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What are the basics of payment processing?



Understanding the fundamentals of payment processing is essential before you start creating your online payment system. Authorization, authentication, settlement, and funding are just a few of the procedures that make up payment processing.

  • The procedure of confirming that the cardholder has enough money to finish the transaction is known as authorization.
  • In order to prevent fraud, authentication entails confirming the cardholder's identity.
  • The transfer of money from the cardholder's account to the merchant's account is referred to as settlement.
  • Moving the money from a merchant's account to their bank account is known as funding.

You must use financial software development to connect your app with a payment gateway in order to handle payments. A secure platform known as a payment gateway links your app to the payment network.

You can manage payments safely as a result. Look for a provider of a payment gateway that offers strong security features, simple integration, and top-notch customer service.

You'll also need to integrate your app with a merchant account in addition to a payment gateway. A merchant account is a type of bank account that enables businesses to accept client payments. Look for a merchant account provider that provides affordable rates, dependable customer assistance, and an intuitive user interface.

You must properly test your payment processing system after integrating your app with a payment gateway and merchant account. Before releasing your app, comprehensive testing will help you find and address any bugs or problems.

Why Narola?

Narola Infotech is a fintech software development company with 17+ years of experience and more than 350 IT experts. We have already made a global payment system successfully. If you wish to contact us to discuss your idea, feel free to fill the form below.

 

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