Purchasing over the Net
Purchasing of goods or services through the Internet involves four parties:
- Customer: who shop online using a credit card
- Merchant: who sell goods or services through an online store
- Acquirer Bank: who host their merchant's account
- Credit Card
Company: who processes the credit card's transactions
The
entire e-process is enabled by @ltijara.com
How does this online credit card
transaction process work?
- When the customer visits the merchant’s
online web store and decides on a purchase, the Customer submits
the credit card details onto a secure on-line purchase order form
and clicks the “buy” button.
- The customer’s credit card details are encrypted and
sent via a payment processing system to a credit card company (Visa, American Express,
MasterCard,) for validation and authorization. Depending on the status of the
customer’s credit limit and the card expiry date, the card is authorized or declined.
Once authorized, the funds are reserved to cover the purchase.
- The merchant is informed of the
successful authorization and delivers the goods or services. The
customer is then advised of the delivery and the credit card is
charged.
- @ltijara.com
issues an advise for settlement to the merchant’s Acquirer
Bank.
- The Acquirer Bank now debits the customer’s account
and settles the payment with the merchant.
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