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Online payments have become a part of our daily lives in no time https://exactly.com/ transacts online, not just via debit or credit cards. But through many other modes such as UPI, net banking, and wallets as well, online payments are quick and convenient. It allows you to buy products and services from all over the world. If you are a seller, you can sell it to anyone in the world with a good internet connection. Your customers don’t even need computers or Smartphone are enough.
What is a payment gateway?
An online payment gateway (PG) is one of theplatformwhich is used toconnect your bank account to the different platform you wish to transfer money. PG is software that allows you to transact online through various payment modes such as internet banking, credit card, debit card, UPI, or the many online wallets available today. PG plays a third-party role that securely transfers your funds to the merchant payment portal from your bank account.
How does an Exactly online payment system work?
Ensure security by encrypting information such as user-supplied card and bank details.
Step 1: You can place an order and press submit or pay button or the equivalent button on the website.
Step 2: When this happen in an e-commerce website or platform will direct customers to a payment gateway where he or she enters all relevant information about the bank or the card they use to pay. PG will then direct the user directly to the card-issuing bank’s page or a secure 3D page to authorize the transaction.
Step 3: Once the payment gateway is approved for the transaction. The bank will check whether the customer has sufficient balance in the account to complete this transaction.
Step 4: Payment gateways send messages to merchants accordingly. If the bank’s answer is “no,” the merchant will later send an error message to the customer to report a card or bank account problem. The merchant will request a transaction from the bank.
Step 5: Bank pays with payment methods that will pay the merchant. When this process is finished, the customer will receive an order confirmation message.
How do Exactly keep their data safe?
Theexactly.com ensures the security of the information you enter. First of all, all transactions are performed through HTTPS web addresses, unlike HTTP, as S in HTTPS stands for Secure. And the transactions happen through the same tunnel.
As a result of the hash function, the system often uses a signed request from a merchant to verify transaction requests. This signed request is a secret word known only to merchants and payment gateways. You can ensure the security of the process’s checkout page results, and the requested server IP is monitored to detect malicious activity.
Virtual Payer Authentication (VPA) is supported by buyers, issuers, and payment gateways to secure processes. VPAs operate under 3-D security protocols, adding a level of security, and it allows online buyers and sellers to verify each other easily.
