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Payment system functions

23.05.2024 / 13:01

Nick: Beros
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 Hello everyone, who can explain what functions the payment system performs?

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24.05.2024 / 13:12

Nick: Climon
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 Hello everyone, at the moment there are many payment systems in the world, and, judging by experience, each of them has its own advantages and disadvantages. Therefore, when choosing a payment system, you should proceed from the specific tasks of your business: what are your sales volumes, what is the geography of your customers, payment currency, and so on. It should not be forgotten that payment systems earn from the commission they receive from each payment, so the size of this commission is an important criterion. Payment processing is closely related to the exception handling component, which handles all errors that occur in the process. If no errors occur in Card Processing, final payment processing is initiated by clearing processing. The type of processing depends on the information defined in the routing by means of the established payment agreement and the characteristics of the payment.

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