Online Payment Service | Card Payment Processing by Fondy (2024)

FAQs

Online Payment Service | Card Payment Processing by Fondy? ›

What is payment processing by Fondy? Our payment processing center is a state-of-the-art technological solution designed to ensure the highest levels of reliability and efficiency for your business. With a system uptime of 99.95% and a conversion rate of up to 98%, our service stands out in the market.

The Fondy platform uses an encryption standard certified by the COMODO Group, one of the internet's leading issuers of SSL certificates.

It generally takes one to five business days for a credit card payment to post to your account. Your payment may even be credited to your account before it posts. In other words, your card issuer may acknowledge receipt of the payment before the transaction is fully processed.

The customer authorises payment via an online form allowing the business to automatically collect the funds when due. The business' bank and the customer's bank communicate and action the payment request when the payment is due, ensuring the correct amount is debited from the customer and credited to the business.

The credit card issuer verifies customer identity and available credit, approves or denies the purchase, and responds to the payment network. The payment network relays this information to the credit card processing company. In return, your customer's transaction is approved or denied.

Valeria Vahorovska - Co-founder and CEO @ Fondy - Crunchbase Person Profile.

A credit card transaction typically takes about 48 hours to settle. In general, your customers' online payments should clear within 1 to 3 days.

Several factors contribute to the processing time of debit card payments, including security measures, transaction verification, and settlement procedures. One common reason for the delay in debit card payment processing is the security checks conducted by the card issuer and payment networks.

The customer completes the merchant's checkout process and elects to pay via credit or debit card, submitting their card details. The merchant securely transfers the transaction information (including these card details) to their payment gateway.

Does processing mean payment went through? ›

Does processed mean paid? Processed does not necessarily mean paid. If the bank says a transaction has been processed, that can mean that it has been authorized and authenticated but not yet settled - meaning, the seller may not see the funds in their account yet.

The payment processor receives the transaction data from the payment gateway and validates the information. It then forwards the transaction details to the acquiring bank, which sends the information to the card network for validation and authorization.

In most cases, credit card processing fees will run between 1.5% to 4% of the total value of a transaction. A $1,000 transaction, therefore, could have fees ranging from $15 up to $40.

The business's POS system or payment gateway captures the transaction details and securely transmits this information to the credit card processor. The credit card processor forwards the transaction data to the appropriate card network, which then routes the authorization request to the issuing bank.

The customer provides their payment details—like card number or bank account information—at the business's POS, card reader, or ecommerce checkout. The payment information is securely transmitted to a payment gateway, which encrypts the data and forwards it to the payment processor.

In debit card processing, the consumer enters their card number and initiates the card payment process. The processor facilitates the reading of the card information, the approval with the acquirer and card network, and the transferring of the transaction amount from the cardholder's account to the merchant account.

Official Payments uses the best encryption technology available. Credit card information is not passed to any of our government clients, including The City of New York, and payment data is passed using hardware encryption. Transactions are processed using a leased line connection to the credit card issuers.

Credit cards, debit cards, digital wallets, and bank transfers are the safest ways to pay online.

The answer is that payment gateways are safe and secure and must be configured and managed correctly. If you are looking for a payment gateway, search for one that offers encryption (protecting customer's sensitive data) and digital signatures to help decrease fraudulent transactions.

First off, Send is fully licensed and regulated by the Australian Securities and Investments Commission (ASIC). Additionally, it is registered as a remittances provider with The Australian Transaction Reports and Analysis Centre (AUSTRAC), and has been issued an Australian Financial Services Licence (AFSL).