Nowadays with the modern technology and innovative software, your business has almost no limits. But one of the most important challenges for any internet business is payment acceptance, for money transfers require sophisticated oneclick pay combine solutions into a single website payment processing platform. You need to understand what your business needs; you must understand the payment processing industry. How does payment processing work? What are the main components and requirements for this type of online payment system? Fortunately, Exactly has experience in development and will help you manage everything. You can know about the working of Exactly with the help of this article.

How does payment processing work?

Let’s start with the basics. There are three components of a web payment processing platform.

Merchant account: This is a bank account that allows online payment processing for Internet businesses. You can get a merchant account through a payment processing company, an independent contractor, or large banks. You will have nowhere to keep the money your customers pay you.

Payment processor: The Payment processing companies or financial institutions handle interbank transactions between your customers and your bank. They deal with questions such as the validity of credit card’s available money Card limits, etc. Another essential function of payment processors is security. The payment processor’s responsibility is to verify that the card information is correct and protect you from fraudulent activity. They also take care of various errors, accidental transactions, and incorrect billing.

Payment methods: This is like an online point of sale. It is one of the intermediaries between all transactions on your website and payment processors. It connects your merchant account to credit and debit card issuers like MasterCard and Visa. You must have a payment gateway as security measures prohibit direct bank-to-bank transfers of information. Therefore, payment gateways are essential for any internet payment processing system.

What are the advantages of using the Exactly online platform?

The advantages of using the are given by,

  • Guarantees fraud prevention and protection of personal information.
  • Multi-currency payment processing
  • Availability in many countries
  • User-friendly experience
  • Custom properties
  • Integration with shopping cart

What are the general Terms for Exactly Payment Processing Software?

To create a payment gateway, you must be a Membership Service Provider (MSP) or Independent Sales Organization (ISO). Typically, large banks provide all necessary financial, organizational, and technical requirements to obtain MSP and ISO status after becoming an MSP or ISO. Then you will need to develop web and mobile apps for your payment gateway. You can allow the merchants to access data from the backend to view payment history, cancellations, and other transaction information.

In addition, you must comply with PCI security standards to provide web-based payment processing solutions for customers. PCI Security helps merchants and financial institutions use the standard to build secure payment solutions. There are strict PCI certification requirements, consisting of 12 rules, to allow online card processing.  Your online payment processing system engineering team must have strong security experts. You can ensure secure payment, tokens, and a high level of data protection is used.