Global Payment Systems

Global payment systems are worldwide electronic pathways that accept and reconcile payments in numerous currencies, through credit cards and other country specific financial instruments, in numerous languages and dialects.

International businesses generate sales through multiple channels that differ from country to country. These businesses need a secure, flexible and extensive payment system that adequately covers cross border transactions.

Global payment systems process payments in real time over the internet through a spider web construct of routers, language interpreters and currency converters in addition to all of the regular single country, batch transfer and credit card processing systems in place.

The process is more complicated when the customer and the merchant are in separate countries. To begin with when the shopper has made his selection he is sent to the first payment options page where he is presented with his payment choices. In addition to the payment choices, he is given a language and country of origin choice if necessary.

Now the shopper has to choose from amongst the on and offline choices that typically include credit card payments, debit cards, open invoicing, direct debit, COD and other country specific choices. Each merchant in a global payment system can select the payment and numerous other options he would like his customers to be offered.

In more advanced systems dynamic payment services options are available which means that merchants can offer customers different payment options in different situations. In one case when a customer lands on a websites first page, the service can inform the website of the country of origin of the potential customer and instantly display those choices available to that country.

Once the customer is on the final payment page he is instructed to enter the necessary information to process the transaction. Global payment systems have direct links to financial institutions all over the world and through acquiring banks can process almost any transaction in seconds. If the payment is not approved, the customer is directed to another payment screen where he can choose an alternative method of payment.

Depending on the structure of the merchant account, the global payment system will send the funds directly to the designated account or can direct payments at the merchant’s commands to any number of other banks or accounts. And global payment systems can accommodate the transaction in any currency the merchant chooses. Periodically, the system will send transaction analysis reports so the merchant can see that everything is being handled in the manner of his choosing.

Global payment systems can accommodate all websites and server platforms providing they can connect over conventional routing sockets. This feature is allowed by almost all programming languages currently in use. On the payment system’s side everything is designed to be fully XML compatible.

One unique feature of global payment services is that the final payment page to which the customer is directed is not the domain of the website but belongs to the system provider. The owner of the page is invisible to the customer however as they are designed to complement the website to avoid undue confusion.

When you configure your website to a global payment system you get a large variety of conveniences. To begin with you open your website up to the entire world in your search for customers. And while anyone on the internet can access almost any site no matter where it exists, the same cannot be said for a customer’s ability to shop on any site.

A good example of limited financial abilities would be found in the early online gambling sites. Located in offshore countries around the world or places where gambling was legal they drew customers from the global marketplace. Countries led by the US attempted to restrict access to these sites by limiting the ability of credit card companies and other e-commerce firms from sending money to the gambling sites for a variety of reasons.

Understandably many of the reasons for the attempt at restricting cash flow to offshore gambling sites had to do with the legal and moral implications involved with gambling. With global payment systems and an absence of other factors, no website or customer no matter where they are located will have to be restricted as to where, when or how they choose to shop online.