Transaction

What is a transaction?

A transaction involves the exchange, managed between two parties (buyer and seller), of a good or service for a specific monetary amount. In this sense, the concept of a transaction refers to economic operations in which money is paid in exchange for the product acquired. When referring to financial transactions in a business environment, the term then relates to changes in the value of an entity’s assets, liabilities, or equity.

Online transaction process

• Initiation: The buyer selects products or services and proceeds to payment on the seller’s platform.

• Information Entry: The buyer enters payment details, such as a credit card number, digital wallet information, or bank account data.

• Authentication: The system verifies the buyer’s identity through authentication methods.

• Authorization: The card issuer or the buyer’s bank authorizes the transaction.

• Settlement: Funds are transferred from the buyer to the seller.

• Confirmation: Both buyer and seller receive confirmation that the transaction has been completed.

Benefits of online transactions

• Convenience: Allows buyers to make payments anytime and from anywhere.

• Speed: Transactions are completed in seconds or minutes.

• Security: Advanced security measures protect against fraud and identity theft.

• Accessibility: Enables sellers to reach a global market and buyers to access products and services worldwide.

Accept online transactions

If you want to accept online payments and need a payment gateway, we can help at PaynoPain. Our omnichannel payment gateway is a platform for accepting online payments, with a simple and adaptable interface so you can accept card payments or other payment methods from anywhere in the world.
Discover our payment gateway in our Virtual POS section.