If you have ever wondered or are curious to know how this process happens, today we will tell you in detail.
A payment is a financial transaction in which funds are transferred from one party (the buyer or payer) to another (the seller or payee). Payments can be made using a variety of methods, including cash, checks, credit or debit cards, and electronic methods such as bank transfers or online payment platforms. Payments can be made for a variety of purposes, including purchasing goods or services, paying bills or debts, or making donations or gifts
To receive transactions, these 6 elements are required:
Payment gateway: is a software application that facilitates online payment transactions between merchants and buyers.
A payment usually works as follows:
To facilitate the transaction, the payment processor (the company that handles the financial transactions between the buyer and seller) will send the payment request to the buyer’s bank or credit card issuer to confirm that the funds are available. If the payment is approved,the bank or credit card issuer will release the funds to the payment processor, who will then transfer the funds to the seller’s account, minus any fees or charges for the transaction.
When the purchase process is completed, users receive a notification that a transaction has been made in their account. What happens sometimes? The transaction is displayed as “**Supermarket 4563”, this may cause mistrust so it is important to enrich the transactions. Transaction enrichment has an amazing impact on customer experience and reduces costs, chargebacks, and tech development.
Transaction enrichment works by adding additional information or context to a financial transaction before it is received by the merchant or seller. This can be done in real-time, as the transaction is being processed, or it can be done retrospectively by analyzing the transaction data after the fact.
Overall, the enrichment process helps to create a more secure and efficient payment ecosystem by providing a more complete and accurate picture of the transaction.
Do you know that some of our customers after the implementation of our solution, have achieved:
Would you like to enrich your financial product transactions? Contact us 👉 https://www.jointriple.com/product/enrichment-data