Nowadays, more and more foreign trade cross-border e-commerce companies will use the international online credit card payments. However, many people have encountered payment failure due to abnormal card transactions during the process of using credit cards. Do you know how to improve the success rate of online credit card payments?
What is credit card payment provider?
Credit card payment providers are companies that provide payment services to merchants. Credit card payment service providers are responsible for encapsulating complex underlying data paths, and then provide merchants with a simplified unified entry, so that merchants can transfer credit cards and checks through electronic transactions. Many payment service providers have developed with the development of the internet, such as Oceanpayment, a well-known global digital payment brand.
The process of online credit card payments
1. The buyer sends a payment instruction from his credit card to the issuing bank.
2. The bank advances the money to pay to the bank.
3. The bank informs the cardholder of the repayment date and amount when the interest-free period expires.
After that, even though we have completed the transaction, the purchase price will be 100% guaranteed only when the buyer takes the following actions:
(1) The buyer repays the payment before the repayment date expires, and the transaction is successfully completed. Our payment is successful.
(2) The buyer repays part of the payment first, which is generally greater than the minimum repayment amount set by the bank, and the rest is used as a loan to the bank. The interest is confirmed to be paid, and the principal and interest will be gradually repaid later. In the end, the buyer gets financing convenience, the bank gets interest income, and the seller gets the payment in time for a win-win situation.
If the buyer cancels the payment transaction due to returned goods, shortage, or quality problems, etc., then the trouble will come.
When the buyer informs the issuing bank to cancel the payment, the issuing bank informs the credit card clearing company, such as VISA, MasterCard or Union Pay, to request a refund. The credit card clearing company will then deduct a refund from the payee’s bank.
Then the payee bank will deduct the money from our card to the credit card clearing company. At this point, there may be situations:
(1) If there is enough money in our card to deduct, the deduction will be accepted.
(2) If there is no enough money to deduct in our card, you need to deposit money in it. Then the questions that will arise at this time are:
a. We confirm the refund, deposit into the card, and refund smoothly.
b. We deny refunds, and if we don’t make a deposit, we will form an overdraft, enter the overdraft blacklist, and face bank debt collection.
Credit card payment provider – Oceanpayment
Merchants must choose a credit card payment provider with a high success rate when handling the international online credit card payments. Merchants can consider Oceanpayment, the global digital payment solution provider. Oceanpayment has the highest level of security certification in the global financial industry, which is PCI DSS LEVEL 1. At the same time, according to overseas online shopping habits, Oceanpayment has designed a payment page with good user experience and high conversion rate to improve the payment success rate.
In addition, Oceanpayment’s artificial intelligence + big data technology can deeply protect merchants’ data security, resist more than 99% of transaction risks, and provide credit card transaction anti-fraud security for merchants in the aviation, trade, banking and other detailed fields. It supports payment and collection of bank cards issued by overseas card organizations such as Visa, MasterCard, JCB, American Express, Discover, etc. The features of Oceanpayment’s online credit card payment service are global collection, instant payment, multi-language payment, and high order conversion rate.