Every time a consumer swipes his or her card in the electronic payment devices, there is a certain fee that the banks charge and that fee is deducted from the account of the merchants. One of the reasons why the fee is charged is because the issuing banks and acquiring banks take the financial liability of the card transaction that is done electronically. Another reason for the same is that if the consumer defaults in making the payment then, the issuing banks will be the ones that will be liable, or the banks will be the one victim of the fraud. However, thankfully, there is the technology of chip that is working.
E-commerce Models –
A type of e-commerce model that you can find is DTC also known as direct to consumer. It can also be written as D2C. It is one of the newest types of e-commerce. And one of the things that you will notice is that in this type of business the category tends to change continually. In this type of business, a brand is choosing to sell their consumers directly their branded products and there is no need for the consumer to go through any retailer, wholesaler, or distributor. Plus, there are various platforms like Pinterest, Snapchat, Facebook, Instagram from where they sell the products to the consumer.
Payment Gateway –
Now, let’s look at some of the pivotal points as to how does the payment gateway work. In simple words, the payment gateway tracks or follows a process in which the setup of payments is done every time. So, this will take place mainly when any consumer will approach for any service or product and make an order especially with the merchant that is having gateway enabled method of taking payment. Whenever any consumer chooses any product or service and reaches the counter or the online platform of choosing in the cart and giving payment.
Security of the Sales Transaction Online –
The consumer has to fill in the card details after which the payment flows into the account of the merchant and then the setting and then it passes through various steps which also includes one of the main that is authorization by the banks.
Apart from that, many codes get exchanged when the card method of payment is done and is into processing. Plus, with the help of strong encryption that is there in the process of making the payment or when the payment flows from buyers to sellers account, the encryption is there due to which the payments can’t flow into wrong channels.
Instances of POS –
A consumer decides to purchase your service or products. If you have a land-based store, then the sales associate can be asked to ring them up. Then, the associates of sales will look up the cost and also do the bar code scanner. Many different types of POS systems are available as the square point of sales, which will permit you to scan the items visually using the camera in your POS device. In an online store, this all system works very quickly when the consumer adds the items to the cart and clicks on the finish button or pay button.