Online transactions have become increasingly popular in this third millenia, as more and more of us turn to the internet to shop, pay bills, play games and generally ping our moolah around at the rate of an uzi 9 mil. However, not everyone understands the different payment options available or how the software behind them works, they just keep that trigger squeezed.
So, let’s run through some of the most common payment methods, including credit cards, digital wallets, and online banking, and explore the technology behind these transactions.
Credit Cards
Credit cards are one of the most widely used payment options for online transactions. They allow you to make purchases on credit and pay back the balance at a later date. When you make a payment with a credit card, the payment information is encrypted and sent to the payment gateway, which authorizes the transaction, checks for fraud, and transfers the funds to the merchant.
The entire process takes just a few seconds, and you can complete your purchase without ever leaving the website.
Digital Wallets
Digital wallets, such as PayPal, Google Wallet, and Apple Pay, are hogging the stage at the moment. These slick giants allow you to store your payment information securely and make purchases without having to enter your credit card details every time (over-thinkers like myself find the process of typing in my card number a sketchy process, even on the most trusted sites!).
Besides that, the gateway is exactly the same and both options are encrypted, so digital wallets are largely becoming popular due to convenience! That said, if your card is being used on an unsecure site then it risks not being encrypted well or even at all, and so digital wallets arguably have the edge with security too, though issues have been known!
Online Banking
For those who prefer to use their bank accounts for online transactions, online banking is a great option. Most banks now offer online banking services, which allow you to transfer money, pay bills, and check your account balance from anywhere with an internet connection.
The Technology Behind Online Transactions
The technology behind online transactions is tricky and takes many layers of security to ensure that your payment information is kept safe. The payment gateway, which is responsible for processing the transaction, uses encryption (scrambling data into a code so it can be unscrambled) to protect your information from being intercepted by people wearing ski masks.
These gateways also use fraud detection tools to check for suspicious activity and flag any transactions that may be fraudulent.
Case Study: iGaming
This is a great example for virtual transactions as almost everyone, the data suggests, is gambling online these days. This doesn’t come as a surprise as, in terms of profit and safety, it’s the best time to be doing just that. Software has elevated the experience in every sense, from gameplay, to health market competition. Ahh, technology just makes everything better!
My favourite part about the internet is that I don’t have to go anywhere to have fun, I don’t even need to get out my damn dressing gown to have an intense round of blackjack! Although I’m sure some people wander around Las Vegas in less than a dressing gown…
As fun as avoiding social expectations is, it’s important not to get too relaxed with juicy decisions. Reliable transaction software such as the above is crucial for both the bettor and the online casino as it manages payments, deposits, and withdrawals of funds between them. Gamblers will already have a knack for considering their options – choosing transaction methods is no different.
Here are the five criteria for the savvy bettor:
1. Security
The software must be encrypted and must protect the sensitive information of the bettor, such as their personal details, credit card information, and other financial details.
2. Speed
The speed of the transaction software is super important here, waiting to get your winnings can really dampen the experience, after all, iGaming is half about the head rush! Descent transaction software should process payments quickly and efficiently.
3. Ease of use
The transaction software should have a simple and user-friendly interface, which makes it easy for the bettor to make deposits, withdrawals and track their transactions.
4. Customer Support
Bettors should flock to transaction software options that have customer support on tap in case of any issues with the payment process or transactions.
5. Compatibility
Some casinos only accept certain transaction software options, so it is important to choose one that is accepted by the casino you want to use.
Also read: Credit Card Charges You Should Know
