Steps Involve in Transaction Procession Process
Do you tap foot with today’s fashion of payment? If you want to do window shopping of dresses, phones, accessories or any other usable item, ecommerce websites are exhaustively flocking. Following online payment trend gives a sense of style. Besides, its comfort level is irresistible. You do not need to bear overhead expenses for it. Now, can you ever imagine how your online transaction process proceeds safely? Let’s go to the ground of it.
Why transaction processing system is needed?
A number of motives prove the worth and requirement of it. Have a glimpse of these:
- For data processing of business transactions, like Processing sales, inventory etc.
- For producing statement to the customers, like payroll, sale receipt & tax form.
- For trapping and processing volume of business transactions’ databases
- For updating files and producing products/ services information for internal and external use.
Is there any method to process transaction procession?
Business transactions are complex in structure and voluminous. Both serve the motto of processing of business-driven data. Have a look of these two:
- Batch Processing: Under it, data repository is created over a period of time.
- Real Processing: As its name suggests, it processes the data driven from real time. It triggers with immediate effect of transaction.
How many types of Online Payment Methods are?
Online payment requires no magical wand but well-equipped transaction method(s). Primarily, these are trimmed and fit to card payments, alternative payments and digital wallet payment. ‘What all these facilitate’ catch its roundup:
- The very first method ‘Card Payment’ helps the shopaholics to unlock their back account online. Thereafter, transferring money seems just a click away. VISA, VISA Debit, MasterCard, MasterCard Debit, Maestro, American Express, Gift & Loyalty Card and so on…
- Alternative payment method stands second in the row of favourites. The shooting up figure of online shopaholics and netizens, it’s the hassle free online route to transfer payment directly. Paypal, Paytm, Paysafecard, Mybank and Zipmark are few of its epitomes.
- Digital wallet or eWallet is marking its signature globally. Paypal and MasterPass of MasterCard are a few gateways that let you enable to pay indirectly through safe-n-secure banking channel.
Now, let’s go through a common processing cycle of the foregone payment gateways.
- Doing data entry of the details, like customer detail and product number/price
- Transaction processing (through real time or batch process)
- Data base creation
- Generating report
- Inquiry process/Analysis
What the classification criteria of transactions?
The ecommerce websites, like ebay.com/in, amazon.com and flipkart.com, mirror the true picture of transaction classification. Classification, here, represents different steps that are asked while making transaction. The companies, like Eminenture pvt. Ltd. and many more, outsource these services to let the ecommerce industry enjoy focusing on core competencies.
- Action document: With clicking on the ‘Buy Now’ tab, the payment process initializes. As you log in and fill your customer’s details, action for transaction is asked. Selecting the payment method from Credit card, debit card, net banking, cash on delivery and more payment options, a receipt (paycheck or purchase order) is emailed.
- Information document: In order to confirm the transaction, an sms or email is sent to the recipient. It stamps that you have placed order.
- Turnaround document: The transaction is accomplished with the turnaround document. It is drafted especially for the sender.
How reporting ends it up?
Reporting presents synopsis of the pan process of transactions. How many times you logged in for payment or order is stated in it. Apart from that, the editing, missing and errors are also registered in the separate report.
Having gone through all the aforementioned steps and cycle, transaction procession process meets its end. And the online facility delivers nothing but seamlessness in data entry of transaction and record maintenance.