Oceanpayment, a global payment service provider strives to offer safe, convenient, professional and simple payment solutions to merchants conducting cross-border business. Headquarters in Hong Kong, Oceanpayment comprises a group of experts who have years of working experience and in-depth understanding in payment industry. Operating globally, we have set up Technology & Operation Centers or Business Entity in Shenzhen, Australia, America, Europe and Singapore.
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Since October 2022, the major credit/debit card associations have gradually stopped supporting or offering 3DS1.0 services. Instead, they have been strongly advocating the use of Strong Customer Authentication (SCA), a protocol that enhances security for the online consumer and, at the same time, minimizes the merchant’s exposure to fraud risks. In line with the UK’s implementation of SCA commencing 3rd April 2022, the European Economic Area (EEA) has also launched this protocol to enhance the security of customer-initiated online payments and contactless offline payments and minimize fraud risk for the merchant. How do you ensure the security and efficient operation of your business in Europe and reap the benefits of the shopping frenzy? The answer is a full-scale adoption of SCA. Are you required to comply with PSD2-SCA? According to the PSD2, consumers transacting online within the EEA must comply with the SCA conditions stipulated by the payment acquirers within the region.
On the 1st business day of 2023, Oceanpayment received the excellent news that we had been awarded the Major Payment Institution (MPI) license by the MAS (Monetary Authority of Singapore), a key milestone in our strategic quest to grow and develop a sustainable international market. Effective on 1st January 2023, this license enables us to operate domestic and cross-border funds transfers, merchant acquisitions and a host of other related services. Under the Payment Service Act which was launched on 28th January 2020, financial service providers can apply for one of the 3 types of licenses issued by the MAS – the Money Changing license (MC), the Standard Payment Institution license (SPI) or the Major Payment Institution (MPI) license.
You must be familiar with online payments and credit and debit card transactions if you’re a business owner. When you expand your business globally, payment is one of the most crucial buying process steps. Convenient payment methods do not only enhance customer experience but also help expand your business in international markets. This is why an acquiring business establishes networks with banks or licensed payment processing companies to acquire an account that processes transactions. But becoming a credit card acquirer is an extremely complex process that requires many technical system integrations, merchant contracts, and certifications before you get to process your transactions. Since the process is complex, a merchant acquirer bank fails to offer the full range of available global payment methods.
With the increase in online shopping, businesses are increasingly looking towards the internet to expand their customer base and get more sales. To successfully expand into a wider market, it is essential for businesses to accept online payments. These payments are managed online as a result of the interaction between multiple involved stakeholders to facilitate the payment process for the banking company. Understanding the working mechanism of online payments is essential to adapt to this digital era and shift towards a modern payment processing process. How Online Payments Work – The Process Before getting started with how online payment works, it is essential to have further context on the core stakeholders that are involved in online payment processing. When it comes to processing online payments, whether that is through eCommerce, physical POS, or other methods, the primary stakeholders in the process are the customer, the middle technology, and the business.
“Payment for Purchase – The Complete Transaction” “Cash & Carry” – the simplest mode of any transaction. Be it on or off-line, physical goods or service related, what matters most to the consumer is that their purchase is successfully and satisfactorily fulfilled. To the merchant, receiving the transacted funds securely from the consumer is of highest priority. Payment Acquiring: Process the payment for the transaction efficiently and in a secured manner, ensuring that the merchant receives the transacted amount without issue. Payment Acquiring Bank: Also known as the merchant acceptance bank, this is the primary funds transfer link between the merchant and the consumer. It is the respective acquirer, one of many that partner with the merchant to enable payment transfers made via different acquirers. A cross-border transaction includes a specific process of detailed verification and validation.
This article dives into processing credit card payments online by businesses, and the factors that should be taken into account when choosing the right credit card payment provider, as well as the risks associated with processing credit card payments online. What is credit card payment？ With a credit card, your purchase amount is added to the balance of your account, which is typically called the balance of your credit card. In addition to your purchases, your balance also includes any discounts you’ve earned. Your balance includes interest and any fees and penalties you have been charged by the card issuer. In addition to annual fees and foreign transaction fees, there may also be cash advance fees and late payment penalties. During each monthly billing cycle, your card issuer will tell you how much you owe, how much you must pay, and when you must pay. You will remain in good standing with your credit issuer if you make at least the minimum payment on time.
In this article, we explain what a WooCommerce Payment Gateway is and how it can help businesses ensure a seamless customer experience during the payment process. We also highlight some of the factors businesses should consider when selecting WooCommerce payment gateways. What is a Woocommerce payment gateway? A payment gateway for Woocommerce is a WordPress plugin that adds payment functionality to an online store. It is here that the customer enters their payment information (credit and debit card numbers, bank details, PayPal credentials, etc.) This is where the cashier process takes place. For some stores, the buyer is redirected to an external site for payment; for others, they are allowed to pay directly on your site. Payment gateways require sellers to open merchant accounts with the providers before they can use them. Once activated and installed, a payment gateway can be used immediately. Payment Gateways operate successfully when four parties are involved.
Using payment orchestration technology, Oceanpayment seamlessly integrates and manages the end-to-end payment process on a stable API, ranging from transaction routing, reconciliation, clearing, settlement, billing, and reporting. Once your consumer opts to pay via credit card, Oceanpayment will conduct a risk assessment of the order before the transaction is transferred, through smart routing, to the optimal payment processor to complete the order. Once the order has been completed, Oceanpayment will automatically kick off the reconciliation and settlement, simultaneously generating the payment details and report for your review and record. Rest assured that every transaction is assessed and accounted for on the system. The post Credit Card Payment Processing via Oceanpayment appeared first on Oceanpayment.
Oceanpayment is an innovative implementor and professional enabler in online shopping. Leveraging our technical expertise and in-depth experience worldwide, we partner with a diverse range of B2C (B) ecommerce businesses to implement multi-channel solutions that enable shopping anywhere, in any scenario, and at any time. For the ultimate and unique shopping experience, our solutions are customized to meet the customer’s business needs wherever they are located. Oceanpayment’s diverse and innovative suite of payment gateway solutions and services will enable you to accept a wide range of payment modes (debit card, credit card, wallet etc). Our seamless and secure integration ensures that, in any scenario, you and your consumer will enjoy a payment experience that is convenient, easy to use and secure, driving increased revenue and growth. The post What payment gateway services and solutions does Oceanpayment offer? appeared first on Oceanpayment.
For many consumers in Europe and the Americas, the credit card has been the preferred mode of payment for all their transactions. However, with the upsurge in ecommerce and the proliferation of diverse payment methods, the consumer has been spoilt for choice. Of special mention is the ability to buy now and pay later payment method, which has caught the interest of the millennials and Gen Z, swiftly becoming their “goto” mode of payment. Buy Now, Pay Later (BNPL) is a short-term financing offering that enables the consumer to place the order for a product, arrange to make payment for it at an agreed later date with no other fees imposed, as long as payment is made promptly, as scheduled. According to Juniper Research, 340 million consumers used BNPL in 2021, with this number expected to go up to 1.5 billion by 2026. Of the total transactions generated using this payment method, more than 24% were attributed to the ecommerce industry.
About the Author
Matej Kontros is an E-Commerce expert and app developer with over a decade of professional experience in IT.
Matej has worked for organisations of all types and sizes, including global players, startups, and agencies. He designed, developed, and maintained complex projects.
Matej's expertise includes e-commerce, software engineering, web development, systems administration, internet security, managing projects, and building teams.
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