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THE WORKING OF AN OFFSHORE ONLINE PAYMENT SYSTEM

These days, the introduction of the internet banking and marketing system has sent a revolution into entire business strategies and market solutions. More people are attracted towards the purchase of goods through the online market. A very strong technical backup is maintained at the background. These technical experts are available 24 x 7 to help the credit card user as well as the internet banking users. Each sector has a separate team of experts.

Since purchases are made online, the payment is also done online. There are many websites of the e-commerce businesses. These businesses offer a wide variety of option to the customers. The also include the shopping cart facilities in their websites in order to promote sales. The online merchants ask for the credit card number as well the other related information like security PIN code, country of origin, type of card, etc. The customer has to give the correct information in order to proceed with the purchase which is done online. Once the correct information is provided, the credit card is processed online through the online payment gateways. It is easy as well as simple. The modern scientific technologies have come up with new products and devices to control frauds taking place. If a merchant account holder is aware of faulty cases, then the merchant prevents his business from being distorted.

There are many companies that provide online payment gateways. These companies are also termed as Payment Service Providers (PSPs). Let us see the actual working of the online payment system. Firstly in any business, there should be a buyer on one side and a seller in the other side. On a certain mutual agreement both the parties agrees for a transaction. The customer selects the products he/she wishes to purchase on the website of the company. The PSPs have designed the system so well that the request is sent immediately for processing. It is first requested to the PSP to process the transaction. The PSPs, then, process the transaction request using a separate sever. This is a unique process in order to protect the transaction being distorted as well as the details are kept confidential. The transaction details contain the card number, expiry date, card type, amount as well as the currency.

Certain parameters are used by the payment processing systems to process a transaction. It is also fast. Here, 128 bit encryption is used in order to read the basic parameter and also to check whether the information provided is correct or not. The customer has to fill up all the necessary details available on the web page. This is done for security reasons for both the customer as well as the merchant account holder. Once the server checks the given information, and if it is found correct, then a message is sent back to the website regarding the transaction processing. The system will provide the feed back upon the information that is provided. The feed back may include the customer’s name, address, contact details, and other added information.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.