Online Payment Processing
Online Payment Processing prepares the use of inventive technologies and advancements that enable organizations to acknowledge the payments through the internet, which includes by using debit and credit card. A payment processor is a service provider, an appointed business enterprise that permits these payments. The timesaving managed by online payments gives organizations a chance to concentrate on their business and keep away from the issues related to manual payments.
DusPay payment processing solutions comprise sturdy functions developed over years of experience as an enterprise pioneer in the discipline, inclusive of targeted reporting, which enables businesses to reconcile and pick up bits of knowledge from investigation and analysis, and the capacity to handle industry-particular information. We are PCI Level-One certified licensed organization, and provide a solution which is focused on dependability and security.
The Complete Online Payment Processing Functioning
Step 1: User Initiation for Online Payment Processing
The user logs in to pay for the purchased goods or services and then selects from a variety of online payment methods includes credit card and debit card, provides records consisting of name, credit card information, and billing address with, and afterward submits the payments.
Step 2: DusPay to Payment Processor
DusPay then forwards the transaction information and details to its payment processor through a devoted hyperlink, which is monitored 24/7 to make sure uninterrupted processing.
Step 3: From Payment Processor to the Card Networks to the Issuing Bank
The payment processor approves the subtle payment elements by sending them via the credit-debit card networks like MasterCard, Visa, American Express, Discover, thus transfer them to your card issuing bank for approval.
Step 4: Card Issuing Bank
The consumer’s card-issuing bank accepts or refuses the transaction on the basis of the status of the card and whether the transaction is within the cardholder’s credit limit or not.
Step 5: Payment Processor to the Card Network to DusPay
In order to an event that the payment is affirmed, the card issuing bank charges the client and sends it to the card network after reducing its fees that cover costs like credit risk and rewards. The card network relay on the transaction approval status, back to the payment processor, which then intimates to DusPay and transacts the payments after negating its applicable fee.
Step 6: DusPay to the User
DusPay indicates the consumer whether or not the transaction is accepted or refused by means of the online payment interface. In order to the payments are refused, DusPay's payment gateway transfers these details back to the website or application, and because of that the card issuer did not approve the transaction, no action is being made to finish the Online Payment Processing.
Step 7: DusPay to the Merchant
Finally, in the Online Payment Processing, DusPay move the funds from its bank account to the bank account of the merchant. This transfer of funds is usually completed within two business days. In general, a receipt for this transaction is mailed to the consumer, and the payment receipt notification is also conveyed to the merchant, and detailed DusPay merchant reports are updated through real- time processing. The reports are the Transaction Activity Report, Transaction Summary Report and Batch Reconciliation Report, etc.