Ever wonder what happens behind the screen when you make an online payment? When you choose the payment method, be it via credit card, debit card, bank transfer, or with the use of a digital wallet, you begin the payment process at the site’s virtual payment terminal. The process may include your having to input a few details, any discount vouchers, then when you are ready to make the payment, you click the ‘submit’ button. The payment transaction details are then sent in a secured manner to the payment gateway, who in turn will send the funds to the merchant’s account.
Initiating the payment transaction
These payment terminals will not be able to complete the transaction unless the owner of the digital wallet initiates the payment transaction. One example of how a payment transaction is conducted at a physical terminal would be for the person to use their mobile device to scan the QR code and then input the amount to click submit for the payment process to be done. When the payment is sent, the other digital wallet holder will receive the funds instantly. The amount paid will be debited from the sender’s account.
A lot of people nowadays are using digital wallets. These payment apps which provide a peer-to-peer transaction are quite easy to use. When a person is planning to make a payment transaction using their digital wallet, the first thing that they will check is if the other person or the business accepts that payment method. If it does, then the funds can be easily transferred by either making an online payment or at the payment terminal. Digital wallets are peer-to-peer apps that will only function when the other person has an account with the same digital wallet. Though popular, digital wallets do have their limits. It is best to be able to use a multi-functional payment provider app that can work as a digital wallet, for bank fund transfers, and debit/credit card transactions.
Not just a peer-to-peer payment app
When you use one of the best peer-to-peer payment apps, it is not limited to one type of payment method. you can also use it to transfer funds using traditional banking channels via the SWIFT network. You may also send funds using a debit or credit card. When you download this online payment app, you may also choose to own a virtual USD or UK prepaid debit card. It is a practical choice to make as these prepaid cards can be funded by others. You can use this debit card to receive and send money online.
Best payment provider
By using this peer-to-peer app, you have more than only a digital wallet. You can also use it to send funds from one bank to another and you may own your own virtual USD or UK card. You’ll get to pay with ease using more payment methods than that of most other apps. You’ll be able to have access to the advanced payment solutions of one of the best payment providers.