There are different ways of making and receiving payments from an online transaction. i shall enumerate a few that will be come handy when engaging in online business.
Some of the methods include some of the following
1. Credit cards;
2. Payment processors;
3. Bank wire etc
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services. The issuer of the card creates a revolving account and grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user.
A credit card is different from a charge card: a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers a continuing balance of debt, subject to interest being charged. A credit card also differs from a cash card, which can be used like currency by the owner of the card.
check out items to puchase
There different kinds of credit cards, the most popular ones are master and visa cards
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A payment processor is a company (often a third party) appointed by a merchant to handle credit card transactions for merchant acquiring banks. They are usually broken down into two types: front-end and back-end.
Front-end processors have connections to various card associations and supply authorization and settlement services to the merchant banks’ merchants. Back-end processors accept settlements from front-end processors and, via The Federal Reserve Bank, move the money from the issuing bank to the merchant bank.
In an operation that will usually take a few seconds, the payment processor will both check the details received by forwarding them to the respective card’s issuing bank or card association for verification, and also carry out a series of anti-fraud measures against the transaction.
Additional parameters, including the card’s country of issue and its previous payment history, are also used to gauge the probability of the transaction being approved.
Once the payment processor has received confirmation that the credit card details have been verified, the information will be relayed back via the payment gateway to the merchant, who will then complete the payment transaction. If verification is denied by the card association, the payment processor will relay the information to the merchant, who will then decline the transaction.
Among prominent ones are
Bank wire is simply the transfer of money from one bank to another in any part of the world. There are varying fees involved in bank wire transfer dependig on the banks involved