Online payment has become a new trend in the sphere of the payment industry. People are giving more importance to technology in the 21st century. Therefore, the number of online payment transactions has been remarkably increased. However, with the advancement of technology, we have got some innovative ways through which customers can make an online payment in 2020.
We at International Payment Solutions understand this very well. Therefore, we have highlighted these methods here. Merchants must know these things. Otherwise, they will face a problem while accepting card payments online.
Standing in the 21st century, you must know these innovative ways. Go through the following to know more about these.
EMV Enabled Credit Card Transaction
Well, most banks are replacing magstripe cards with EMV enabled credit cards. These cards are well-secured. It allows customers to make online bill payments flawlessly. Moreover, fraudsters will not be able to decode the encrypted data. EMV technology is one of the fruitful outcomes that we have in the 21st century. These cards support contactless transactions where customers do not need to enter the PIN while making an online payment. Moreover, banks are offering new cashback offers to promote credit card transactions.
In the case of a credit card transaction, the online payment gateway passes the transaction details to the merchant processor. Then, the merchant processor checks the information and shares the same with the credit card network. The network does not have the authority to approve or decline the transaction. Therefore, they share the information with the credit card issuing bank. The bank checks as well as verifies the available credit. After the verification, the bank approves the transaction. If there is not required fund in the cardholder’s account, the transaction gets declined. After that, the bank sends the same to the credit card network. The network sends the information to the merchant processor. Thus, the transaction is completed.
Mobile Wallet Transaction
A mobile wallet is another innovative way through which the customers can make an online payment. Mobile wallets are more reliable than credit cards. Sometimes credit card transactions get declined due to network issues. But, in the case of mobile wallet transactions, the customers will not face such an issue. However, the customers must add the credit card or bank account to the mobile wallet to use it. The customers can also add funds to the digital wallet.
The balance will be deducted either from the wallet or from the bank account while making a transaction through a mobile wallet. If we talk about the process, it is almost similar to credit card transaction. After initiating the transaction through mobile wallet, the payment processor receives the details through the online payment gateway. The payment processor sends the same to the bank account. The bank account verifies the information. After that, it either rejects or approves the transaction. Finally, the bank shares the same with the merchant processor.
QR Code Payment
Well, QR code payment is one of the fastest ways to make an online payment. The customers just need to scan the QR code and after that, the transaction gets completed. However, after scanning the QR code, customers must enter the PIN in their mobile phone to complete the transaction. Well, credit card users cannot make such payment. The users must have mobile phones and mobile wallets must be enabled there. Otherwise, customers cannot make such a transaction.
Tap And Pay Payment
Another reliable way to make an online payment is tap and pay. In such a case, NFC technology is used. Nowadays, most credit cards are coming up with EMC chip that supports tap and pay the payment. The customer just needs to tap the card over the payment terminal and the transaction will be completed. Well, mobiles are also coming up with NFC and therefore, mobile wallets users can also make tap and pay the payment.
Pay With Your Face
Well, pay with your face is the latest technology to make an online payment. Some companies in the U.S. are planning to launch this technology. In such a case, the merchants will scan the face of the customers. After that, the transactions will be completed. Well, the customers first need to register their faces in their mobile wallet application that support pay with your face. On the other side, the merchants must have payment terminals that support pay with your face online payment.
This is a very well-secured technology. Here, customers do not need to take their mobile phone or credit cards out of the bag. Therefore, the fraudsters cannot hack the card details.
Not An IPS Merchant?
By now, you have probably understood the various ways through which customers can make online payments. Now, the merchants must have advanced payment equipment through which they can accept these kinds of online payment. Therefore, we will suggest you to go with International Payment Solutions. It is undoubtedly one of the best merchant processor solutions. The merchants will never regret after becoming a merchant of International Payment Solutions.