What is Payment Processing?
Payment Processing is an intricate procedure that ensures both the customer and merchant can initiate transactions, and that those transactions are reliably processed and received in due time. This procedure involves validating, processing, and delivering payments and refunds with absolute certainty whether using a credit card, cash in-person, or direct Electronic Fund Transfers (EFT).
Typical Payment Processing Issues
Payment processing “solutions” are often not solutions at all, but instead are a segmented conglomeration of platforms. Segmented payment processing is not intuitive, and it requires a great deal of attention because of its complicated nature. With segmented solutions:
- Payment reconciliation is tedious and often difficult
- Recovering from processing errors is a manual procedure, and it creates downtime for users and clients
- Tracking the origin, processing, and result of payment transactions is convoluted and requires technical knowledge of several systems
Segmented solutions mean making multiple agreements with multiple providers, supporting multiple formats, and ultimately result in multiple points of failure.
Benefits of Consolidated Payment Processing
Consolidated solutions are streamlined, error resistant, and less expensive than their segmented counterparts due to their offer of simplicity and reliability. Every transaction within a consolidated solution is tracked for its entire lifecycle instead of simply trusting the vendor to accurately process and report results. When errors do occur, the exact cause and location is known as opposed to generic vendor error codes. Implementing a consolidated solution often leads to our clients experiencing better and more consistent provider processing rates since negotiations are with a singular provider instead of several.
We have developed a universally applicable, consolidated payment processing platform that can be tailored precisely to your needs. By leveraging a scalable architecture of microservices and asynchronous messaging queues, we can ensure fault tolerance and zero downtime for you and your customers.
We consistently communicate with industry-leading payment providers to guarantee that your platform adheres to the latest standards and requirements – so that you don’t have to. Instead of requiring manual interaction, our platform is capable of automated recovery from failure in almost every situation. When it isn’t, we provide a configurable Alert dashboard that notifies you of any processing issues with an increased severity for errors that need human intervention.
We provide web service endpoints that enable your team to query the status and information of any existing transaction, and even provide an integrated platform for storing Payment Methods so that your customers can reliably save them for later use.
Payment Processing Projects
Learn more about related projects where RESPEC has proven our expertise.