What is the most comprehensive method for processing payments online?
Payments
Asked by Question Bot10/Mar/20141 answer
1 Answer
F
Faisal Khan
Answered 10/Mar/2014
Not sure if you can call it a framework per se, but one (logical) way to do what you have cited is to invest in an all-rounder Financial Switch. A good financial switch software would be able to handle connectivity to all major and minor (?) payment networks/systems. You can then write preferential routing rules on how payment transactions are to be routed.
Needless to say, you would need a formal association with each payment system, i.e. you would have to be a reseller, ISO/MSP, account holder, etc. for all such payment systems.
On the front-end, juxtaposing the form data to a transaction data ought not to be an issue, all good financial switches have this capability built-in.
What you are striving to do is to become some sort of an all-connected Payment Service Provider. Not a big issue, just lots of paperwork and tackling of compliance and regulatory services.
The financial switch serves as your common denominator for all payments. You can very easily integrate to credit/debit card processors from one company, and then add Dwolla, Paypal, a Bitcoin Exchange, connect to Multiple eWallets, Interbank Networks (ATMs), a Ripple gateway, an ACH processor, you can even do Merchant Management, Loyalty Card Roll-outs, etc. and have them all work, since your underlying platform (the switch) would allow you to do so.
Switches are multi-technology, so you can use your APIs supplied to connect with them, or use web-services, etc. In some rare instances you may need to have a middle-tier server in between the switch and the payment system/network to do full useful protocol conversion.
The one issue you might face is the ease in which you can make a transaction happen, for example an ACH transaction ending up on an eWallet may not either be permissible or allowed, so then you would have to either find a work-around on how to make it happen (in collusion with the two parties concerned).
Needless to say, you would need a formal association with each payment system, i.e. you would have to be a reseller, ISO/MSP, account holder, etc. for all such payment systems.
On the front-end, juxtaposing the form data to a transaction data ought not to be an issue, all good financial switches have this capability built-in.
What you are striving to do is to become some sort of an all-connected Payment Service Provider. Not a big issue, just lots of paperwork and tackling of compliance and regulatory services.
The financial switch serves as your common denominator for all payments. You can very easily integrate to credit/debit card processors from one company, and then add Dwolla, Paypal, a Bitcoin Exchange, connect to Multiple eWallets, Interbank Networks (ATMs), a Ripple gateway, an ACH processor, you can even do Merchant Management, Loyalty Card Roll-outs, etc. and have them all work, since your underlying platform (the switch) would allow you to do so.
Switches are multi-technology, so you can use your APIs supplied to connect with them, or use web-services, etc. In some rare instances you may need to have a middle-tier server in between the switch and the payment system/network to do full useful protocol conversion.
The one issue you might face is the ease in which you can make a transaction happen, for example an ACH transaction ending up on an eWallet may not either be permissible or allowed, so then you would have to either find a work-around on how to make it happen (in collusion with the two parties concerned).