Some Best Practices While Selecting An Online Payment Processing Solution

Payment transaction plays an important role in purchase particularly in Magento commerce. Selecting an appropriate payment option helps in conducting successful payment transactions that eventually lead towards accomplishment of success.

The Logical Categorization Of Payment Processing: 

Numerous methodologies are there to perform online processing of transactions. American Express & Visa/MasterCard are the most general kinds of payment options, which purchasers use in non-currency transactions on Ecommerce platform. 

One more way of payment is PayPal, Authorize.net etc; such type of payment gateway is widely used all over the world.  In country like Netherlands, electronic bank transfer is used to transfer payments, which is another type of payment solution. Other various kinds of payment options are E-wallet & Cash-Ticket / UKash, which are an online cash vouchers.

Fraudulency And Its Remedies:

Like other walk of life, fraudulency is a prevalent issue, when online shopping is discussed such topic also gains great importance. Online sellers must pay attention to this menace that is not only ruining their business along with consumers. Psychologically a buyer always want a secure shopping experience whether he use Online Magento Shop or by means of conventional means of shopping that he does not get looted when purchasing from unreliable medium of shopping. The moment of occurrence of fraud in online payments is authorization to settlement, during this particular time slot a insecure payment system may be in vulnerable state that should to be catered. In order to protect card payments, Visa and MasterCard are made secure with 3D Secure Protocol and Visa Europe implements CodeSure card with un-breachable security. In the same way such kind of protocols are also implemented on Mobile framework eCommerce.

Layaway Payments:

Layaway payments are installment based payment method. A person who cannot pay whole amount at once is allowed to pay amount in episodes. This way of payment got attention after the strike of great slump, later on it depleted by the arrival of credit/debit cards. After the strike of another wave of depression in twenty first century, Layaway again gained importance with the technological advancement; this type of payment methodology was later on implemented on Ecommerce platforms. Magento Payment Options by FME add-on works in same manner like that of conventional Layaway payments.

Factors involved In The Selection of Payments Option:

Here are some factors, which should be cared when a payment solution is adopted: 

·         Make sure that payment module can process current volumes and contains built-in scalability that is done in normal scenarios without losing performance.

·         Verify that all type of card transactions, networks, devices, acquirers and host systems suits to payment option.

·         Validate that payment unit is capable to adjust new currencies, devices, languages and payment methods.

·         Ensure that payment gateway retains nominal costs while sustaining security, speed and convenience.

·         Investigate that payment solution is capable to manage concurrent processes for a single user and integration of schemes emerging from many organizations so that benefits & loyalty plans are successful.

·         Along with this, verify that payment module is proficient to assimilate real-time information from multiple internal resources.