What do Payment Processing Solutions involve ?
Transaction Autorization
Verifying the payment method (e.g card, bank account digital wallet) . Ensuring the payer has sufficient funds or credit. Checking for fraud or suspucious activity.
Clearing
Communicating transaction details between the acquiring bank (merchant’s bank) and the issuing bank (customer’s bank). Preparing the transaction for settlement.
Settlement
Actual transfer of funds from the customer’s account to the merchant’s account. Typically occurs within 1–3 business days.
Traditional
POS terminals, card readers,
bank transfers.
Digital
Online checkouts, mobile apps,
QR code payments, NFC (contactless).
Multi currency support
Recurring billing for subscriptions
Fraud detection and risk management
Real-time transaction
reporting
Tokenization for secure card storage
Integration APIs for websites and mobile apps
YOQO
Payment Gateway Services
A payment gateway is a technology platform that authorizes and processes online payments for e-commerce websites and mobile applications. It acts as a bridge between a merchant’s website and the financial institutions involved in the transaction (e.g., banks, card networks).
Customer Checkout
A customer selects products/services and proceeds to the checkout page on the merchant’s website.
Payment Information
Entry The customer enters their payment details (e.g., credit/debit card, digital wallet, or bank info).
Data Encryption & Transmission
The payment gateway encrypts the data and securely transmits it to the acquiring bank or payment processor.
Authorization Request
The acquiring bank forwards the request to the card network (e.g., Visa, Mastercard), which then contacts the issuing bank.
Approval or Decline
The issuing bank checks for fraud, available funds, and other criteria, then sends an approval or decline message back through the chain.
Transaction completion
If approved, the payment gateway notifies the merchant and customer, and the transaction is completed.
Settlement
Funds are transferred from the customer’s bank to the merchant’s account, typically within 1–7 business days.
Clearing
Send money to friends, family, or other users. Business payments: Pay for goods and services online or in-store. Bill payments: Utilities, subscriptio
