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[Blaka]

Online transactions are streamlined by electronic payment processors, serving as intermediaries between the buyer, seller, and financial institutions. In the course of an online purchase, the payment processor adeptly gathers the customer's payment details, ensuring a secure transmission to the relevant financial institution for authorization. Upon approval, the payment processor facilitates the seamless transfer of funds from the buyer's account to the seller's account. This meticulous process guarantees the protection of sensitive financial information and the efficient completion of transactions.

 

[IB DD]

It is a long chain of inter communication between the payment processor, the merchant and the issuing bank for transactions and payment to be authenticated and approved. And this long chain happens in minutes. It is important to integrate a payment processor that is secure as an online merchant to prevent fraud due to sensitive data transfer back and forth.

 

[Blaise186]

Electronic payment processors streamline online transactions by acting as a middleman between the merchant and the customer's bank or credit card issuer. When a customer makes a purchase online, they enter their payment information, which is then sent to the payment processor. The payment processor then verifies the information, ensuring the customer has sufficient funds and there is no fraud, before sending the payment information to the customer's bank or credit card issuer for approval. The bank or issuer then approves the transaction and the funds are transferred to the merchant's account. This process happens quickly, in real time, making it more efficient than traditional methods of payment, such as checks