Today we will continue talking about the possibilities of beGateway, the White Label platform for Internet payments accepting and processing created by eComCharge company. Let’s look at the transaction types and the opportunities that a payment service provider, given their processing system is based on beGateway, can offer their Internet merchants in terms of accepting payments by bank cards.
Why bank cards? Firstly, because it is the most popular means of payment in online stores.
And secondly, it is the bank cards that give Internet merchants the greatest flexibility in the process of accepting payments from their buyers. Some actions and, as a consequence, transaction types are simply not possible with other means of payment.
So what types of transactions will a payment service provider support and offer if their processing system is based on beGateway white-label platform for online payment accepting and processing? And what advanced features does beGateway offer to both merchants and payment service personnel to facilitate the process?
The “Payment” Transaction
This is the basic transaction allowing the Internet merchant to accept a payment from a buyer. Beside standard in such cases information about the payment (buyer’s payment details, date and time of processing) which is automatically saved, the beGateway processing platform enables a merchant to assign each “Payment” transaction 2 more attributes: “merchant value” and “description”:
- In the “merchant value” field the merchant can specify a transaction ID. For example, the ordinal number of payment according to their internal accounting system.
- The field “description” is for a brief description of goods or services paid for by this payment transaction.
The contents of both fields are displayed when viewing detailed transaction information, both from the merchant’s back office and through the user interface of the payment service provider employees. Thus it will be easy to remember or identify what the buyer paid for, and when it happened.
Every time the beGateway-based payment service provider processing system handles the “Payment” transaction, it gives the merchant the transaction result and the so-called payment card token that can be stored by the merchant for future use.
The “Authorization” Transaction
This transaction enables the Internet merchant to block the necessary amount on the buyer’s bank card for the future final settlement.
The blocked period during which the amount is not available for use in other outlets or ATMs is determined by the card payment system, and the issuing bank. The period is usually 3-7 days long, after which the block is automatically removed. However some businesses with a certain Merchant Category Code (MCC) have a 30-day “hold” till the final settlement after the “Authorization” transaction.
The “Capture” Transaction
This transaction enables the Internet merchant to charge the previously blocked amount of money and thereby complete the transaction.
If the payment service provider uses the beGateway platform as a processing system for their online merchants, there is an additional opportunity for the merchant to charge a partial sum of the previously blocked amount with subsequent automatic balance unlocking.
It is very convenient to use “Authorization” plus “Capture” when the exact amount to be charged, if any, is unknown.
The special “merchant value” and “description” attributes can be specified for “Capture” transaction too. And a payment card token is issued as well.
The “Void” Transaction
If the beGateway-based online payment accepting and processing system allows to block a certain amount on the buyer’s card, it would be logical to assume that there should be a way to unlock it immediately, without having to wait for the blocked period to expire. This is what the “Void” transaction is for.
The “Refund” Transaction
This transaction enables the Internet merchant to cancel the previously received payment and to refund the money to the corresponding bank card.
The beGateway-based payment service can provide their merchants with an opportunity of both full and partial refund.
Besides, beGateway adds the “description” attribute to the “Refund” transaction to specify the reasons for the payment cancellation and refund.
The information saved in the “description” field of the “Refund” transaction makes analytical report generation easier for both Internet merchants and the payment service provider.
The “Chargeback” transaction
beGateway uses this transaction type to record payments disputed by buyers or holders of bank cards by appealing to their issuing banks. Simply put, the “Chargeback” transaction deals with all kinds of chargebacks.
Whenever the acquiring partner (the acquiring bank or a superior payment service) informs the PSP about a chargeback of a previously processed payment, there appears a “Chargeback” transaction linked to the “Payment” or “Capture” transaction in the processing system.
If the acquiring partner can report the chargeback via API, beGateway will immediately create an automatic “Chargeback” transaction.
If the acquiring partner prefers to report the chargebacks by email, beGateway possesses a special user interface for payment service provider employees to create the “Chargeback” transaction manually in literally 2 clicks.
As with all other transaction types associated with movement of cash, the beGateway-based processing system allows to specify “description” attribute for the “Chargeback” transaction. This field is for the chargeback code and its deciphering. The content of the “description” field of a “Chargeback” transaction is available to both PSP employees and the Internet merchant.
BeGateway, the white label platform for online payments receiving and processing, handles both full and partial chargebacks correctly.
The beGateway platform, which by the way is available for lease, lets the payment service provider improve their customers’ chargeback analysis and control.)
The “Payout” transaction
This is a special transaction type in the beGateway-based payment service provider processing system.The “Payout” transaction is usually used by merchants to pay out winnings to players. This transaction allows making any payouts to a player to any indicated bank card. The eligibility and terms of the “Payout” transaction are defined by the acquiring bank that the payment service provider and the e-merchants cooperate with.
The “Credit” Transaction
This is another special type of transaction available from the beGateway platform. The “Credit” transaction is used to transfer money to a bank payment card. This transaction requires the initial successful incoming payment made using the card you want to send money to.
Unlike the “Refund” or “Payout” transactions, the “Credit” transaction allows you to return to the bank card an amount exceeding the amount of the previous successful payment. For example, you can transfer money from an e-wallet to a bank card.
The possibility and conditions of using the “Credit” transaction are limited by the types of business and the territorial location of the merchant and their customers.
Payment service provider that uses the beGateway-based processing system, can offer their online merchants accepting recurring payments, although there is no specific transaction type for such payments in the beGateway platform.
The thing is, that the “Payment” transaction is used for such payments too. It is initiated independently by the merchant using a payment card token or a special subscription mechanism available in beGateway, thanks to which the online merchant can program the processing system of the payment service provider to charge a predetermined amount from the client’s card at regular intervals.
Managing recurring payments, i.e. setting this kind of payment or canceling a subsequent one, can be done via API or from the Internet merchant’s or a payment service provider employee’s back office.
And, finally, all related transactional records in beGateway are displayed on the detailed transaction information page for our customer’s convenience.
Convenience, simplicity and functionality for payment services and their clients is what eComCharge puts at the heart of developing beGateway processing platform for payment service providers.