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To buy a product on the Internet, you just need to enter the card details. But this is only part of the online purchase. What's going on behind the scenes of online sales - read on
Payment for goods online by card.
Ukrainian online stores that accept cards online cooperate with banks directly or through intermediaries - payment service providers (PSP). In simple words, these institutions help to withdraw money from the buyer's card and transfer it to the merchant's account.
About a dozen banks are engaged in Internet acquiring.
However, it is sometimes convenient for an online store to use the services of intermediaries. After all, they offer customers several payment instruments at once in addition to bank cards - e-wallets, payment via Internet banking and other useful functions. The most popular payment partners of Ukrainian online stores are PayMaster, Platon, UPC, WayForPay and others. Read on to learn more about how online payments through a payment provider work.
STEP 1 - The buyer selects the product in the online store and confirms his intention to pay for it with a payment card
The buyer selects a product in the online store
STEP 2 - The online store asks the buyer for his personal data - full name, phone number and other information necessary for identification
STEP 3 - The online store sends information about the order value to its payment provider (PSP) and redirects the customer to its secure payment page
STEP 4 - The user enters his payment card details on the page of the payment service provider
The client indicates the card details.
STEP 5 - The payment service sends a request for payment authorization to the processing center of the acquiring bank
STEP 6 - The acquiring bank initiates a request to the issuing bank about the availability of funds on the buyer's card
STEP 7 - The issuing bank gives permission for the transaction if there are enough funds on the buyer's card. If not, rejects the withdrawal of money.
STEP 8 - The payment service receives the authorization result (the presence or absence of money on the buyer's card) and transfers data to the buyer (about a successful transaction) and the online store (about the fact that the goods can be sent)
STEP 9 - The online store sends the goods to the buyer
The buyer receives the goods
STEP 10 - The acquiring bank transfers funds to the account of the online store within a predetermined period.
If the online store does not use the services of a payment provider, its buyer will be immediately redirected to the payment page of the acquiring bank. If the 3D Secure service is connected to the buyer's card, after filling in the payment data, he will receive an SMS password for additional confirmation of his identity.
PAYSPACE MAGAZINE HELP
Earlier we wrote about how the consumer habits of Ukrainians who buy online have changed. What, where and how Ukrainians bought from 2011 to 2016 was shown by the research of Nielsen Connected Commerce.
Payment for goods online by card.
Ukrainian online stores that accept cards online cooperate with banks directly or through intermediaries - payment service providers (PSP). In simple words, these institutions help to withdraw money from the buyer's card and transfer it to the merchant's account.
About a dozen banks are engaged in Internet acquiring.
However, it is sometimes convenient for an online store to use the services of intermediaries. After all, they offer customers several payment instruments at once in addition to bank cards - e-wallets, payment via Internet banking and other useful functions. The most popular payment partners of Ukrainian online stores are PayMaster, Platon, UPC, WayForPay and others. Read on to learn more about how online payments through a payment provider work.
How online payments work:
STEP 1 - The buyer selects the product in the online store and confirms his intention to pay for it with a payment card
The buyer selects a product in the online store
STEP 2 - The online store asks the buyer for his personal data - full name, phone number and other information necessary for identification
STEP 3 - The online store sends information about the order value to its payment provider (PSP) and redirects the customer to its secure payment page
STEP 4 - The user enters his payment card details on the page of the payment service provider
The client indicates the card details.
STEP 5 - The payment service sends a request for payment authorization to the processing center of the acquiring bank
STEP 6 - The acquiring bank initiates a request to the issuing bank about the availability of funds on the buyer's card
STEP 7 - The issuing bank gives permission for the transaction if there are enough funds on the buyer's card. If not, rejects the withdrawal of money.
STEP 8 - The payment service receives the authorization result (the presence or absence of money on the buyer's card) and transfers data to the buyer (about a successful transaction) and the online store (about the fact that the goods can be sent)
STEP 9 - The online store sends the goods to the buyer
The buyer receives the goods
STEP 10 - The acquiring bank transfers funds to the account of the online store within a predetermined period.
If the online store does not use the services of a payment provider, its buyer will be immediately redirected to the payment page of the acquiring bank. If the 3D Secure service is connected to the buyer's card, after filling in the payment data, he will receive an SMS password for additional confirmation of his identity.
PAYSPACE MAGAZINE HELP
Earlier we wrote about how the consumer habits of Ukrainians who buy online have changed. What, where and how Ukrainians bought from 2011 to 2016 was shown by the research of Nielsen Connected Commerce.
