How Does Online Transaction Function?

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How Does Online Transaction Function?
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About Online Payment System  

• Customers today prefer a credit card option over
  any other type of transaction choice. These
  payments take - less time, lesser paperwork and
  can be completed at a faster pace.
• The process begins with obtaining a merchant
  account designed to accept credit cards payment
  online via the web, commonly labelled as an
  internet merchant account.

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About Online Payment System  

• A business may apply for this banking account
  through a regular financial institution or a
  third party processing company.
• The company or bank providing this service
  performs fund confirmation, transaction
  authorization and the money transfer between
  accounts.

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What Does a Business Need To Make It All Happen?  

• In a regular retail setting, the merchant account
  and swiping or entry equipment is all a business
  needs to begin running this form of transaction.
• A payment service provider may be needed to
  provide the terminal used for processing each web
  transaction.
• A shopping cart transfers all transaction details
  to a payment form which is integrated with a
  terminal used to collect all customer card
  details.

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What Does a Business Need To Make It All Happen?  

• The typical processing setup requires the
  capability of implementing technical solutions
  along with the merchant services factors.
• If a business does not want to deal with the
  technical portion of accepting online payments,
  everything is acquirable through payment
  processing companies. They provide-
• A simpler application process,
• Quicker setup
• Offer an all-in-one solution to meet
  transaction handling needs.

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