Reliably processing payment transactions is key to good business.
What Is Payment Processing?
Payment processing is an intricate procedure that ensures the customer and merchant can initiate transactions and that those transactions are reliably processed and promptly received. A processor authorizes transactions and facilitates a transfer of funds. This procedure comprises validating, processing, and delivering payments and refunds with absolute accuracy, whether the transaction involves a credit card, cash, or a direct electronic funds transfer (EFT).
Typical Payment Processing Issues
Payment processing “solutions” are often not solutions at all but are instead segmented conglomerations of platforms. Segmented payment processing is not intuitive and requires detailed attention because of its complicated nature. Segmented solutions have the following obstacles:
- Payment reconciliation is tedious and often difficult.
- Recovering from processing errors is a manual procedure that creates downtime for users and clients.
- Tracking the origins, processing, and results of payment transactions is convoluted and requires technical knowledge of several systems.
Segmented solutions require making multiple agreements with multiple providers and supporting multiple formats and, ultimately, lead to multiple points of failure.
Benefits of Consolidated Payment Processing
Consolidated solutions are streamlined, error-resistant, and less expensive than their segmented counterparts because they offer simplicity and reliability. Every transaction within a consolidated solution is tracked for its entire life cycle instead of simply trusting the vendor to accurately process and report results. When errors do occur, the exact causes and locations are known, as opposed to the vagueness of generic vendor error codes. Consolidated solution implementation often leads to clients experiencing better and more consistent provider processing rates because negotiations are with a single provider rather than several providers.
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 automates recovery from failure in almost every situation. When automation is not possible, we provide a configurable alert dashboard that notifies you of any processing issues with increased severity levels 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 we even provide an integrated platform for storing payment methods so that your customers can reliably save them for later use.
RESPEC's Capabilities Include:
- Payment Processing Consolidation
- Platform-Independent Solutions for All Server Architectures
- Payment Vendor-Agnostic Implementation
- Microservices that Ensure Fault Tolerance, Scalability, and Minimal Downtime
- Modular Solutions
- Deployments, Updates, and System Optimization
- Scheduled Demonstrations
Contact Us Regarding Payment Processing
Related Service Areas
Founded in 1969, RESPEC is a global leader in geoscience, engineering, data, and integrated technology solutions for major industry sectors.
RESPEC’s distinguished professional staff offers a wide range of state-of-the-art integrated technology solutions that anticipate and address today’s ever-changing industrial, operational and organizational requirements.