card transactions. Payment processors implement anti fraud measures to ensure that both the frint facing customer and merchant are protected.
  1. PCI Compliance is when a merchant or payment gateway sets their payment environment up in a way that meets the Payment Card Industry Data Security Standard (PCI DSS). The PCIDSS standards are created by the Payment Card Industry Security Standards Council to increase security of card holders data and to reduce fraud.
  1. Cash On Delivery – This system is popular particularly in Country like India where use of credit / debit cards is limited to urban area. Here the customer orders a good on website and payment is made to delivery person after accepting the item in good condition.

          List of some Reputed Online Payment Sytems.

  1. Authorize . Net
  2. Pay Pal
  3. Google Checkout
  4. Amazon Payments
  5. Dwolla
  6. Stripe
  7. Braintree
  8. Samurai by Fee Fighters
  9. We pay
  10. 2 Checkout
  11. Serve (American Express)
  12. me (by Visa)
  13. Clear X change
  14. Payza
  15. Solid Trust Pay

There are many processors are in market. You must have observed on sites the icons of these processors. They serve you or merchant at a cost. Out of all these companies. Pay pal is the most popular and widely used and accepted across the global. We will learn about Pay pal in next article.

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