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Home What is a virtual transaction process?
31 Aug 2022 By PAYCEC
Virtual transaction is an online payment method in which the transfer of fund or money happens online over electronic fund transfer. Virtual transaction process is secure and password protected. Three steps involved in the virtual transaction process are Registration, Placing an order, and Payment.
Here is how a virtual transaction process works:
- Step 1: Consumer browses on merchant’s website and chooses items to place into cart
- Step 2: Customer visits cart and processes checkout
- Step 3: Customer is redirected to a virtual payment gateway platform
- Step 4: Choose the payment method option and enter payment credentials & billing address
- Step 5: 3D secure Authentication requirement (OTP SMS or private key)
- Step 6: The virtual terminal collects payment details and transmits to a processor or the merchant bank
- Step 7: Merchant bank receives an order and proceeds data with tokenization and fraud check
- Step 8: Merchant bank transmits data to card network for further verification
- Step 9: Card network or clearing network sends data to issuing bank for processing fund to merchant bank
- Step 10: Merchant bank informs the result of the electronic transaction (approved or denied)
- Step 11: Customer receives a delivery
What is a virtual transaction process?
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