The payment system for website has emerged with the development of e-commerce. With the development of the times, the method of recording collection and payment behavior continues to iterate. Nowadays, in the internet era, our business activities have also undergone the evolution of digitization and informalization, which is the so-called e-commerce business. Let’s find out more about how website payment processing works in e-commerce business.
What is payment system for website?
Payment system for website realizes the online receipt and payment transactions and management of transaction funds for various e-commerce business activities. Third-party payment companies that have obtained payment licenses can participate in the accounting and custody of funds. It means that funds can be misappropriated within a legal period and within a legal scope. The payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, tools, personnel, rules, procedures, standards, and technologies that make the exchange possible. One common type of payment system is called an operating network, which links bank accounts and uses bank deposits for currency exchange. Some payment systems also include credit mechanisms, which are essentially different aspects of payment. In domestic and international transactions, payment systems are used instead of cash payments.
How does website payment processing flow work?
Website payment processing flow can be divided into two modes based on merchant forwarding and non-merchant forwarding. From the customer initiating a purchase request to the customer receiving the product and the merchant receiving the funds, the entire transaction process needs to go through the following payment process.
1. The user browses the e-commerce website, selects the product that he likes, and makes a purchase request to the merchant.
2. The merchant digitally signs the order verified by the user and submits it to the payment system.
3. The payment gateway calls the payment interface and asks the user to fill in the account information.
4. The user encrypts the account information with the public key of the payment gateway and transmits it to the payment system.
5. The payment gateway checks the account information provided by the user for data conversion, and sends it to the financial institution through the financial private network or special line, requesting the user to check the account information.
6. The financial institution transmits the verification result and the information used by the user for payment confirmation to the payment system.
7. The payment system transfers the user payment confirmation information from the financial institution to the payment confirmation system to request payment confirmation.
8. After the payment confirmation system receives the information requiring confirmation, it will pre-process the payment confirmation, and then notify the user according to the pre-selected confirmation method.
9. The user fills in the corresponding confirmation information according to the selected confirmation method, and submits it to the payment confirmation system after filling it out.
10. The payment confirmation system compares the information submitted by the financial institution and the user. If they are consistent, the next step is confirmed, otherwise an error is returned. Finally, the payment confirmation system returns the result to the payment gateway.
11. If the confirmation is successful, inform the user that his payment request is approved by e-mail, and the funds have been withdrawn from his account. Otherwise, inform the user by e-mail that his payment request is not approved.
12. If the confirmation is successful, the returned result of the digital signature financial institution is sent to the merchant, and the merchant is notified to deliver the goods. Otherwise the merchant is notified that the transaction has failed.
13. The confirmation is successful and the financial institution is required to transfer funds.
14. The financial institution returns the digitally signed transfer information to complete the transaction.
Online payment gateway for website – Oceanpayment
In order to facilitate web application merchants to access the website payment function, Oceanpayment fully supports website payment processing. Merchants can quickly integrate access to the website payment function through an open interface. The user visits the merchant’s website on the PC for consumption, pays through the computer website, and can directly jump to the cash register in PC to complete the payment. Transaction funds are directly credited to the merchant’s account and received in real time. The user’s transaction payment is instantly credited to the account, and the transaction order can be refunded within three months. It provides supporting services such as refund, clearing and settlement, and reconciliation, which provide users with a safe, convenient, professional and simple payment experience.