Faspay is an online payment gateway that provides convenience to the merchant in online transactions. Faspay provides convenience in a variety of payment types one of which is a credit card transaction with Credit Faspay. Credit Faspay is one product that facilitates credit card transactions at merchants.
Types of credit cards that have integration with credit faspay:
Amex (American Express)
Credit card payment is the most widely used online payment facility around the world. However, for online e-commerce payment using credit card, you need to know which credit card payment model you will be using:
Sales/Purchase – requires one single transaction to transfer funds from the cardholder’s account to your acquiring bank merchant account.
Authorization/Capture – requires two transactions, the Authorization request, followed separately by a Capture request.
For first model, i.e. Sales/Purchase model, transaction is send in to bank as ‘Sales’ request, the customer will be automatically charged by bank upon approval of the transaction.
For the second model, i.e. Authorization/Capture model, during online payment, transaction is send in to bank as ‘Authorization’ request only, i.e. bank will check whether the card information is correct and has sufficient funds, if yes, bank will mark and reserve the transaction amount from cardholder’s credit limit. At this point of time, the cardholder is not charged yet.
To complete the transaction cycle for the second model after an authorization approval is received, a separate ‘Capture’ request is required to be sent to bank so that the cardholder is billed. This can be done by manually login to administration module FPG to capture the transaction or it can be done through the ‘Advance Functionality – Credit Card Capture API’. If an authorized transaction is not capture after certain days, the card-issuing bank will automatically release the reserved amount.
For online E-Commerce credit card transaction, we always recommend to use the second model, i.e. Authorization/Capture model. Using this model, you have allowance time to check and verify the transaction and the genuinely of the cardholder to prevent fraudulent transaction. If you are suspicious of the cardholder, you may choose not to capture the transaction.