Electronic payments allow customers to pay for goods and services without using cash via cards, mobile phones or the internet, which offers several advantages, including cost and time savings and reduced transaction costs. Here are the main reasons why customers love https://exactly.com/ online payment system.
Save valuable time:
Most people prefer internet payment transactions over traditional methods such as cash or bank transfer because the first method can save valuable time. They can save time without going to the bank. But they can complete transactions anywhere with their Smartphone or laptops. And customers can track and know in real-time when payment and approval. This saves time and gives customers a more pleasant experience.
Online payments eliminate the security risks of cash handling, especially with new small businesses for the first time. Online transactions eliminate anxiety and frightening situations as individuals can safely transact home without dealing with real cash.
Online transactions can be done at the comfort of your home or office when the transaction is complete. They will receive an email confirmation of the digital payment slip for the transactions they make online. This will be paperless and stored in their email. The paper slip you receive from any bank can be automatically deleted/lost, or lost. It offers an online payment portal stored securely in the cloud.
Many people prefer https://exactly.com/payouts online payment methods for travel-related services because they usually accept major credit cards. This will automatically calculate the current exchange rate on the specified date of the transaction. Individuals travelling internationally must exchange currency at their local bank before departure or upon arrival at their destination. However, there are fees involved. They don’t have to worry about the rapidly changing exchange rates and the hassle of carrying cash.
How exactly online payment system work?
Its focus is on securing sensitive information received from users throughout the process. It ensures security by encrypting data such as user-supplied cards and bank details.
Step 1: You can place an order and press the submit or pay button or the equivalent button on the website.
Step 2: When this happens on a website or ecommerce platform, it takes the customer to a payment gateway to enter all relevant information about the bank or card they are using to pay for. Users go directly to the issuing bank’s page or a secure 3D page to authorize the transaction.
Step 3: Once the payment gateway is approved for the transaction, the bank will check if the customer has a sufficient account balance for this transaction.
Step 4: Then the payment gateway sends the message to the merchant accordingly. If the bank’s answer is “no”, the merchant will later send an error message to the customer to report card or bank account problems. The merchant will request a transaction from the bank.
Step 5: Bank pays with the payment method paid to the merchant. Once the above process is finished, the customer will receive an order confirmation message.