How online payment works

TL;DR

Learn about online payment gateways and their processes to become a smart consumer when making online payments.

Transcript

hey there everyone had a sheer your programming friend from YouTube and in today's quick video we are going to talk about online payments now this online payment video is not about integrating any payment gateway into a services of nodejs wordpress or maybe any other kind of thing in the previous days I used to just read the documentation about pay... Read More

Key Insights

• 🐕‍🦺 Online payment gateways facilitate secure transactions between customers and service providers.
• 🐕‍🦺 Service providers negotiate payment release terms with payment gateways.
• ❓ Different payment states, including failed, captured, success, authorized, and refunds, dictate the progress of online transactions.
• 📛 Common payment gateway names include Braintree (PayPal), Stripe, Razorpay, Instamojo, and EBS.
• 🧑‍🏭 Refunds in online transactions are subject to service provider policies and may not be instant due to various factors.
• 💄 Understanding the online payment process is crucial for becoming a smart consumer when making online purchases.
• ❓ Educating yourself and others about online payment gateways can enhance awareness and knowledge in the digital payment landscape.

Questions & Answers

Q: How do online payment gateways work?

Online payment gateways act as intermediaries between customers and service providers, processing transactions securely and efficiently. Service providers negotiate terms with payment gateways for payment releases.

Q: What are the common payment gateway names?

Common payment gateway names include Braintree (PayPal), Stripe, Razorpay, Instamojo, EBS, and Paytm. These gateways facilitate secure online transactions for customers and service providers.

Q: What are the typical payment states in online transactions?

Payment states include failed, captured, success, authorized, and refunds. These states indicate the progress and completion of online payments, ensuring transparency between customers, service providers, and payment gateways.

Q: Why are refunds not instant in online transactions?

Refunds in online transactions are not instant due to the involvement of multiple parties like banks and payment gateways. The refund process follows specific policies set by service providers, requiring manual work and processing time.

Summary & Key Takeaways

• Online payment gateways handle transactions between customers and service providers.

• Service providers negotiate payment release terms with payment gateways.

• Payment states include failed, captured, success, authorized, and refunds.