Online Payment

Usually, these payments consist of the transfer of monetary funds from the bank of a customer or debit or credit card account, into the bank account of seller, in exchange for products or services. These funds generally come directly from the credit card or checking account of a customer, or from an online payment system that is linked to both the bank accounts of buyer and seller. 

Buyers of goods and services, and the sellers of those goods and services use online payments. Different types of software is required to successfully facilitate the transaction between the two parties. The typical steps involve in online payments include making online purchase, encrypting information, verifying details, approving funds, requesting funds and receiving funds by seller.

Credit cards, Debit cards, Third-party payment services, Electronic checks and Bank transfers are different types of online payments. Benefits, such as security, efficiency, convenience, and contactless options are offered to  both the buyer and seller by online payments.   

There are several software categories depending on what type of online payment method is being used. These software can be used by both buyers and sellers to get the benefit from online payment which help facilitate the sending and receiving of funds for online purchases. Payment gateways, Payment processing software, Installment payments software, Payment analytics software and Payment card issuance software are some of the examples.