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The customer authorises payment via an online form allowing the business to automatically collect the funds when due. The business' bank and the customer's bank communicate and action the payment request when the payment is due, ensuring the correct amount is debited from the customer and credited to the business.

Stripe processes payments in six steps. The customer provides their card information, either online or in person. Those card details enter Stripe's payment gateway, which encrypts the data. Stripe sends that data to the acquirer, which is a bank that will process the transaction on the merchant's behalf.

A payment method is a way that customers pay for a product or service. In a brick-and-mortar store, accepted payment methods may include cash, a gift card, credit cards, prepaid cards, debit cards, or mobile payments.

Once you are through the payment portal, you will be asked to enter a unique transaction code or an OTP (one-time password) that is sent to the mobile number linked to your Debit Cards. Once you enter the number, your transaction is verified, and you receive a notification.

Different Methods of Online Payments In India Banking Cards. Banking Cards are one of the widely used payment systems in India. ... Aadhaar Enabled Payment System (AEPS) ... Unified Payments Interface (UPI) ... Mobile Wallets. ... Internet Banking. ... PoS Terminals. ... Mobile Banking. ... Final Words.

Here the money in buyer's bank account is converted into a code that is saved on a microchip, a smart card or on the hard drive of his computer. When he makes a purchase, he needs to mention that particular code to the website and thereafter the transaction is duly processed.

Create an account with a payment processor: Sign up for a merchant account with the chosen payment processor. Provide the required business and banking information. Integrate the steps into your operation: Determine how you want to integrate online payments into your website.