With our busy lifestyles, we are becoming more accustomed to online credit card payments. Everything is possible through the process of online credit card payments, regardless of whether we want to purchase our favourite movie DVD or surprise someone special with a card and a bouquet of flowers. Therefore, understanding how this payment processing truly operates is vital for both greater understanding and safety reasons. In other words, the mechanism or entire procedure that is involved in getting the object “delivered” to your door once you click the “Buy” button on the website.
There are two areas that online payment processing can be examined. They are settlement and authorisation. The potential customer first visits the seller’s website to review all of the products offered as well as their prices. All he has to do is click the “Buy” button once he has made up his mind to purchase the desired item.
As soon as the purchaser does that, a request for authorization is automatically sent to the payment processor for processing, which then sends it on to the bank that issued the credit card or the bank that is linked to it. All of the payment card information is included in this request. The credit card number, expiration date, billing address (for Address Verification Service), CVV number (or Card Verification Value, a three-digit code printed in the signature panel at the back of the credit card), and the total cost of all the goods or services the buyer has chosen to purchase are among the information that makes up this list.
After receiving the data through the payment processing process, the issuing bank or the bank linked to the card immediately verifies it. It verifies the card number, expiration date, order amount, billing address provided, and Card Verification Value number. It also checks the amount of the order against the available credit (if it is provided).
If the issuing bank verifies and approves the aforementioned information, it sends the authorisation answer to the payment processor. A decline or acceptance of the entire transaction is included in this authorization response in payment processing, along with approval of the transaction between the buyer and seller, address verification, and card verification value response codes.
The authorization answer is then given to the seller’s website—the website where the customer placed his order—after the payment processor, which acts as a middleman throughout the online processing in the case of debit or credit card purchases, inserts some codes.
Therefore, the buyer or the cardholder either receives a denial or a confirmation of the order depending on the condition of authorisation. If rejected, the customer receives notification and a message urging him to attempt a new payment method. In contrast to this, the buyer is directed to the order confirmation page once the originating bank has accepted the permission.
All that is left to do is for the merchandise to be shipped from the seller to the buyer’s home, which will end the transaction. For more details CVV shop
