Digitization of every lifestyle aspect has brought about sea changes in every little thing. The cars no longer have to pay a toll tax in liquid cash at the counter; they have the ‘Fast tags’ which are barcodes stuck as a sticker on the windshield of the vehicle. As the car passes it si scanned by the scanner already present at the toll entrance and the tax is paid. Similar things happen at shopping malls, small shops, petrol pumps, and every other place for a financial transaction. There are innumerable applications available that can help one make payments very easily and quickly without having the hassle of counting money and then taking or giving it. It is now just a click away on your mobile phone. This is where Ram Chary Everi who led the professional services at EFunds Corporation begin to function as a part of the payment service providers.
Also known as PSP, a payment service provider is dedicated to the maintenance of security. Various businesses use these third-party arrangements to make a wide range of payment options available to their customers. Credit cards, debit cards, online banking cash cards, and e-wallets, are all products of these. These are the service providers who carry the vital responsibility of transferring payments from one point to another securely; they monitor the payment process from initiation to completion.
The process in which online payment is made with the help of these PSPs as would know Ram Chary Everi, an experienced professional in this field for a long time is as follows:
- The customer has to enter the details of his credit or debit card and then click on the ‘pay’ option.
- A transaction request is immediately sent to the payment gateway which the customer has already selected.
- The PSP now verifies the details of the customer, using the payment process, and also checks the availability of funds in the customer’s account.
- Post the verification the PSP initiates the transfer of the requested amount from the customer’s account to the business merchant that has been entered earlier.
- A transaction notification is then sent both to the customer and the business owner by the PSP.
At times there is a situation of a transaction being declined which means either there is some network connectivity issue or some link failure at the bank or insufficient funds in the customer’s account. In that case, the PSP immediately sends a notification of a failed transaction to the customer after terminating the transaction.
Thus, the safety of one’s money by the PSPs can thus be guaranteed right from start to finish. Ram Chary Everi, who dedicated so many years of his life to dealing with financial aspects can vouch for the several other advantages these PSPS provide in the payment process of the masses. Prevention of fraud, availability of payment reports every month, acceptance of various currencies, availability of several modes of payment, reconciliation of transactions (if any), and availability of opening accounts with acquiring banks for one’s business are among them.
