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Home How does a payment platform work?
21 Feb 2022 By PAYCEC
As the middleman during the payment processing, a payment platform connects your merchant account with credit and debit card issuers, such as Visa, Mastercard, or American Express, to manage the customer’s sensitive card details, and ensures the transaction is carried out securely and promptly.
Importantly, accepting card payments online is a prerequisite for any successful small business. It is obviously impossible to accept domestic and international online payments if the merchant can’t take payments online, and of course, you will have no business at all. Therefore, setting up a payment platform is absolutely essential as it allows your customers to checkout online easily and securely.
How PayCEC payment platform works throughout the payment journey.
- Step 1: The shopper picks up an item, and adds it to her online shopping cart.
- Step 2: She places an order on your website by pressing the 'Submit Order' or equivalent button.
- Step 3: The merchant submits the order.
- Step 4: The PayCEC payment platform securely sends the transaction to the processor.
- Step 5: The processor verifies and approves the transaction, and routes the transaction to the card association (Visa / Mastercard / American Express).
- Step 6: The shopper has a Visa card. Visa forwards the transaction details to the customer’s bank, which is known as the issuing bank for approval.
- Step 7: The issuer checks if the shopper has enough money in her account to pay for the item.
- Step 8: The shopper just receives money from her friend, so she has more than enough money. The issuer sends a response to the acquirer (merchant’s bank), via the processor.
- Step 9: The processor sends the status (approval or denial) of the transaction to the PayCEC payment platform.
- Step 10: The merchant receives the message “Transaction Approved”, and the fund is deducted from the customer's bank and settled into the merchant’s bank account.
- Step 11: The merchant gets paid for the sold dress, and the shopper has got her new item.
Have other questions?
If you need further assistance or answer, please don't hesitate to contact us.
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about us
We are honored to serve as your reliable business partner and financial service provider in the industry and other business-related services. With the help of our professional staff, to help merchants to achieve their goals for the development and expansion of the international business market.
Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment.
PayCEC is a fully worldwide payment network that not only allows merchants to be paid immediately and securely, but also allows them to withdraw money in multiple currencies to their company accounts.
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