How Internet acquiring works: competent conclusion of a payment system agreement with a bank

Elena Mashina

Contents:

How Internet acquiring works: competent conclusion of a payment system agreement with a bank

Thanks to Internet acquiring, customers of online stores can pay for their purchases using bank cards and electronic wallets. When placing an order, the user goes to the payment page, enters the card details and confirms the payment. The check is saved in your personal account and duplicated by email.

Advantages

Internet acquiring benefits both buyers and sellers. Customers do not need to carry cash with them, and when paying by card or from an electronic wallet, you can get cashback or an additional discount in partner stores. When using Internet acquiring, the buyer has the opportunity to use for payment not only ordinary bank cards, but also virtual ones, which exist only in electronic form and have no physical counterpart.

For the merchant, the Internet acquiring service will provide savings on personnel and equipment rental, and will provide customers with different methods of making payments. According to statistics, paid goods are less likely to be returned or forgotten to pick up from pick-up points, so it is more profitable for an online store to accept payment in advance. Also, non-cash payment protects sellers from the risk of accepting counterfeit money, and if the order is returned, the funds can be sent to the card from which they were received.

For Internet acquiring, you need to connect an online cashier. Due to it, information about payments is transmitted to the tax authorities, and customers of the store receive electronic receipts. In accordance with applicable law, these conditions are mandatory for e-commerce. If the company ignores the requirement to provide receipts for payment, it will have problems with the regulatory authorities.

How is payment made from a card via Internet acquiring?

A transaction consists of several stages:

On the page of the online store, the customer chooses the method of payment by bank card.
The user is automatically redirected to the site of the processing center, where they need to enter payment details from the card.
The received information is sent to the acquiring bank's authentication system to authorize the cardholder. Authentication is performed by the service provider and includes data authentication.
After receiving the request, the acquiring bank forwards it to the payment system that serves the card, and from the payment system the request goes to the issuing bank.
The bank that owns the card blocks the required amount on it. If there is a lack of funds, the user will be denied the payment.
The issuing bank transmits information about the payment to the processing center, from where it is sent to the seller. From this moment, the goods are considered paid, and the online store starts processing the order.
The processing center sends the acquiring bank a file with payment details, after which the bank transfers the required amount to the online store.
After completing the transaction, the payer is redirected to the online store page and sees a notification about the completion of the payment.

Despite the numerous stages, in practice, the entire process of making a payment takes just a couple of minutes.

What documents are required to connect to Internet acquiring?

To connect to the service, the business owner must provide copies of the following documents:

certificate of state registration of a commercial enterprise;
constituent documents;
passport details of the head and sample signature.

To connect payment, a special module is installed on the site. It is selected depending on the CMS.

What should you pay attention to when concluding a contract?

The conditions for connecting to Internet acquiring may differ. When choosing a service provider, you should pay attention to the cost of connection, the presence or absence of a subscription fee, and acquiring rates. We are talking about commissions for a service, the amount of which depends on many factors. First of all, these are the tariffs of Internet acquiring participants, which are a payment system, a processing center, an acquiring bank and a bank that issued the card.

The amount of commission fees also depends on the type of activity of the subscriber, his monthly turnover. As a rule, the commissions of the acquiring bank are in the range of 2.5-4%.

There are two types of Internet acquiring service providers:

Payment provider is an intermediary between the bank and the subscriber. As a rule, payment providers work with several banks at once.
Acquiring bank is a banking institution that provides services for accepting payments for goods and services from websites and online stores.

The A4 Law Firm specialists are ready to acquaint you with all the nuances of this service, select a partner for accepting payments and advise on the conclusion of an agreement.

How Internet acquiring works: competent conclusion of a payment system agreement with a bank