Online consumers look for instant results, and have grown accustomed to the process of paying for their purchases immediately, however the reality is that 91% of Irish businesses cannot process payments online! Businesses that accept online payments can increase their cash flow as their online customers will have an easy and convenient way to make larger purchases online though a secure online payment gateway.
So How Do These Secure Online Payments Work?
- The customer enters their payment details to the payment gateway.
- The payment gateway receives the payment information and passes it through a secure connection to the Merchant bank processor.
- This then submits the payment to the Credit Card Network.
- The Credit Card Network sends a payment authorisation request to the customer’s issuing bank.
- The customer’s bank either approves or declines the payment request and relays the result back to the Credit Card Network.
- The Credit Card Network then sends this result to the Merchant bank processor.
- From here the results are passed on to the payment gateway.
- If approved, the customer’s issuing bank then sends the transaction to the credit card network which transfers the payment to the Merchant’s bank.
It’s that simple!
What Are The Advantages of Accepting Online Payments?
As I mentioned above, online consumers have grown accustomed to the process of paying for their purchases immediately – instant gratification is the main motivator for shopping online. With this in mind, if your online customers are faced with any unnecessary delays, it is likely they will look elsewhere for a merchant who accepts payments online. Having a secure online payment portal will ensure you satisfy your customers quickly and instantly.
Security For The Merchant
When a customer purchases a product on your online store, the payment is immediately authorised and transferred to the business’ account. This eliminates many common financial risks such as worrying about the fees associated with bounced cheques.
Customers who pay for products by cheque or cash orders must have the necessary funds available to pay in full immediately. Customer who pay online with credit cards have the option to pay for larger purchases in instalments. This means that accepting payments online can significantly increase your sales if some of the products you sell are more expensive.
Accepting credit card payments online allows for global reach. With simply one contract, your e-commerce store can accept payments from your online consumers in your home country as well as from abroad.