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There are companies that specialize in financial transactions over the Internet, such as Stripe for credit card processing, Smartpay for direct online bank payments and PayPal for alternative payment methods at checkout.
- Pay Now (Klarna): Customers can log in to their online banking via the provider Klarna and conduct transfers directly. The payment information is prefilled to enable swift processing.
- giropay: giropayis a payment system supported by many German banks and savings banks. When using giropay, customers need to log in to their online banking to authorize a payment.
- Credit card: A credit card is issued with a credit limit for the cardholder’s use. When paying, the corresponding amount is deducted from the credit limit to be paid back at a later date, usually at the end of the month.
- SEPA Direct Debit: SEPA Direct Debit is a European-wide payment system used to simplify the processing of bank debits in the eurozone. With SEPA Direct Debit, the funds are debited from the payer’s account after the latter has provided their contact details for the payment and given their consent to the SEPA Direct Debit mandate, and the customer’s bank has verified and approved the direct debit.
- Square: Best for overall online payment processing. Why we like it: Square charges simple, flat-rate processing fees and integrates with several platforms, allowing you to make online sales through multiple channels.
- Stripe: Best for API customization. Why we like it: Stripe makes it easy to customize the payment process to fit your business. With extensive documentation and a system designed for developers, you can tweak Stripe’s interface to give your customers a branded checkout experience within your own application.
- Shopify Payments: Best for e-commerce platform integration. Why we like it: Shopify's setup offers a good foundation for e-commerce businesses. It has competitive transaction fees, 24/7 customer support and the ability to create an online store with strong analytics.
- Amazon Pay: Best for streamlined checkout. Why we like it: Amazon Pay lets consumers pay small businesses using the payment information saved on their Amazon accounts.
The following is a list of notable online payment service providers and payment gateway providing companies, their platform base and the countries they offer services in: (POS -- Point of Sale ) Company
- Customer
- Business
- Payment Processor
- Issuing Bank Or Card Network
- Payment Gateway
- Settlement and Funding
The customer initiates the payment by selecting the desired product or service on the business’s website and entering their payment details.
The business receives the customer’s payment information and securely sends it to the payment gateway for processing.
The payment processor contacts the customer’s bank or card issuer to verify that the payment information is accurate and that the customer has sufficient funds to cover the transaction.
The issuing bank or card network approves or declines the transaction and sends a response back to the payment processor.
The payment gateway receives the response from the payment processor and sends it back to the business’s website, informing the business whether or not the payment was successful.
The settlement process involves transferring the funds from the customer’s account to the merchant account, while the funding process involves transferring the funds from the merchant account to the business’s bank account. For most online payments, the entire process takes only a few seconds.
Jul 17, 2017 · 12 Free Payment Templates. Try Smartsheet for Free. By Andy Marker | July 17, 2017. Payment templates offer a simple solution for managing both business and personal finances.
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This guide offers a high-level overview of online payments and covers nuances based on different business models. Download PDF. Payments. Accept payments online, in person, and around the world with a payments solution built for any business—from scaling startups to global enterprises. Learn more.
