Credit card transaction and mobile wallet transactions are some efficient ways to make bill payments online. Standing in the 21st century, people have already understood how technology can add convenience to their daily lifestyle. Well, the advanced payment terminals have already changed the whole ecosystem of the online payment and people are really enjoying it. Nowadays, more than 80% of transactions are made online. People use credit cards or debit cards even for purchasing a small cup of tea or coffee. However, it is very clear that people are now giving more emphasis on the cashless transaction.
Standing in this situation, if you are still operating your business offline, you are actually making a big mistake. Yes, mobile wallets and credit cards are leading the online payment industry forward. As a merchant, you have to understand this situation and you have to install advanced payment terminals that will let you accept credit card payments online. However, before getting into the payment equipment, you must understand the credit card transaction as well as the mobile wallet transaction very well.
Credit Card Transaction
A credit card transaction is not a new thing. But, if you are a new online merchant, you must understand how it works. Credit card transaction is basically a real-time process and here, we have elaborated the process:
Customers must have a valid credit card to initiate such transactions.