The payment processing journey in e-commerce
Before you can start accepting payments from clients, you need to register for a merchant account. The account has a unique set of numbers, similar to a bank account , which tells the acquiring bank that the transaction made belongs to you. The acquiring bank, in this case, is the financial institution that processes credit and debit cards on behalf of the merchant. Please note that each merchant account comes with differing fees. They will charge you monthly or take a specific percentage from every transaction or product purchased. What happens on the customer’s side Once the shopper sees a product they want to purchase , they will click on it to make an order. During the checkout process, they need to enter their personal and payment details. The payment detail section will need to state their preferred payment option. It could be via credit, debit, or any oth...