Whether you’re a new business owner or just looking to add an E-Commerce sales channel to your existing business, there are many things to consider when it comes to accepting online credit card payments. If you’re offering digital goods, subscription services, or retail products, look for a payment processor or shopping cart software that caters to your business is very important, let’s have a look at the defintion of online credit card payment and learn how to accept credit card payment online.
What is online credit card payment?
Credit card online payment means that after the purchaser selects the product on the website, he enters the relevant information through the credit card gateway provided by the third-party payment company, such as: card number, expiration date, CVV code, payment amount, and payment of the product to the third-party payment company.
Online payment is a method of payment through the payment interface provided by a third party with the bank. The advantage of this method is that the funds can be directly transferred from the user’s bank card to the website account, and the remittance will arrive immediately. Need manual confirmation.
The biggest difference with bank transfers (including online personal bank transfers or cash transfers at the bank counter) is that the prepayment can be automatically confirmed.
How to accept credit card payments online?
If you want to accept online credit card payments, you need to set up at least an online Payment channel, a payment gateway and a payment processor. To understand what these are and how they interact, let’s take a step-by-step look at an online payment.
An e-commerce transaction starts when the customer clicks Buy and enters a card number into the payment gateway.
The gateway software encrypts the customer’s card data and the charge amount, then sends the information to your payment processor, which is typically your merchant account with a merchant acquiring bank. Businesses without a merchant account can use one of many third-party processing aggregators, including PayPal and Square, which are both gateways and payment processors.
The payment processor sends an authorization request to the customer’s card-issuing bank to authorize the charge (or deny it for insufficient funds or indications of fraud).
The customer’s bank sends the authorized payment to the processor, which deposits the money in your account.
While there are many advantages to having a merchant account, the simplest way to start accepting credit card payments on a new website is to add the right gateway.
Accept credit card payments online with Oceanpayment
As website credit card processor, Oceanpyament provides merchants with all types of instant, reliable and secure online credit card processing solutions. Our value-added services include storing data, avoiding fraudulent transactions, and so on. Our anti-fraud security system can provide safe and reliable credit transactions, thereby helping merchants to win the trust of customers and profit from more sales. Using Oceanpayment’s online credit card processing solutions, you will be free to provide customers with multiple payment options and allow them to have a seamless checkout experience on any device.